Is Management Rational?

Bad Terminology Is The Enemy Of Good Thinking.

You Have To Turn Over A Lot Of Rocks To Find Those Little Anomalies. You Have To Find The Companies That Are Off The Map - Way Off The Map. You May Find Local Companies That Have Nothing Wrong With Them At All. A Company That I Found, Western Insurance Securities, Was Trading For $3/share When It Was Earning $20/share!! I Tried To Buy Up As Much Of It As Possible. No One Will Tell You About These Businesses. You Have To Find Them.

Read 500 Pages Every Day. That's How Knowledge Works. It Builds Up Like Compound Interest.

Take Wrigley's Chewing Gum. I Don't Think The Internet Is Going To Change How People Chew Gum.

The Most Important Quality For An Investor Is Temperament, Not Intellect. You Need A Temperament That Neither Derives Great Pleasure From Being With The Crowd Or Against The Crowd.