Activity Is The Enemy Of Investment Returns.

The Banking Business Is No Favorite Of Ours. When Assets Are Twenty Times Equity - A Common Ratio In This Industry - Mistakes That Involve Only A Small Portion Of Assets Can Destroy A Major Portion Of Equity. And Mistakes Have Been The Rule Rather Than The Exception At Many Major Banks.

“I Insist On A Lot Of Time Being Spent, Almost Every Day, To Just Sit And Think. That Is Very Uncommon In American Business. I Read And Think. So I Do More Reading And Thinking, And Make Less Impulse Decisions Than Most People In Business. I Do It Because I Like This Kind Of Life.”

“Never Ask A Barber If You Need A Haircut.”

What The Human Being Is Best At Doing Is Interpreting All New Information So That Their Prior Conclusions Remain Intact.

You Get What I Call The Natural Progression, The Three Is. The Innovators, The Imitators, And The Idiots.