Tidbits & Quotes

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... illustrates the importance of a guideline – stay with simple propositions – that we usually apply in investments as well as operations. If only one variable is key to a decision, and the variable has a 90% chance of going your way, the chance for a successful outcome is obviously 90%. But if ten independent variables need to break favorably for a successful result, and each has a 90% probability of success, the likelihood of having a winner is only 35%. ... Since a chain is no stronger than its weakest link, it makes sense to look for – if you’ll excuse an oxymoron – mono-linked chains.

Warren Buffett, Chairman of Berkshire Hathaway

From the 2004 Chairman's Letter

Posted Mar 20, 2005 | # | Category: Quotations

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