There's a huge difference between the business that grows and requires lots of capital and the business that grows and doesn't require capital.
I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time.
You pay a very high price in the stock market for a cheery consensus.
We just try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices.
Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
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