Do Not Save What Is Left After

At This Point, When Treasury Bills, Seven Day Treasury Bills At 1/20th Of One Percent, It's Not Because People Want To Earn 1/20th Of One Percent, It's Because They Trust The Fact The Treasury Will Give It Back To Them Next Week.

We Don't Get Paid For Being Busy, We Get Paid For Being Right.

We Would Do Best In A Market Where Everyone Acted Foolishly.

If You Don't Know Jewelry, Know The Jeweler.

We Rarely Use Much Debt And, When We Do, We Attempt To Structure It On A Long-term Fixed Rate Basis. We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet. This Conservatism Has Penalized Our Results But It Is The Only Behavior That Leaves Us Comfortable, Considering Our Fiduciary Obligations To Policyholders, Depositors, Lenders And The Many Equity Holders Who Have Committed Unusually Large Portions Of Their Net Worth To Our Care.