“If Book Knowledge Made Great Investors,

First, Many In Wall Street - A Community In Which Quality Control Is Not Prized - Will Sell Investors Anything They Will Buy.

Our Leaders Have Asked For “shared Sacrifice.” But When They Did The Asking, They Spared Me. I Checked With My Mega-rich Friends To Learn What Pain They Were Expecting. They, Too, Were Left Untouched.

Be Fearful When The Markets Get Greedy, Be Greedy When The Markets Get Fearful.

The Critical Investment Factor Is Determining The Intrinsic Value Of A Business And Paying A Fair Or Bargain Price.

In That, We Agreed With Andrew Carnegie, Who Said That Huge Fortunes That Flow In Large Part From Society Should In Large Part Be Returned To Society. In My Case, The Ability To Allocate Capital Would Have Had Little Utility Unless I Lived In A Rich, Populous Country In Which Enormous Quantities Of Marketable Securities Were Traded And Were Sometimes Ridiculously Mispriced. And Fortunately For Me, That Describes The U.s. In The Second Half Of The Last Century.