“An Investor Should Act As Though He

It's The Deleveraging That's Going On Right Now That Has Caused The Credit Crisis.

Our Investments Continue To Be Few In Number And Simple In Concept: The Truly Big Investment Idea Can Usually Be Explained In A Short Paragraph. We Like A Business With Enduring Competitive Advantages That Is Run By Able And Owner-oriented People. When These Attributes Exist, And When We Can Make Purchases At Sensible Prices, It Is Hard To Go Wrong (a Challenge We Periodically Manage To Overcome).

This Economy Doesn't Work Well Without The Lubrication Of Credit And Trust.

“What The Wise Do In The Beginning, Fools Do In The End.”

What We Learn From History Is That People Don't Learn From History.