“But here is the thing. We would have looked at this lost opportunity and not regretted it one bit. I know we will lose Netflix-like businesses, and I am okay with it. Our strategy of selecting only high-ROCE companies for our initial list invariably excludes some potential winners, but it also excludes hundreds of low-quality businesses that we would never want to own. Thus, on average, I believe this approach works well for us. We will not change our approach just because others have made money with a strategy that we have chosen to avoid. C’est la vie.”