We usually hold less than 20 positions at a time, so no one would ever say we're a place to put all your money, but we behave as if that's what people have done. So we think it's reasonable to have some cash around for emergencies as Buffett says, why risk what you need for [...]

We've always done very well when we can use sixth-grade math on the back of a postcard to show how inexpensive something is relative to its free cash. Once we start getting more sophisticated trying to prove something rather than see if we can disprove it by killing the business we get into trouble. We're [...]

We keep heading more toward direct international investing, but worry that we’re going to be the patsy. We looked at South Korea, but kept asking ourselves what edge we really had there. How do we understand the culture ,the management? The U.S. is going through the same decline faced by all past great civilizations. It’s [...]