Government Can't Deliver A Free Lunch To

Market Price, While Used Exclusively To Value Our Investments In Minority Positions, Is Not A Relevant Factor When Applied To Our Controlling Interests.

To Be Successful, You Should Concentrate On The World Of Companies, Not Arcane Accounting Mathematics.

Investing Is Not As Tough As Being A Top-notch Bridge Player. All It Takes Is The Ability To See Things As They Really Are.

The Strategy We've Adopted Precludes Our Following Standard Diversification Dogma. Many Pundits Would Therefore Say The Strategy Must Be Riskier Than That Employed By More Conventional Investors. We Disagree. We Believe That A Policy Of Portfolio Concentration May Well Decrease Risk If It Raises, As It Should, Both The Intensity With Which An Investor Thinks About A Business And The Comfort-level He Must Feel With Its Economic Characteristics Before Buying Into It.

It's Far Better To Buy A Wonderful Company At A Fair Price Than A Fair Company At A Wonderful Price.