Focus On Your Customers And

Long Ago, Sir Isaac Newton Gave Us Three Laws Of Motion, Which Were The Work Of Genius. But Sir Isaac's Talents Didn't Extend To Investing: He Lost A Bundle In The South Sea Bubble, Explaining Later, 'i Can Calculate The Movement Of The Stars, But Not The Madness Of Men.' If He Had Not Been Traumatized By This Loss, Sir Isaac Might Well Have Gone On To Discover The Fourth Law Of Motion: For Investors As A Whole, Returns Decrease As Motion Increases.

Every Company That Has An Economist Working For Him Has One Employee Too Many.

What's Hot Today Isn't Likely To Be Hot Tomorrow. The Stock Market Reverts To Fundamental Returns Over The Long Run. Don't Follow The Herd.

If You Understood A Business Perfectly And The Future Of The Business, You Need Very Little In The Way Of A Margin Of Safety.

In The Long Run Managements Stressing Accounting Appearance Over Economic Substance Usually Achieve Little Of Either.