In the business world, the rearview mirror is always clearer than the windshield.

This is a fantastic time to be entering the business world, because business is going to change more in the next 10 years than it has in the last 50.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

I've often felt there might be more to be gained by studying business failures than business successes.

The value of a business is the cash it's going to produce in the future.

If a business does well, the stock eventually follows.