Outstanding Long-term Results Are Produced Primarily By

Rule No.1: Never Lose Money. Rule No.2: Never Forget Rule No.1.

People Should Always Know Better.

But 300 Million Americans, Their Lending Institutions, Their Government, Their Media, All Believed That House Prices Were Going To Go Up Consistently. And That Got Billed Into A $20 Trillion Residential Home Market. Lending Was Done Based On It, And Everybody Did A Lot Of Foolish Things.

If You Gave Me $100 Billion And Said Take Away The Soft Drink Leadership Of Coca-cola In The World, I'd Give It Back To You And Say It Can't Be Done.

The Important Thing Is To Keep Playing, To Play Against Weak Opponents And To Play For Big Stakes.