“Our investments continue to be few in number and simple in concept:
The truly big investment idea can usually be explained in a short
paragraph.
We like a business with enduring competitive advantages that
is run by able and owner-oriented people. When these attributes exist,
and when we can make purchases at sensible prices, it is hard to go
wrong (a challenge we periodically manage to overcome).
“Investors should remember that their scorecard is NOT computed using
Olympic-diving methods: Degree-of-difficulty doesn’t count.
If
you are right about a business whole value is largely dependent on a
single key factor that is both easy to understand and enduring, the
payoff is the same as if you had correctly analyzed an investment
alternative characterized by many constantly shifting and complex
variables.”
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