When we do not know a person - and also when we do - we have to judge his size by the size and nature of his achievements, as compared with the achievements of others in his special line of business - there is no other way.
There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
We must hold a man amenable to reason for the choice of his daily craft or profession. It is not an excuse any longer for his deeds that they are the custom of his trade. What business has he with an evil trade?
That a man can take pleasure in marching in formation to the strains of a band is enough to make me despise him. He has only been given his big brain by mistake; a backbone was all he needed.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.
Remember the Three Princes of Serendip who went out looking for treasure? They didn't find what they were looking for, but they kept finding things just as valuable. That's serendipity, and our business [drugs] is full of it.