Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
We've had fairly consistent financial results.
Look at the product pipeline, look at the fantastic financial results we've had for the last five years. You only get that kind of performance on the innovation side, on the financial side, if you're really listening and reacting to the best ideas of the people we have.
The strength in our third-quarter financial results is cause for excitement. I'm particularly pleased that we continue to demonstrate impressive growth at the same time we are engaged in important merger discussions.
I come back to the same thing: We've got the greatest pipeline in the company's history in the next 12 months, and we've had the most amazing financial results possible over the last five years, and we're predicting being back at double-digit revenue growth in fiscal year '06.
A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.
We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
I think one of my favorite things about making low budget movies is that when you get into expensive moviemaking territory, it's almost impossible not to reverse engineer the movies. It's irresponsible not to think about the result and the financial result. But when you make low budget movies, you can put that out of your head.
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