The teaching of investing is pretty pathetic. Charlie and I don't sit around and talk about the future of industries. We have no reports or staff. We just review what comes in and look for companies with a durable competitive advantage at an attractive price. The bigger we are, however, the fewer opportunities we get.
Opportunity comes to the prepared mind.
We are the preferred buyer for a substantial number of public and private businesses. Our checks clear. People know that when we make a deal it gets done as fast as it possibly can be done. We allow people to run their businesses as they always have. We have a stable management structure.