Quotes from Robert G. Hagstrom

Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understood business whose earnings are virtually certain to be materially higher, five, ten, and twenty years from now. Over time, you will find only a few companies that meet those standards-so when you see one that qualifies, you should buy a meaningful amount of stock.

The size of an investor's brain is less important than his ability to detach the brain from the emotions.

just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds;

The market, like the Lord, helps those who help themselves," Buffett says. "But unlike the Lord, the market does not forgive those who know not what they do.

Buffett quoted Keynes: "The difficulty lies not in the new ideas but in escaping from the old ones." Buffett

Being too far ahead of your time is indistinguishable from being wrong.

Thinking Fast and Slow.

Ben Graham gave us the same lesson: "In the short run the market is a voting machine but in the long run it is a weighing machine."51

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.