Philip Morris still generates enormous amounts of cash, ... We're not giving up yet.
No company is totally immune from disaster, chaos, recession, you name it, ... But on a scale, ours tend to be most recession-proof.
It's frustrating in the sense that we look dumber than we really are, ... We own a lot of unpopular but profitable stocks.
If we get good prices on the businesses we like, I'm willing to buy,
Management can focus on one business. From a psychological standpoint as well as from a practical standpoint it's a positive move.
Now that the worst lawsuits are fading it seems a golden opportunity to do that. Kraft is limping.
A delay allows people to have less psychology and more orderly behavior.
Would I like to have a man like Buffett on the board? You bet. But can I blame him for going off? Not at all. But Buffett, with the amount of shares he owns, will still have an influence.
The whole court system in this country seems a little bizarre, ... When I was a kid, cigarettes were called 'cancer sticks' and 'coffin nails.' To say the companies have been trying to hide things doesn't make sense?The courts tied the tobacco companies' arms behind their backs.
Back in 1987, the day of the 500-point decline, I started buying like crazy, ... I spent $40 million that day.
