Knowing what to leave out is just as important as knowing what to focus on.

We will only do with your money what we would do with our own.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.

A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.

In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.