All Day You Wait For The Pitch

The Three Most Important Words In Investing...margin Of Safety.

We Always See Shifts In Employment. If You Think About It, If You Go Back To 1800, It Took 80 Percent Of The Labor Force To Produce Enough Food For The Country. Now It Takes Less Than 3 Percent. Well, The Truth Is That Market Systems Move People Around.

We Rarely Use Much Debt And, When We Do, We Attempt To Structure It On A Long-term Fixed Rate Basis. We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet. This Conservatism Has Penalized Our Results But It Is The Only Behavior That Leaves Us Comfortable, Considering Our Fiduciary Obligations To Policyholders, Depositors, Lenders And The Many Equity Holders Who Have Committed Unusually Large Portions Of Their Net Worth To Our Care.

“I Will Tell You The Secret To Getting Rich On Wall Street. You Try To Be Greedy When Others Are Fearful. And You Try To Be Fearful When Others Are Greedy.”

I Think That Trying To Invest Through 535 People Is A Tough Job, You Know, And So I Would Give More Latitude.