The reaction of weak management to weak operations is often weak accounting.

Bull markets and Bear markets can obscure mathematical laws, they cannot repeal them.

If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.

The single most important decision in evaluating a business is pricing power.

It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.

The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.