Other guys read Playboy. I read annual reports.

Businesses always have opportunities to improve service, product lines, manufacturing techniques, and the like, and obviously these opportunities should be seized. But a business that constantly encounters major change also encounters many chances for major error

I think the worst mistake you can make in stocks is to buy or sell based on current headlines.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

You can't buy what is popular and do well.

Who would think of buying or selling a private business because of someone's guess on the stock market? The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a livability whereby its periodic aberrations in turn formulate your judgements.

Cash combined with courage in a time of crisis is priceless.