Only when you combine sound intellect with emotional discipline do you get rational behavior.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

Take the high road; it's far less crowded.

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.

The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves - and the better the teacher, the better the student body.

Is management candid with the shareholders?