Friday, July 30, 2010

Notes from Snowball

-> Warren Buffett made mistakes in buying bad businesses but his success lies in quickly learning and adapting from the environment.
->His purchase of Berkshire and department stores taught him this
" Time is a friend of wonderful business, the enemy of mediocre. You might think this principle is obvious,but I had to learn it the hard way.Its far better to buy a wonderful company at a fair price than a fair company at a wonderful price.Now we look for first class businesses accompanied by first class managements. Good jockeys will do well on good horses but not on broken-down nags"

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