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“After careful consideration, we have decided that for our next fiscal year, we'll issue guidance on comparable store used unit sales and on earnings per share only for the full fiscal year. We will no longer issue quarterly guidance. This decision reflects our continuing focus on longer-term store, sales, and earnings growth and on return on invested capital, and our recognition that the performance in shorter-term periods can be more volatile than over the longer term. As we report our quarterly results, we plan to comment on how our performance is tracking against our annual guidance.”

“Every Day Is for the Thief is a vivid, episodic evocation of the truism that you can't go home again; but that doesn't mean you're not free to try. A return to his native Nigeria plunges Cole's charming narrator into a tempest of chaos, contradiction, and kinship in a place both endearingly familiar and unnervingly strange. The result is a tale that engages and disturbs.”

“I don't think our fiduciary duty is to put shareholders first. I say the opposite. What we firmly believe is that if we focus our company on improving the lives of the world's citizens and come up with genuine sustainable solutions, we are more in synch with consumers and society and ultimately this will result in good shareholder returns.”

“Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.”

“It can be shown that maximum diversification is achieved by holding each stock in proportion to its value to the entire market (italics added)... Hindsight plays tricks on our minds... often distorts the past and encourages us to play hunches and outguess other investors, who in turn are playing the same game. For most of us, trying to beat the market leads to disastrous results... our actions lead to much lower returns than can be achieved by just staying in the market.”

“As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any of their companies. If managers have 200 positions, do you think they know what's going on at any one of those companies at this moment?”

“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.”

“The result of these ungodly unions was a race of very wicked and very powerful hybrid (half-fallen angel, half-human) offspring - the Nephilim - who corrupted, harassed, even killed mankind. Now, at the end of the 20th century, we have the return of "alien" entities with apparent supernatural powers.”

“We are in tough economic times right now, and the first thing we have to do is look at how we're spending the dollars that we have, and at what kind of return on investment we're getting. Because I think it will show that spending more money without fixing the fundamental flaws in the system won't produce anything different in terms of results. In DC, we were spending a whole lot of money on things that had no positive impact on students' achievement levels.”

“Television is the Antichrist, and I can assure you after only three or four generations, people will no longer even know how to fart on their own and humans will return to medieval savagery and to the general state of imbecility that slugs overcame back in the Pleistocene era. Our world will not die as a result of the bomb...it will die of laughter, of banality, of making a joke of everything and a lousy joke at that.”