... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
From the beginning, I said that Israel, one, has a right to defend herself, but Israel ought to be cautious about how she defends herself. Israel's a democratically elected government. They make decisions on their own sovereignty. It's their decision-making that is what leads to the tactics they chose.
It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.
In this age, in this country, public sentiment is everything. With it, nothing can fail; against it, nothing can succeed. Whoever molds public sentiment goes deeper than he who enacts statutes, or pronounces judicial decisions.
you must be careful never to allow doubt to paralyze you. always take the decisions you need to take, even if you're not sure you're doing the right thing. You'll never go wrong if, when you make a decision, you keep in mind an old German proverb: 'The devil is in the detail.' Remember that proverb and you'll always be able to turn a wrong decision into a right one.