We continue to make more money when snoring than when active.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

I know that Congress will do the right thing.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.