The Best Business Returns Are Usually Achieved

You Don't Want 300 Million Americans Putting Their Money Under The Mattress.

I Don't Know That I Could Draw One That's Perfect. But I'd Rather By Approximately Right Than Precisely Wrong, And It Would Be Precisely Wrong To Turn It Down.

If You Don’t Feel Comfortable Making A Rough Estimate Of The Asset’s Future Earnings, Just Forget It And Move On. No One Has The Ability To Evaluate Every Investment Possibility. But Omniscience Isn’t Necessary; You Only Need To Understand The Actions You Undertake.

The Most Common Cause Of Low Prices Is Pessimism - Sometimes Pervasive, Sometimes Specific To A Company Or Industry. We Want To Do Business In Such An Environment, Not Because We Like Pessimism But Because We Like The Prices It Produces.

It Is To Our Advantage To Have Securities Do Nothing Price-wise For Months, Or Perhaps Years, While We Are Buying Them.