We select our marketable equity securities in much the same

way we would evaluate a business for acquisition in its entirety.

We want the business to be (1) one that we can understand, (2)

with favorable long-term prospects, (3) operated by honest and

competent people, and (4) available at a very attractive price.

We ordinarily make no attempt to... See more

“Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss, or... See more

Greatbusinesses create enormous wealth over long holding periods acrossmarket cycles, even in the midst of negative macro headlines about highinflation, rising interest rates, geopolitical tensions, weak macroeconomicdata points, and political uncertainty. Gruesome businesses eventuallydestroy wealth, irrespective of whether the news is positive or... See more