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In Conclusion

The combination of a fixed-income portfolio of the highest credit quality with a portfolio of companies that evince records of continual high profitability, earnings increases, clean balance sheets and exceptional management purchased with a provision for a margin of error offers, in my experience, the best protection against the vicissitudes of investing coupled with the best hope for gain. Note that the process we employ is relatively simple, that is, designed not to require a large number of decisions. (The more decisions that have to be made, the more likely one of them will be wrong, perhaps with devastating results. In the investment world, avoiding mistakes is more than half the battle.) Note also that the process eschews any attempt to mastermind the markets, the directions and timing of which tend to be inscrutable. The investor enjoys wide diversification among a variety of securities. All are tried and true, highly liquid, and of the highest investment quality. Thus we aspire to deliver the best returns consistent with the least possible risk over the long haul.