Whether We’re Talking About Socks Or Stocks,

Our Goal Is To Find An Outstanding Business At A Sensible Price, Not A Mediocre Business At A Bargain Price.

Read 500 Pages Every Day. That's How Knowledge Works. It Builds Up Like Compound Interest.

The Worst Sort Of Business Is One That Grows Rapidly, Requires Significant Capital To Engender The Growth, And Then Earns Little Or No Money. Think Airlines. Here A Durable Competitive Advantage Has Proven Elusive Ever Since The Days Of The Wright Brothers. Indeed, If A Farsighted Capitalist Had Been Present At Kitty Hawk, He Would Have Done His Successors A Huge Favor By Shooting Orville Down.

In The Insurance Business, There Is No Statute Of Limitation On Stupidity.

Bull Markets And Bear Markets Can Obscure Mathematical Laws, They Cannot Repeal Them.