The First Rule Is Not To Lose.

“Either They’re Trying To Con You Or They’re Trying To Con Themselves.”

I Don't Like What's Going On With The Executive Compensation.

“The First Rule Is Not To Lose. The Second Rule Is Not To Forget The First Rule.”

“Investment Philosophy Is The Clear Understanding That By Owning Shares Of Stocks, One Owns Businesses, Not Pieces Of Paper.”

I Won't Close Down A Business Of Subnormal Profitability Merely To Add A Fraction Of A Point To Our Corporate Returns. I Also Feel It Inappropriate For Even An Exceptionally Profitable Company To Fund An Operation Once It Appears To Have Unending Losses In Prospect. Adam Smith Would Disagree With My First Proposition And Karl Marx Would Disagree With My Second; The Middle Ground Is The Only Position That Leaves Me Comfortable.