Turnarounds Seldom Turn.

Accounting Consequences Do Not Influence Our Operating Or Capital-allocation Decisions. When Acquisition Costs Are Similar, We Much Prefer To Purchase $2 Of Earnings That Is Not Reportable By Us Under Standard Accounting Principles Than To Purchase $1 Of Earnings That Is Reportable.

Forecasts Usually Tell Us More Of The Forecaster Than Of The Forecast

Knowing What To Leave Out Is Just As Important As Knowing What To Focus On.

The Thing To Do Is To Keep Your Mind When The World Around You Is Losing Theirs.

Look At Market Fluctuations As Your Friend Rather Than Your Enemy; Profit From Folly Rather Than Participate In It.