“If Past History Was All That

What An Investor Needs Is The Ability To Correctly Evaluate Selected Businesses. Note That Word “selected”: You Don't Have To Be An Expert On Every Company, Or Even Many. You Only Have To Be Able To Evaluate Companies Within Your Circle Of Competence. The Size Of That Circle Is Not Very Important; Knowing Its Boundaries, However, Is Vital.

Never Depend On A Single Source Of Income.

“We’ve Used Up A Lot Of Bullets. And We Talk About Stimulus. But The Truth Is, We’re Running A Federal Deficit That’s 9 Percent Of GDP. That Is Stimulative As All Get Out. It’s More Stimulative Than Any Policy We’ve Followed Since World War II.”

Investors Should Remember That Excitement And Expenses Are Their Enemies.

“Life Is Like A Snowball. The Important Thing Is Finding Wet Snow And A Really Long Hill. ”