I think the FDIC was one of the great inventions of the American.

As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

... the best way to own common stocks is through an index fund.

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.

Your premium brand had better be delivering something special, or it's not going to get the business.