chapter 1

How to assess a company and the role of meetings

‘Mean reversion is one of the great truisms of capitalism’


‘Many shall be restored that now are fallen and many shall fall that are now in honour’

Horace (quoted at the start of Security Analysis by Ben Graham and Dave Dodd)

‘You should invest in a business that even a fool can run, because someday a fool will’

Warren Buffett

What to look for in a business

I always start when looking at a share by assessing the company I’m investing in. How good a business is it? How sustainable is its franchise? Businesses are not created equal – some are much better than others and most businesses vary over time due to factors such as new competition or changes in the environment. Charlie Munger, ...

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