“I Never Try To Predict The Market.”

Although We Deal With Probabilities And Expectations, The Actual Results Can Deviate Substantially From Such Expectations, Particularly On A Short-term Basis.

“Intensity Is The Price Of Excellence.”

“You Can't Produce A Baby In One Month By Getting Nine Women Pregnant.”

The Single Most Important Decision In Evaluating A Business Is Pricing Power.

I've Already Written A Section In The Annual Report For Next Year Explaining Why I Think In One Case That The Figures On Our Balance Sheet As Calculated Are Wrong. But It's The Standard Way Of Doing It. It's Holy Writ. The Sec Wants Us To Do It That Way, And We'll Do It That Way, And I'll Explain Why I Think It's Wrong And Shareholders Can Read It And See Whether They Agree With My Logic Or Don't.