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.

It's dangerous to short stocks.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

Go to bed smarter than when you woke up.

Understanding how to be a good investor makes you a better business manager and vice versa.

Even in pure mathematics they can't remove all paradox, and the rest of us should also recognize we are going to have to endure a lot of paradox, like it or not.

You have to learn to be a follower before you become a leader.