The Wise Man Once Said Invest Young

“We Do Not View The Company Itself As The Ultimate Owner Of Our Business Assets But Instead View The Company As A Conduit Through Which Our Shareholders Own Assets.”

In That, We Agreed With Andrew Carnegie, Who Said That Huge Fortunes That Flow In Large Part From Society Should In Large Part Be Returned To Society. In My Case, The Ability To Allocate Capital Would Have Had Little Utility Unless I Lived In A Rich, Populous Country In Which Enormous Quantities Of Marketable Securities Were Traded And Were Sometimes Ridiculously Mispriced. And Fortunately For Me, That Describes The U.s. In The Second Half Of The Last Century.

Do Not Take Yearly Results Too Seriously. Instead, Focus On Four Or Five-year Averages.

It's Almost Impossible To Overpay The Truly Extraordinary Ceo... But The Species Is Rare.

“You Can't Produce A Baby In One Month By Getting Nine Women Pregnant.”