It is not necessary to do extraordinary things to get extraordinary results.
Does management resist the institutional imperative?
The investor of today does not profit from yesterday's growth.
An investor needs to do very few things right as long as he or she avoids big mistakes.
If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.
A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.