200多年美國經濟之樹常青的秘密

According to Buffett:
1.  Market System
2.  Rule of Law
3.  Equality of Oppy (think immigrants);
5.  I dont mix politics and investment decisions
6.  I want my money in companies, not in treasuries (because treasries sells at some 40x of earnings and will never grow)
7.  American dynamism (美國的活力）(is) my theme for decades
8.  I dont know anyone who can time the market
9.  People should buy stock consistently over time
10. Interest rates are enormously important over time
11. Stocks are cheap with current interest rates
12. We are not in a bubble territory now (Feb2017)
13. Praise by name and criticize by category
14. Tom Murphy told me that you can always tell someone go to hell (but will you?)
15. (from speech in U of Nebraska 2003 leadership class): in this country it takes 3 thing to achieve (extraordinary) success: intellegence, energy & integrity
16. Having the right heros is terribly important
17. Hiring: only 1 question for the candidate: are you a fanatic (about the job/business).  If yes you are in
18. It is an enormous mistake that you have to have an opinion on everything.
19. Do a "newspaper test" if you are not sure if it the right thing to do
20. Give poeple ways to test on your words
21. I get to select people who works with me and that is a huge advantage
22. The most important thing in life is to do what you love doing with the people who you love doing with
23. We won the ovarian lottery when we were born in this country (you have 4x chances to be born in China!)
24. Each write on paper one word to describe what helped us (Bill and Warren) the most: focus.
25. (Munger) Celebration is part of what makes a group of people work together
26. When I was born in 1940 I had a chance of 40 to 1 to be born in USA.  I did won an ovarian lottery on that day! And 50 to 50 to be a male.  I had 80 to 1 chance to be born a male in USA.  To me that is an enormous luck.

Marketing Slogans of Companies with Durable Competitive Advantage:
Fruit of the Loom:  We cover the asses of the masses

感覺巴菲特的一個長處是：善於從長時間(20, 50, 100, 200 years) 的曆史數據中尋找規律用於投資決策！
例子：美國在200年中經曆了多少挑戰，戰爭等等。可是還是取得了巨大的成就。