The single most important decision in evaluating a business is pricing power.

The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

If you don't know jewelry, know the jeweler.

I would say the biggest single cause was we had an incredible residential real estate bubble.

You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.

Buy companies with strong histories of profitability and with a dominant business franchise.