If I got a chance to take one percent of the deal either way, I would make that bet.

There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

Does the business have a consistent operating history?

The greater the potential for reward in the value portfolio, the less risk there is.

When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.