Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

Uncertainty is the friend of the buyer of long term values.