It’s only when the tide goes out that you discover who’s been swimming naked.
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Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
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I think it is a marvelous way to keep directors' interests and shareholders interests as closely aligned as possible, with both an upside and a downside component. Too often, people talk about interests being aligned when the directors get the upside and shareholders get the downside.
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It's only when the tide goes out that you learn who's been swimming naked.
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When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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You need an outstanding manager - you can define that in many ways... but you are looking for the best player out there. We are looking for the best player in this kind of business in the world.
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Someone's sitting in the shade today because someone planted a tree a long time ago.
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I violated the Noah rule: Predicting rain doesn’t count; building arks does.
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The only time to buy these is on a day with no 'y' in it.
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You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.
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I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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You've been drafted into a war you didn't start, ... Focus on your customers and lead your people as though their lives depended on your success.
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If you have a harem of 40 women, you never get to know any of them very well.
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Just looks. Looks exclusively.
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In the business world, the rearview mirror is always clearer than the windshield.
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It takes 20 years to build a reputation and five minutes to ruin it.
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You only have to do a very few things right in your life so long as you don't do too many things wrong.
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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
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The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
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Our favorite holding period is forever.
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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently
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The only time to buy these is on a day with no 'y' in it
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Two rules:1. Preserve the principal2. When in doubt see Rule #1
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