Accounting is the language of business.

First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.

We've got all the ingredients for a sensational future.

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Inactivity strikes us as intelligent behavior.

What we learn from history is that people don't learn from history.