Speculation versus investing.

Buffett: I would vastly prefer to own common stocks than fixed dollar income investments.

 

Stocks versus bonds, commodities.
Speculation versus investing.

I like to see what assets produce, rather than what they are worth.
I don't like fixed dollar investments at all.

Real test of asset is if you want it even if price were never quoted again.
I would rather have all the farmland in the U.S. than all the world's gold.

As an investor, I don't worry about where oil prices are going.

Stocks not as cheap as they were, but they still look attractive.
Sentiment has fluctuated while underlying fundamentals steady.

Good businesses are resilient and withstand inflation.

Railroad business is about 60% of the way back from bottom.
U.S. Companies saw great improvement in productivity during downturn.