The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

A fool and his money are soon invited everywhere.

Either they're trying to con you or they're trying to con themselves.

Take the high road; it's far less crowded.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

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