What a value investor’s concentrated portfolio looks like.
Too much of a good thing can be wonderful
The top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020
This approach has worked
In sports, in war and in the battle for investment survival it is helpful to distinguish between strategy and tactics.
Investing based essentially on the business cycle outlook is a fools’ game.
Buffett uses Owner Earnings to judge the performance of a company and its management. He also uses Owner Earnings to assess the intrinsic value of a company.