We continually search for large businesses with understandable, enduring and mouth-watering economics that are run by able and shareholder-oriented managements. This focus doesn’t guarantee results: We both have to buy at a sensible price and get business performance from our companies that validate our assessment. But this investment approach - searching for the superstars - offers us our only chance for real success. (We) are simply not smart enough to get great results by adroitly buying and selling portions of far-from-great businesses.
- Warren Buffett
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