We've Got More Productive Capacity Now Than

Look For Companies With High Profit Margins.

You Have To Turn Over A Lot Of Rocks To Find Those Little Anomalies. You Have To Find The Companies That Are Off The Map - Way Off The Map. You May Find Local Companies That Have Nothing Wrong With Them At All. A Company That I Found, Western Insurance Securities, Was Trading For $3/share When It Was Earning $20/share!! I Tried To Buy Up As Much Of It As Possible. No One Will Tell You About These Businesses. You Have To Find Them.

You Ought To Be Able To Explain Why You’re Taking The Job You’re Taking, Why You’re Making The Investment You’re Making, Or Whatever It May Be. And If It Can’t Stand Applying Pencil To Paper, You’d Better Think It Through Some More. And If You Can’t Write An Intelligent Answer To Those Questions, Don’t Do It.

We Need A Tax System That Essentially Takes Very Good Care Of The People Who Just Really Aren't As Well Adapted To The Market System But Are Nevertheless Doing Useful Things In The Society.

The Best Business Returns Are Usually Achieved By Companies That Are Doing Something Quite Similar Today To What They Were Doing Five Or Ten Years Ago.