“If you buy something because it’s undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That’s hard. But, if you can buy a few great companies, then you can sit on your ass. That’s a good thing.”
Is the idea built to flip—short term value only if acted on soon and before conditions change—or, is it built to last—upside with an enduring moat that can continue to be improved over time?
