We have a history when things are really horrible of wading in when no one else will.

In Gillette's case, they keep surfing along new technology which is fairly simple by the standards of microchips. But it's hard for competitors to do. So they've been able to stay constantly near the edge of improvements in shaving.

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.

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