Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.

Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.

The latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read "one year's experience-twenty times.

There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

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

Benign neglect, bordering on sloth, remains the hallmark of our investment process.