The First Rule Is Not To Lose.

I Certainly Do Believe Anyone Engaged In The Management Of Money Should Have A Standard Of Measurement, And That Both He And The Party Whose Money Is Managed Should Have A Clear Understanding Why It Is The Appropriate Standard, What Time Period Should Be Utilized, Etc.

If We Have A Strength, It Is In Recognizing When We Are Operating Well Within Our Circle Of Competence And When We Are Approaching The Perimeter.

Americans Are In A Cycle Of Fear Which Leads To People Not Wanting To Spend And Not Wanting To Make Investments, And That Leads To More Fear. We'll Break Out Of It. It Takes Time.

Too Often, A Vast Collection Of Possessions Ends Up Possessing Its Owner. The Asset I Most Value, Aside From Health, Is Interesting, Diverse, And Long-standing Friends.

Never Risk What You Have And Need For What We Don't Have And Don't Need.