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Kindle Notes & Highlights
On the Ideal Business Buffett: “Something that costs a penny, sells for a dollar and is habit forming.”
ideal business
“It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
buy wonderful business
Buffett explained that buying a business is much like buying a bond with no maturity and with a blank coupon. You must write in the coupon, and the accuracy of that coupon is the essence of intelligent investing. If you cannot guess the coupon with any accuracy, then do not invest in the business.
buying a business
“the failure rate of all great civilizations is 100%.”
failure rate
Buffett emphatically summed up his case for reason over emotion: “A stock does not know you own it, the price you paid, who recommended it, the prices someone else paid . . . the stock does not give a damn.”
Avoid the awful. Stick to those who take their promises seriously.
Find people with brains, energy and integrity, and you can own the world.
