In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
Warren BuffettWriting checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.
Warren Buffett