Life Is Like A Snowball. The Important

If I Subscribed To The Efficient Market Theory I Would Still Be Delivering Papers

[the U.s. Treasury] Can Borrow Basically Unlimited Amounts. They Can Stay There For Years And Years. These Assets Will Be Worth More Money Over Time. So When Merrill Lynch Sells A Bunch Of Mortgage-related Assets At 22 Cents On The Dollar Like They Did A Month Or So Ago, The Buyer Goes - Is Going To Make Money, And He's Going To Make A Lot More Money If It Happens To Be An Institution Like The U.s. Government Which Has Very, Very Cheap Borrowing Costs.

You Have No Ability, If You're A Financial Institution And You're Threatened With Criminal Prosecution, You Have No Ability To Negotiate.

The 19th Century Belonged To England, The 20th Century Belonged To The U.s., And The 21st Century Belongs To China. Invest Accordingly.

In Our View, Though, Investment Students Need Only Two Well-taught Courses-how To Value A Business, And How To Think About Market Prices. Your Goal As An Investor Should Simply Be To Purchase, At A Rational Price, A Part Interest In An Easily-understandable Business Who's Earnings Are Virtually Certain To Be Materially Higher Five, Ten And Twenty Years From Now.