Don't Pass Up Something That's

Accounting Consequences Do Not Influence Our Operating Or Capital-allocation Decisions. When Acquisition Costs Are Similar, We Much Prefer To Purchase $2 Of Earnings That Is Not Reportable By Us Under Standard Accounting Principles Than To Purchase $1 Of Earnings That Is Reportable.

Focus On Your Customers And Lead Your People As Though Their Lives Depend On Your Success.

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

We Do Not Have, Nor Have Had, And Never Will Have An Opinion About Where The Stock Market, Interest Rates, Or Business Activity Will Be A Year From Now.

Read 500 Pages Every Day. That's How Knowledge Works. It Builds Up Like Compound Interest.