Does the business have a consistent operating history?

Banking is very good business if you don't do anything dumb.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.