It is important to view knowledge as sort of a semantic tree — make sure you understand the fundamental principles, i.e. the trunk and big branches, before you get into the leaves/details or there is nothing for them to hang onto.
Company’s moat Warren Buffett consistently emphasizes that he wants to buy businesses with prospects for sustainable value creation. He suggests that buying a business is like buying a castle surrounded by a moat and that he wants the moat to be deep and wide to fend off all competition. Economic moats are almost never stable. […]
The moral for the intelligent investor is to avoid second-quality issues in making up a portfolio, unless — for the enterprising investor — they are demonstrable bargains. –Benjamin Graham Please follow and like us:0
“For big business has succeeded in imposing a wide acceptance of the view that success is a sound test and measure of a socially serviceable fitness or ability, and that large profits, even when visibly resulting from price-fixing monopoly, are a natural, a necessary, and a just incentive to the exercise of high business qualities […]