We're Perfectly Willing To Trade

If You Want To Shoot Rare, Fast-moving Elephants, You Should Always Carry A Loaded Gun.

It Is More Important To Say "no" To An Opportunity, Than To Say "yes".

The Line Separating Investment And Speculation, Which Is Never Bright And Clear, Becomes Blurred Still Further When Most Market Participants Have Recently Enjoyed Triumphs. Nothing Sedates Rationality Like Large Doses Of Effortless Money. After A Heady Experience Of That Kind, Normally Sensible People Drift Into Behavior Akin To That Of Cinderella At The Ball.

We Have Provided Capital Here With A Couple Of Institutions Recently. The Federal Government Did That In The '30s For The Rfc And I Think There Could Well Be A Proper Role For Government In That.

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