Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
I must beg you to indulge me in the matter of hyphens.... You will find that I have marked out a great many in the proofs. We arein danger of Germanizing our printing by using them so much, and I have a very decided preference in the matter.
For there was never yet philosoper
That could endure the toothache patiently,
However they have writ the style of gods,
And made a push at chance and sufferance.
In stating as fully as I could how things really were, it was often very difficult and I wrote awkwardly and the awkwardness is what they called my style. All mistakes and awkwardness are easy to see, and they called it style.
Our civility, England determines the style of, inasmuch as England is the strongest of the family of existing nations, and as we are the expansion of that people. It is that of a trading nation; it is a shopkeeping civility. The English lord is a retired shopkeeper, and has the prejudices and timidities of that profession.
Switzerland is a small, steep country, much more up and down than sideways, and is all stuck over with large brown hotels built on the cuckoo clock style of architecture.
From the early days of the telegraph, to be a telegrapher was a job, and there weren't many of those folks. They could recognize each other's style by their dots and dashes. They called that the "fist." St. George, they have a fist. You taste something from St. George, even across categories - the gin, the whisky - it tastes like something from St. George. It's the same as going to a great bar: You get the soul of the person making it.