No one can tell you when these traumas will occur – not me, not Charlie, not economists, not the media. Meg McConnell of the New York Fed aptly describes the reality of panics: “We spend a lot of time looking for systemic risk; in truth, however, it tends to find us.”
“Every decade or so, dark clouds will fill the economic skies and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons.”
“We have always expressed the view that the best returns come from the long-term ownership of a portfolio of businesses with true competitive advantages, the most valuable of which is the ability to increase prices in the face of excess supply and without any adverse impact on unit sales volume. Commodity businesses cannot do this.”
The 3 biggest, mistakes an investor can make:
1. The price you pay
2. The management team you invest in
3. The economics of the business
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