If I Eat 2,700 Calories A Day,

If I Subscribed To The Efficient Market Theory I Would Still Be Delivering Papers

I'm Happy When I Can Spend Every Day Doing The Things That I Like To Do. That's My Luxury.

An Investor Should Act As Though He Had A Lifetime Decision Card With Just Twenty Punches On It.

The Commission Of The Investment Sins Listed Above Is Not Limited To 'the Little Guy.' Huge Institutional Investors, Viewed As A Group, Have Long Underperformed The Unsophisticated Index-fund Investor Who Simply Sits Tight For Decades. A Major Reason Has Been Fees: Many Institutions Pay Substantial Sums To Consultants Who, In Turn, Recommend High-fee Managers. And That Is A Fool's Game.

In Business, I Look For Economic Castles Protected By Unbreachable 'moats'.