Investing Is Simple, But Not Easy.

Long Ago, Ben Graham Taught Me That "price Is What You Pay; Value Is What You Get." Whether We're Talking About Socks Or Stocks, I Like Buying Quality Merchandise When It Is Marked Down.

I Do Know That When I Am 60, I Should Be Attempting To Achieve Different Personal Goals Than Those Which Had Priority At Age 20.

If You Are A Professional And Have Confidence, Then I Would Advocate Lots Of Concentration.

If You Understood A Business Perfectly And The Future Of The Business, You Need Very Little In The Way Of A Margin Of Safety.

Charlie And I Decided Long Ago That In An Investment Lifetime, It's Too Hard To Make Hundreds Of Smart Decisions. That Judgment Became Ever More Compelling As Berkshire's Capital Mushroomed And The Universe Of Investments That Could Significantly Affect Our Results Shrank Dramatically. Therefore, We Adopted A Strategy That Required Our Being Smart And Not Too Smart At That, Only A Very Few Times. Indeed, We Now Settle For One Good Idea A Year.