The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much.

It's simplicity itself that its future will be way worse than its past.

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

...being an effective teacher is a high calling.

There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.

Step by step you get ahead, but rarely in fast spurts.