I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

There is nothing like writing to force you to think and get your thoughts straight.

Good big decisions do not take time at all, if they do you are in trouble.