We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.
The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.
Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.