If you don't know the Jewelry, know the Jeweller

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.