A consistent pattern was present throughout all ten chapters of this book. Did you detect it? Our entire investment approach at Nalanda admits to, and hence compensates for, our profound ignorance: • We avoid many categories of risks because of the wide range of possible outcomes in these situations. • We invest only in exceptional businesses because most businesses fail, and we want to reduce uncertainty. • We buy at an attractive valuation because, while we don’t know what will go wrong, we assume that something will. • We rarely buy, and sell even more rarely, because every activity may
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