The best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return
If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never
Using trailing twelve months earnings that are impacted by a recession is a mistake
Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.
A high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.