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are too many.240 hitters on boards. Secondarily, if you've been doing it a while, you get to know how to. A few weeks later I received a letter from Old Colony Trust containing a tender offer of 11-3/8. How can you get anything more out of a farm than what it grows? But every year don't measure it by the earnings in the quarter that year.

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We thought of them like equities. How do you grow a small business into a big business? That comes about through service, through quality of product, it comes about through cost, some times through patents, and/or real estate location. Other examples: Genesee Valley Gas, public utility trading at a P/E of 2, geico, Union Street Railway of New Bedford selling at 30 when 100/share is sitting in cash, high yield position in 2002. IQ is not really that important. Munger: In my life I have had the most privileged era to live. Well, an acre produced 120 bushels of corn or 45 bushels of soybeans. But believe me, it is a lot harder than it used. We have gone from.5 to 8 market share in Geico. So you go to the video store or wherever to buy the video. I believe in reading everything in sight.