Growth And Value Investing Are Joined At

In Economics, You Always Want To Ask 'and Then What?'

You Have To Understand Accounting And You Have To Understand The Nuances Of Accounting. It's The Language Of Business And It's An Imperfect Language, But Unless You Are Willing To Put In The Effort To Learn Accounting - How To Read And Interpret Financial Statements - You Really Shouldn't Select Stocks Yourself

[people] Have Seen The Credit Market Seize Up. They're Worried About Money Market Funds, Although The Latest Proposition From Government Should Take Care Of That. They've Seen Eight Percent Of The Bank Deposits In The United States Get Moved Very Skillfully, I Might Say, Within The Last Couple Of Weeks From Institutions That They Thought Were Fine A Few Months Ago To Other Institutions. They Are Not Wrong To Be Worried.

Making Money Isn't The Backbone Of Our Guiding Purpose; It Is The By-product Of Our Guiding Purpose.

In Other Words, The Percentage Change In Book Value In Any Given Year Is Likely To Be Reasonably Close To That Year's Change In Intrinsic Value.