A newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well

You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.

There seems to be some perverse human characteristic that likes to make easy things difficult.

Wall Street makes its money on activity. You make your money on inactivity.

Is management candid with the shareholders?

The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.

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.