Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

As one of my older friends says, "Nostalgia just isn't what it used to be." Let's take a stab at it, anyway.

You should invest in a business that even a fool can run, because someday a fool will.

A stock doesn't know that you own it.

We will only do with your money what we would do with our own.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

One observer commenting on security analysts over forty stated: "They know too many things that are no longer true." As long as I am "on stage", publishing a regular record and assuming responsibility for management of what amounts to virtually 100% of the net worth of many partners, I will never be able to put sustained effort into any non-BPL activity. If I am going to participate publicly. I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.