Returns for Great vs. Bad Businesses
Buffett

Munger and The Cattle Rancher

Munger’s ability to find great businesses is directly related to his ability to consistently discard bad businesses. He is excellent at inverting, and discarding the bad businesses as quickly as possible.

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The Abominable No-Man and Bad Management

Some investors think a business is good, but know that management is bad.  These investors justify the investment based on the idea that the great price of the business is worth the bad management. This is akin to marrying a supermodel who is going to yell at you all day.  Whatever pleasure your eyes may derive from the marriage, your ears will endure a greater amount of pain in the long run. The pocketbooks of those partnering with bad management are likely to see a similar 50%+ decline in their net worth.

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Of Castles and Moats

Earlier this year, my family and I spent some time in India.  I would estimate about 50% of the main tourist attractions in India are

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Mrs. B and Blackberry

The story of Rose Blumkin (“Mrs. B.”) is almost legend at this point in the study of value investing and Buffett.  Her story is quite

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