If Past History Was All There Was

I Don't Know That I Could Draw One That's Perfect. But I'd Rather By Approximately Right Than Precisely Wrong, And It Would Be Precisely Wrong To Turn It Down.

If I Taught A Class, On My Final Exam I Would Take An Internet Company And Ask, 'how Much Is This Company Worth?' Anyone Who Would Answer, I Would Flunk.

If You Don’t Feel Comfortable Making A Rough Estimate Of The Asset’s Future Earnings, Just Forget It And Move On. No One Has The Ability To Evaluate Every Investment Possibility. But Omniscience Isn’t Necessary; You Only Need To Understand The Actions You Undertake.

I Was Lucky Enough To Be Born In A Time And Place Where Society Values My Talent, And Gave Me A Good Education To Develop That Talent, And Set Up The Laws And The Finanical System To Let Me Do What I Love Doing-and Make A Lot Of Money Doing It. The Least I Can Do Is Help Pay For All That.

We Will Continue To Ignore Political And Economic Forecasts, Which Are An Expensive Distraction For Many Investors And Businessmen. Thirty Years Ago, No One Could Have Foreseen The Huge Expansion Of The Vietnam War, Wage And Price Controls, Two Oil Shocks, The Resignation Of A President, The Dissolution Of The Soviet Union, A One-day Drop In The Dow Of 508 Points, Or Treasury Bill Yields Fluctuating Between 2.8% And 17.4%.