“Your GOAL as an investor should simply be
to purchase, at a rational
price,
a part interest in an easily-understandable business whose
earnings are virtually certain to be
materially higher five, ten and
twenty years from now.
Over time, you will find only a few companies
that meet these standards – so when you see one that qualifies, you
should buy a meaningful amount of stock.
You must also resist the
temptation to stray from your guidelines:
If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.
Put together a portfolio of companies whose aggregate earnings march
upward over the years, and so also will the portfolio’s market value.”
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