Risk Is A Part Of

Valuing A Business Is Part Art And Part Science.

Turnarounds Seldom Turn.

When A Management With A Reputation For Brilliance Tackles A Business With A Reputation For Bad Economics, It Is The Reputation Of The Business That Remains Intact.

If You Do Smart Things And Use Leverage And Do One Wrong Thing Along The Way, It Could Wipe You Out, Because Anything Times Zero Is Zero. But It's Reinforcing When The People Around You Are Doing It Successfully, You're Doing It Successfully, And It's A Lot Like Cinderella At The Ball.

Be Brave When Others Are Afraid, And Afraid When Others Are Brave.