Yellow Brick Road Research Page. at Frips.com

composed by Bud Labitan http://www.frips.com/resume.htm

ONE HUNDRED YEARS FROM NOW.

(dedicated to my girl Janie)

Edited by Mrs. Helen Rueth

One hundred years from now Ben, David, Charlie and Warren will finally share,

a chapter in financial textbooks that care, about stocks as part ownership of a business.

One hundred years from now, Mr. Market will still call plays up and down,

and many enthused speculators will still smile, yell, cry, or frown.

The three most important words in investing will remain true.

The "Margin of Safety" you see, is the key that makes this magic free.

Then with this safety, we can grow wealthy.

Above all else, America will stand strong if we fix what is wrong,

and if information is exchanged ethically and freely.

Strong, if the rewards earned are those based upon merits.

We know these are two important lifelong tenets.

It helps to have wide experiences with analyzing and managing,

numerous different businesses; even in difficult downturns and busty surges.

Rational and thorough business analysis takes keen emotional intellects,

and the disciplined tracking of understandable businesses.

For in business there are often tempting smooches and pooches.

The wonderful ones will continue to be the most fun.

Those with Trustworthy First-Class Managements and proven track records,

will yield the most generous and rewarding runs.

Disciplined Reserving of Capital from Insurance Operations is a must.

Adherence to such may prevent an embarrassing bust!

Analysis of Strategic and Sustainable Competitive Advantages

of Industries and Businesses should continue,

for your wealth to compound and accrue.

Be passionate with Learning from Practice, Mistakes, and Experiences,

for sometimes they come in snowflakes, backaches and bunches.

Within your circle of competence will you begin to grow,

for there is a threshold of examination and knowledge to overcome, you must know.

After many years of buying and supervising a great variety of businesses,

Charlie and Warren did not learn how to solve difficult business problems known as tumults and bitches.

What they did learn was to avoid them, and those unhealthy problimatic batches.

After giving thanks to the teachers with whom we have grown,

give them proper credit for what they have known.

Time is the friend of the wonderful business, and the enemy of the mediocre.

Charlie learned it early, his friend Warren mastered it later.

Have a good pal, whether it be a great guy or a great gal.

In tandem you two may begin to think like Pascal.

Learn then that the goal should always be, to maximize the,

average annual rate of gain in intrinsic business value on a per-share Berkshire like basis.

Only then could your mind have a peaceful bear free oasis.

With Love, more things are possible..