Problems in a company are like cockroaches in the kitchen. You will never find just one

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

We like to buy businesses, but we don't like to sell them.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.

Do not save what is left after spending, but spend what is left after saving.