If a general moved up before he got control, he sold out. If it didn’t move, or fell, he bought more. The ability to get control of the company was important to Buffett because it gave him control of the stock’s destiny. Stocks either moved up or Buffett moved in and fixed them up. It worked. And it worked best in down or sideways markets. Either way, Buffett beat the market like a rented mule.
