If a business does well, the stock eventually follows.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

The dumbest reason in the world to buy a stock is because it's going up.

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Charlie and I have a number of filters that things have to get through before we'll think about them.