A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.

It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.

If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.

If you can buy the best companies, over time the pricing takes care of itself.

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.

The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends to shareholders are zero. This is a very peculiar way to run a republic.