Criticize by category — praise by name. - Warren Buffett

Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding.

Each of these companies will devote its entire efforts to a single state seeking to bring the agents and insureds of its area a combination of large company capability and small company accessibility and sensitivity.

When the price of a stock can be influenced by a "herd" on Wall Street with prices set at the margin by the most emotional person, or the greediest person, or the most depressed person, it is hard to argue that the market always prices rationally. In fact, market prices are often nonsensical.