SUPPOSE that an investor you admire and trust comes to you with an investment idea. This is a good one, he says enthusiastically. I'm in it, and I think you should be, too.

A public-opinion poll is no substitute for thought.

Your premium brand had better be delivering something special, or it's not going to get the business.

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

Never test the depth of river with both the feet.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

You pay a very high price in the stock market for a cheery consensus.