The Word On The Street
Is Heard By All, But Only A Few Listen

This idea of anticipation is key to investing and to business generally. You can't wait for an opportunity to become obvious. You have to think, "Here's what other people and companies have done under certain circumstances. Now, under these new circumstances, how is this management likely to behave?"

If you're unwilling to try new things and to fail and learn, you don't have a shot

You have to try to change

You either adapt or you die

In investing we seek to do a few things well, namely: 1) Understand the business 2) Understand the people running the business and 3) Get safety from the price we pay.

For any company, you need to have an overarching philosophy to guide operations for profitability.