You Get In A Lot Of Trouble

The Value Of Market Esoterica To The Consumer Of Investment Advice Is A Different Story. In My Opinion, Investment Success Will Not Be Produced By Arcane Formulae, Computer Programs Or Signals Flashed By The Price Behavior Of Stocks And Markets. Rather An Investor Will Succeed By Coupling Good Business Judgment With An Ability To Insulate His Thoughts And Behavior From The Super-contagious Emotions That Swirl About The Marketplace.

I Do Not Like Debt And Do Not Like To Invest In Companies That Have Too Much Debt, Particularly Long-term Debt. With Long-term Debt, Increases In Interest Rates Can Drastically Affect Company Profits And Make Future Cash Flows Less Predictable.

I Look At Everything. That's My Job. I Really Do, Every Day. I Think About Everything.

In A Commodity Business, It's Very Hard To Be Smarter Than Your Dumbest Competitor.

If I Taught A Class, On My Final Exam I Would Take An Internet Company And Ask, 'how Much Is This Company Worth?' Anyone Who Would Answer, I Would Flunk.