Rule No.1: Never Lose Money. Rule No.2:

Basically, The Single-most Important Decision In Evaluating A Business Is Pricing Power.

When I Take A Look At A Company's Annual Report, If I Don't Understand It, They Don't Want Me To Understand It.

Every Day That Goes By, I Mean, If You Don't React To Pearl Harbor For A Week Or Two Weeks Or Three Weeks, You're Behind In The War That You Otherwise Would Have Fought.

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.

I Won't Close Down A Business Of Subnormal Profitability Merely To Add A Fraction Of A Point To Our Corporate Returns. I Also Feel It Inappropriate For Even An Exceptionally Profitable Company To Fund An Operation Once It Appears To Have Unending Losses In Prospect. Adam Smith Would Disagree With My First Proposition And Karl Marx Would Disagree With My Second; The Middle Ground Is The Only Position That Leaves Me Comfortable.