We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

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

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

If I eat 2,700 calories a day, a quarter of that is Coca-Cola.

The reaction of weak management to weak operations is often weak accounting.

My father was the best person i've ever known.

If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.