“It Is Not Necessary To Do Extraordinary

Credit Worthiness Is Like Virginity, It Can Be Preserved But Not Restored Very Easily, So It Is Crazy To Play Around With It.

[w]e Think The Very Term 'value Investing' Is Redundant. What Is 'investing' If It Is Not The Act Of Seeking Value At Least Sufficient To Justify The Amount Paid? Consciously Paying More For A Stock Than Its Calculated Value -- In The Hope That It Can Soon Be Sold For A Still-higher Price -- Should Be Labeled Speculation (which Is Neither Illegal, Immoral Nor -- In Our View -- Financially Fattening).

Problems In A Company Are Like Cockroaches In The Kitchen. You Will Never Find Just One

The Range Of Derivatives Contracts Is Limited Only By The Imagination Of Man (or Sometimes, So It Seems, Madmen). Say You Want To Write A Contract Speculating On The Number Of Twins To Be Born In Nebraska In 2020. No Problem-at A Price, You Will Easily Find An Obliging Counterparty.

Money Will Always Flow Toward Opportunity, And There Is An Abundance Of That In America.