You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all not some, all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of [...]
The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks [...]
We haven't tried to evaluate, before they have a record, who will be the superstar managers. Instead, we find people who have batted .350 for 10 to 50 years. We just assume we won't screw it up by hiring them. We take people who play the game very well and allow them to play.
A[n] argument is made that there are just too many question marks about the near future; wouldn’t it be better to wait until things clear up a bit? You know the prose: “Maintain buying reserves until current uncertainties are resolved,” etc. Before reaching for that crutch, face up to two unpleasant facts: The future is [...]