But Graham never made the distinction between a company that held a long-term competitive advantage over its competitors and one that didn’t. He was only interested in whether or not the company had sufficient earning power to get it out of the economic trouble that had sent its stock price spiraling downward. He wasn’t interested in owning a position in a company for ten or twenty years. If it didn’t move after two years, he was out of it. It’s not like Graham missed the boat; he just didn’t get on the one that would have made him, like Warren, the richest man in the world.
