PE

It's selling now at 35 times what they're going to earn in 1998 and over 25 times what they're going to earn in the year 2000. There's some relationship between what a company earns and what they grow at.

Analyzing

If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes.

Long Run

Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide.

Research

Investing without research is like playing stud poker and never looking at the cards.

Alert

If you stay half-alert, you can pick the spectacular performers right from your place of business or out of the neighborhood shopping mall, and long before Wall Street discovers them.

Idiot

Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it.

Consolidation

We're not budgeting for it to do that. We think that it is possible that into our coffers you could probably push 8 or 10 million (euros) EBITDA ...but I think it's probably not the right thing to do in this period of consolidation.