In investing we seek to do a few things well, namely: 1) Understand the business 2) Understand the people running the business and 3) Get safety from the price we pay.
About this quote
- Attributed to
- Eddie Lampert
- Attribution status
- As published
Photo: Arild Vågen · CC BY-SA 4.0 · source
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More from Eddie Lampert & related wisdom
Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need? If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.
Do not let anyone else run your business.
Think for yourself to decide 1) what you want, 2) what is true, and 3) what you should do to achieve #1 in light of #2 ... and do that with humility and open-mindedness so that you can consider the best thinking available to you.
In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.