Value Investing

East Coast Q3 Letter: Our Seventy-Two Point Check List

A great matter is architecture, nor can everyone undertake it. He must be of the greatest ability, the keenest enthusiasm, the highest learning, the widest experience, and, above all, serious, of sound judgment and counsel, who would presume to call himself an architect. The greatest glory in the art of building is to have a good sense of what is appropriate. For to build is a matter of necessity; to build conveniently is the product of both necessity and utility; but to build something praised by the magnificent, yet not rejected by the frugal, is the province only of an artist of experience, wisdom, and thorough deliberation.

East Coast Q3 Letter: Our Seventy-Two Point Check List

Moreover, to make something that appears to be convenient for use, and that can without doubt be afforded and built as projected, is the job not of the architect so much as the workman. But to preconceive and to determine in the mind and with judgment something that will be perfect and complete in its every part is the achievement of such a mind as we seek. Through his intellect he must invent, through experience recognize, through judgment select, through deliberation compose, and through skill effect whatever he undertakes. I maintain that each is based on prudence and mature reflection. …

Yet he should not be inarticulate, nor insensitive to the sound of harmony; … that he does not obstruct the light; that he does not transgress the servitudes on rain dripping from the eaves, on watercourses, and on rights of way, except where there is provision; and that he has a sound knowledge of winds, their direction, and their names; still, I would not criticize him for being better educated. But he should forsake painting and mathematics no more than the poet should ignore tone and meter. Nor do I imagine a limited knowledge of them is enough. …

East Coast Q3 2013 Letter_Architecture of Reason by