If you don't find a way to make money while you sleep, you will work until you die. - Warren Buffett

You should never test the depth of the water with both feet.

While investors and managers must place their feet in the future, their memories and nervous systems often remain plugged into the past.

Charlie and I believe our four criteria are essential if directors are to do their job — which, by law, is to faithfully represent owners. Yet these criteria are usually ignored. Instead, consultants and CEOs seeking board candidates will often say, “We’re looking for a woman,” or “a Hispanic,” or “someone from abroad,” or what have you. It sometimes sounds as if the mission is to stock Noah’s ark. Over the years I’ve been queried many times about potential directors and have yet to hear anyone ask, “Does he think like an intelligent owner?” The questions I instead