“There Seems To Be Some Perverse

You Pay A Very High Price In The Stock Market For A Cheery Consensus.

The Secret To Happiness Is Having Low Expectations.

Don't Pass Up Something That's Attractive Today Because You Think You Will Find Something Way More Attractive Tomorrow.

The Major Asset In This Category Is Gold, Currently A Huge Favorite Of Investors Who Fear Almost All Other Assets, Especially Paper Money (of Whose Value, As Noted, They Are Right To Be Fearful). Gold, However, Has Two Significant Shortcomings, Being Neither Of Much Use Nor Procreative. True, Gold Has Some Industrial And Decorative Utility, But The Demand For These Purposes Is Both Limited And Incapable Of Soaking Up New Production. Meanwhile, If You Own One Ounce Of Gold For An Eternity, You Will Still Own One Ounce At Its End.

When We Own Portions Of Outstanding Businesses With Outstanding Managements, Our Favorite Holding Period Is Forever.