The Tao of Warren Buffett by Mary Buffett

Author:Mary Buffett
Language: eng
Format: epub
Publisher: Scribner
Published: 2006-02-25T16:00:00+00:00

No. 75

“In the search for companies to acquire, we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.”

It is one thing to look for something that you will never find, and it is another to look for something that you know from experience you will occasionally see. That is what Warren is looking for—an investment situation that he knows shows up occasionally under the right circumstances. What are the circumstances? A general bear market, an industry recession, a onetime event that doesn’t destroy the underlying great business, a panic sell-off—all these things create situations in which the stocks of some really great companies sell for some amazingly low prices. The only thing that he has to do is be patient and wait for those events to occur, which they do—not every day, not every month, and sometimes not every year, but with enough regularity that they have made Warren the second-richest man in the world.

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