We Don't Get Paid For Being Busy,

The Ideal Business Is One That Earns Very High Returns On Capital And That Keeps Using Lots Of Capital At Those High Returns. That Becomes A Compounding Machine.

We Want To Use Cash. The Reason We Haven't Used Our Cash Two Years Ago, We Just Didn't Find Things That Were That Attractive. But When People Talk About Cash Being King, It's Not King If It Just Sits There And Never Does Anything. There Are Times When Cash Buys More Than Other Times, And This Is One Of The Other Times When It Buys A Fair Amount More, So We Use It.

Although We Deal With Probabilities And Expectations, The Actual Results Can Deviate Substantially From Such Expectations, Particularly On A Short-term Basis.

The Most Dangerous Distractions Are The Ones You Love, But That Don’t Love You Back.

Always Invest For The Long Term.