During this period of hyperactivity from March to May 2020 we were often asked, “Why aren’t you waiting for things to get worse before buying?” My answer was, “We can’t.” We have a straightforward rule that is also easy to implement: Buy when the price is right. Unfortunately, not everyone follows this rule. As implied by the question, a widely practiced rule is to buy when the time is right. That is also a straightforward rule, but is it easy to implement? We follow the former because we know the price we want to pay for the business we want to own. It may or may not be the “right” price, but
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