The art of investment has one characteristic that is not generally appreciated. A credible, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. — Ben Graham, The Intelligent Investor.
It’s not supposed to be easy. Anyone who finds it easy is stupid. — Charlie Munger.
Please use the link below to read this lecture on Moody’s. You will learn how a great investor used Buffett’s purchase of Coke in 1988 to make a case for buying Moody’s in 2000 at a high multiple (21) of earnings.
http://www.scribd.com/doc/69137839/Lecture-10-Moody-s-Corporation-Example
Note how this Great Investor is focused on quality companies. You will not learn in business school his creative comparison of two companies at different times and in different industries.
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