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

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

Our favorite holding period is forever.

Growth and value investing are joined at the hip.

I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.