Investing is forgoing consumption now in order to have the ability to consume more at a later date.

There is no staff. I make all the investment decisions and I do all my own analysis.

Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

The ability to say no is a tremendous advantage for an investor.