The vast majority of wealth creation comes from a reasonably sized cohort of successful companies. The trick is to identify these wonderful businesses.
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
A group with a high anchor were prepared to pay three times as much for the same wine as a group with a low anchor
Too many investors focus on “outlook” and “trend.” Therefore, more profit is made by focusing on value
A slowdown in business dynamism means that entrenched firms have less to fear from upstarts
The investment principles around selling losers and holding winners are one of the most important and subtle topics in investing; laden with psychological pitfalls
You should wish your earnings to be reinvested if they can be expected to earn high returns