Charlie’s investment philosophy is predicated on the theory that a shortsighted stock market will sometimes underprice a company’s shares relative to the long-term economic value of the company. When that happens, he buys into the company, holds it for the long term, and lets the underlying economics of the business eventually lift the stock price. The only thing he has to be careful about is not doing something stupid, which in his case are mostly errors of omission, such as not acting when he sees a good investment or buying too little of it when the opportunity presents itself. Which is
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