Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.

Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.

It is not necessary to do extraordinary things to get extraordinary results.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

I know that Congress will do the right thing.

Does management resist the institutional imperative?