“I Am Not A Businessman, I Am

So Some Guy May Know How To Make Money In Cocoa Beans, But I Don't So I Just Let Him Have That. But It's Got To Be Something I Understand. It's Got To Be A Business With Fundamentally Good Economics. It's Got To Be A Management That I Like And Trust And Admire. And It's Got To Be A Price That Makes Sense.

Cash, Though, Is To A Business As Oxygen Is To An Individual: Never Thought About When It Is Present, The Only Thing In Mind When It Is Absent... When Bills Come Due, Only Cash Is Legal Tender. Don't Leave Home Without It.

“The Noah Rule: Predicting Rain Doesn’t Count; Building Arks Does.”

As Of 1992, In Fact-though The Picture Would Have Improved Since Then-the Money That Had Been Made Since The Dawn Of Aviation By All Of This Country's Airline Companies Was Zero. Absolutely Zero.

Do Not Take Yearly Results Too Seriously. Instead, Focus On Four Or Five-year Averages.