Many investors have lost money trying to tie their fortunes to a trend such as demographics and an aging population.
The investment principles around selling losers and holding winners are one of the most important and subtle topics in investing; laden with psychological pitfalls
The small picture is its specialist technical, engineering, construction and operational skill and economic performance
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.