If You Are A Professional And Have

An Irresistable Footnote: In 1971, Pension Fund Managers Invested A Record 122% Of Net Funds Available In Equities - At Full Prices They Couldn't Buy Enough Of Them. In 1974, After The Bottom Had Fallen Out, They Committed A Then Record Low Of 21% To Stocks.

You Should Invest In A Business That Even A Fool Can Run, Because Someday A Fool Will.

Opportunities Come Infrequently. When It Rains Gold, Put Out The Bucket, Not The Thimble.

As An Investor With Small Capital, One Should Prefer Businesses That Have High Returns On Capital And That Require Little Incremental Investment To Grow.

Charlie [munger] And I Are Not Big Fans Of Resumes. Instead, We Focus On Brains, Passion And Integrity.