The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

It is madness to risk losing what you need in pursuing what you simply desire.

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.

I know that Congress will do the right thing.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

Is management candid with the shareholders?

Be fearful when there is greed and be greedy when there is fear.