I Certainly Have No Desire To Sell

Our Favorite Holding Period Is Forever.

Having First Rate People On The Team Is More Important Than Designing Hierarchies And Clarifying Who Reports To Whom.

Stocks Of Companies Selling Commodity-like Products Should Come With A Warning Label: "competition May Prove Hazardous To Human Wealth".

As I Have Mentioned Before, We Cannot Make The Same Sort Of Money Out Of Permanent Ownership Of Controlled Businesses That Can Be Made From Buying And Reselling Such Businesses, Or From Skilled Investment In Marketable Securities. Nevertheless, They Offer A Pleasant Long Term Form Of Activity (when Conducted In Conjunction With High Grade, Able People) At Satisfactory Rates Of Return.

I Just Don't See Anything Available That Gives Any Reasonable Hope Of Delivering Such A Good Year And I Have No Desire To Grope Around, Hoping To 'get Lucky' With Other People's Money. I Am Not Attuned To This Market Environment, And I Don't Want To Spoil A Decent Record By Trying To Play A Game I Don't Understand Just So I Can Go Out A Hero.