You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

I'll take the deal, whatever you want to do.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.