It's good to remember that in crises, natural crises, human beings forget for awhile their ignorances, their biases, their prejudices. For a little while, neighbors help neighbors and strangers help strangers.
He that humbles himself shall be preserved entire. He that bends shall be made straight. He that is empty shall be filled. He that is worn out shall be renewed. He who has little shall succeed. He who has much shall go astray.
Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.
There was much of the beautiful, much of the wanton, much of the bizarre, something of the terrible, and not a little of that which might have excited disgust.
As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.