If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

It's a big mistake to try and mislead people. They will turn around.

It's a lot easier to buy things than it is to sell them.

You don't ever ask a barber whether you need a haircut.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Does the business have a consistent operating history?