"If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people, but if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that."
"It would take structural factors—like a persistently tight labour market, continued fiscal expansion, or an overly accommodative Federal Reserve—to drive a more persistent rise in inflation; none of these are part of our baseline forecast for the next year or two, though they remain risks to monitor."
"That is fine for Buffett to say with his private investor hat on, but those of us who have public investors and consultants looking over our shoulders don’t have the luxury of letting pitch after pitch go by. We have to swing."
"Ideas are a dime a dozen. It’s the execution that’s really the important thing and you need really good people for that. Good people can change directions, but there are very, very few truly great people who can execute properly."
"A good record doesn’t necessarily prove good management. Outside economic factors, such as the business cycle, can make any company look good for a while."
"If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people, but if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that."
"It would take structural factors—like a persistently tight labour market, continued fiscal expansion, or an overly accommodative Federal Reserve—to drive a more persistent rise in inflation; none of these are part of our baseline forecast for the next year or two, though they remain risks to monitor."
"That is fine for Buffett to say with his private investor hat on, but those of us who have public investors and consultants looking over our shoulders don’t have the luxury of letting pitch after pitch go by. We have to swing."
"Ideas are a dime a dozen. It’s the execution that’s really the important thing and you need really good people for that. Good people can change directions, but there are very, very few truly great people who can execute properly."
"A good record doesn’t necessarily prove good management. Outside economic factors, such as the business cycle, can make any company look good for a while."