Turnarounds seldom turn.

When people talk about cash being king, it's not king if it just sits there and never does anything.

Basically, the single-most important decision in evaluating a business is pricing power.

I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.

We look for things I can understand. A lot of businesses I don't understand.

There is no substitute for a local newspaper that is doing its job.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.