Does management resist the institutional imperative?

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

A Company should be viewed as an unfolding movie, not as a still photograph

Energy deregulation will be the largest transfer of wealth in history.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.