We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.
The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
Emotional makeup is more important than technical skill
During inflation, Goodwill is the gift that keeps on giving.
You get in a lot of trouble when you start putting fictitious numbers.
It is easier to rationalize than it is to be rational.