You Should Look At Stocks As Small

We Will Prosper Or Suffer In Controlled Investments In Relation To The Operating Performances Of Our Businesses - We Will Not Attempt To Profit By Playing Various Games In The Securities Markets.

Many Stock Options In The Corporate World Have Worked In Exactly That Fashion: They Have Gained In Value Simply Because Management Retained Earnings, Not Because It Did Well With The Capital In Its Hands.

House Prices Just Soared Beyond - Beyond Reason In Many Places And They Got Financed In Silly Ways, And People Lied About Loans, All Kinds Of Accesses Entered Into It. But That Is What - That Is The Single Biggest Cause Of Why We're Here.

[people] Have Seen The Credit Market Seize Up. They're Worried About Money Market Funds, Although The Latest Proposition From Government Should Take Care Of That. They've Seen Eight Percent Of The Bank Deposits In The United States Get Moved Very Skillfully, I Might Say, Within The Last Couple Of Weeks From Institutions That They Thought Were Fine A Few Months Ago To Other Institutions. They Are Not Wrong To Be Worried.

The Fact That People Will Be Full Of Greed, Fear, Or Folly Is Predictable. The Sequence Is Not Predictable.