Two Rules: 1. Preserve The Principal 2.

I Mean, Hank Paulson Is In There [ Treasury] At The Wrong Time, Probably Shouldn't Have Taken The Job. He's A Friend Of Mine. But He Knows Markets, He Knows Corporations' Work, He Knows Money, And He's Got The Interests Of The Country At Heart.

The Speed At Which A Business Success Is Recognized, Furthermore, Is Not That Important As Long As The Company's Intrinsic Value Is Increasing At A Satisfactory Rate. In Fact, Delayed Recognition Can Be An Advantage: It May Give Us The Chance To Buy More Of A Good Thing At A Bargain Price.

It Is Not Necessary To Do Extraordinary Things To Get Extraordinary Results.

We Really Can Say No In 10 Seconds Or So To 90%+ Of All The Things That Come Along Simply Because We Have These Filters.

I've Often Felt There Might Be More To Be Gained By Studying Business Failures Than Business Successes.