Buy Stocks Like You Buy Your Groceries,

[gold] Gets Dug Out Of The Ground In Africa, Or Someplace. Then We Melt It Down, Dig Another Hole, Bury It Again And Pay People To Stand Around Guarding It. It Has No Utility. Anyone Watching From Mars Would Be Scratching Their Head.

I Have No Use Whatsoever For Projections Or Forecasts. They Create An Illusion Of Apparent Precision. The More Meticulous They Are, The More Concerned You Should Be. We Never Look At Projections, But We Care Very Much About, And Look Very Deeply At, Track Records. If A Company Has A Lousy Track Record, But A Very Bright Future, We Will Miss The Opportunity.

A Great Investment Opportunity Occurs When A Marvelous Business Encounters A One-time Huge, But Solvable Problem.

We Do Not Have, Nor Have Had, And Never Will Have An Opinion About Where The Stock Market, Interest Rates, Or Business Activity Will Be A Year From Now.

Cash, Though, Is To A Business As Oxygen Is To An Individual: Never Thought About When It Is Present, The Only Thing In Mind When It Is Absent... When Bills Come Due, Only Cash Is Legal Tender. Don't Leave Home Without It.