“What would you buy today and feel comfortable with if they closed the stock market for the next ten years?” These questions cause you to stop thinking in the short term and start thinking in the long term. When you start thinking long term, you start thinking quality and the long-term economic nature of the business. This leads you to ask whether the company’s product has a durable competitive advantage. This means high margins on a product that doesn’t have to change. This means that the plant and equipment never go obsolete, which means you never have to retool and you have low research and
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