A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

People always should know better. People don't get - they don't get smarter about things that get as basic as greed.

Charlie and I have a number of filters that things have to get through before we'll think about them.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

Who would think of buying or selling a private business because of someone's guess on the stock market? The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a livability whereby its periodic aberrations in turn formulate your judgements.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.