What the wise do in the beginning, fools do in the end.

That's the reality of what they're going to sell them to the Treasury for.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

More investment sins are probably committed by otherwise quite intelligent people because of "tax considerations" than from any other cause. One of my friends-a noted West Coast philosopher-maintains that a majority of life's errors are caused by forgetting what one is really trying to do. This is certainly the case when an emotionally supercharged element like taxes enters the picture (I have another friend-a noted East Coast philosopher who says it isn't the lack of representation he minds-it's the taxation).

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

What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.

A CEO's behavior has a huge impact on managers down the line.