Buy A Cross Section Of American Industry,

When A Management With Reputation For Brilliance Gets Hooked Up With A Business With A Reputation For Bad Economics, It's The Reputation Of The Business That Remains Intact.

All Day You Wait For The Pitch You Like; Then When The Fielders Are Asleep, You Step Up And Hit It.

Read Ben Graham And Phil Fisher Read Annual Reports, But Don't Do Equations With Greek Letters In Them.

I View Derivatives As Time Bombs, Both For The Parties That Deal In Them And The Economic System.

When Berkshire Hathaway Laid Out Three Billion Dollars For Ge Today, We Didn't Spend It, We Invested It. When The Federal Government Buys The Mortgages, They're Not Spending It, They're Investing It. Now, They're Investing It In Distress Type Assets But They're Buying Them At Distress Prices If They Buy Them At Market. It's The Kind Of Stuff I Love To Do. I Just Don't Have 700 Million. Maybe We Could Go In It Together.