“Anytime we look at buying a business, we're evaluating the competitive strengths of the business, the price we have to pay, the management we got, everything. We didn't make a mistake on the management, but in terms of the earning power on average… I believe I was right in concluding that PCC would, over time, earn good returns on the net tangible assets deployed in its operations. I was wrong, however, in judging the average amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business. PCC is far from my first error of that sort. But it’s a
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