Growth and value investing are joined at the hip.
We're perfectly willing to trade away a big payoff for a certain payoff.
Remember that the stock market is manic-depressive.
You should invest in a business that even a fool can run, because someday a fool will.
There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.
If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.