Recognize reality even when you don't like it-especially when you don't like it.

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.

I don't invest in what I don't understand. And I don't want to understand Facebook.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

Your life must focus on the maximization of objectivity.

Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.