Loss Quotations | Page 4

We are pleased to fund research in this area as fundamental climate conditions have a significant impact on Saskatchewan crops, ... In light of the recent weather conditions, the loss at the farm gate and cost to taxpayers is validation of how critical this research is to our community.

We are pleased to be able to report that the operating loss in the first quarter narrowed significantly over the previous quarter. This reflects a reduction in selling and administrative expenses due to cost savings measures that we have implemented since the fiscal year began. With further cost-savings still to take effect and with a significant increase in new order intake since Dec. 31, we foresee much stronger operating results for the balance of 2006.

We are a legitimate final-four team. We have played a difficult schedule against a lot of bigger schools. And we have had players not available for certain games. One of our best players was in Argentina for four games. We had a lot of our losses during Christmas break when a lot of kids were away for vacation. Our record was deceiving, so very deceiving.

We are maintaining our neutral opinion on PPC (No. 2 U.S. poultry producer Pilgrim's Pride Inc.) following the company's comments this morning that it no longer expects to meet its previously announced earnings expectations for either F2006 (ends Sept) or the F2Q. We are reducing our F2006 estimate to $1.20 from $2.20 and are also now estimating a fiscal 2Q loss of $0.30 per share, down from earnings of $0.30 per share.

There really is only one ending to any story. Human life ends in death. Until then, it keeps going and gets complicated and there's loss. Everything involves loss; every relationship ends in one way or another.

And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies...

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.

[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.

Using 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.

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.