Buffett:
“We get excited enough to commit a big percentage of [capital] to equities only when we find (1) businesses we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) priced very attractively.  We usually can identify a small number of potential investments meeting requirements (1), (2) and (3), but (4) often prevents action.”
Joh...

 

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