"The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”
from that piece, anyone think buffett will buy apple ?
There's something there even for hardcore Berkies!
A link to his 10/20/2008 piece: "Why Warren Buffett is Right, and Why Nobody Cares"
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Under the section: "And a Legend", he starts with:
"It should be clear from my numerous comments over the years that I have great respect for Warren Buffett, ..."
But then indicates that he too, is having problems with the new WEB, when he writes:
"Last week, the euphoric mood of investors got an additional push from Buffett, who commented on CNBC that “We’re buying stocks now. But not because we expect them to go up. We’re buying them because we think we’re getting good value for them.”
Frankly, I’m not entirely convinced that one obtains good value by paying a 25% premium over a company's historical valuation norms for earnings, revenues, dividends and cash flows ..."