With Enough Insider Information And A Million

We Don't Have To Be Smarter Than The Rest. We Have To Be More Disciplined Than The Rest.

Ignore The Stock Market, Ignore The Economy, And Buy A Business You Understand.

One Observer Commenting On Security Analysts Over Forty Stated: "they Know Too Many Things That Are No Longer True." As Long As I Am "on Stage", Publishing A Regular Record And Assuming Responsibility For Management Of What Amounts To Virtually 100% Of The Net Worth Of Many Partners, I Will Never Be Able To Put Sustained Effort Into Any Non-bpl Activity. If I Am Going To Participate Publicly. I Can't Help Being Competitive. I Know I Don't Want To Be Totally Occupied With Out-pacing An Investment Rabbit All My Life. The Only Way To Slow Down Is To Stop.

In Looking For People To Hire, Look For Three Qualities: Integrity, Intelligence And Energy. And If They Don't Have The First, The Other Two Will Kill You.

I Have Always Cautioned Partners That I Considered Three Years A Minimum In Determining Whether We Were "performing".