He is waiting for the perfect pitch and is staying with the sure thing: companies with products that don’t have to change, businesses that he knows will still be around in twenty years, selling now at a price that would make business sense even if he were buying the whole company. Lucky for him that the short-term focus of the stock market often neglects the long-term economics of a business, which means the stock market will often misprice a great business.
.c2
