If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent. - Warren Buffett

I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the Inevitability of profits from investments in stocks will lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued securities can be expected to be substantially affected.

A line from Bobby Bare’s country song explains what too often happens with acquisitions: “I’ve never gone to bed with an ugly woman, but I’ve sure woke up with a few.

You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very