Is Management Rational?

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.

When We Really Sit Back With A Smile On Our Face Is When We Run Into A Situation We Can Understand, Where The Facts Are Ascertainable And Clear, And The Course Of Action Obvious.

What You Really Want To Do In Investments Is Figure Out What's Important And Knowable. If It's Unimportant Or Unknowable You Forget About It.

Someone's Sitting In The Shade Today Because Someone Planted A Tree A Long Time Ago. The Person Sitting In The Shade Now Should Be Grateful For The Person Who Planted And Tended That Tree. That Includes All Those Benefactors Of Humanity Throughout History That Created, Invented, Financed, Produced, Maintained And Improved All That We Enjoy Today.

I've Seen More People Fail Because Of Liquor And Leverage -- Leverage Being Borrowed Money. You Really Don't Need Leverage In This World Much. If You're Smart, You're Going To Make A Lot Of Money Without Borrowing.