The only thing that interferes with my learning is my education. –Albert Einstein
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Thanks to their emails I came across the recent 2011 Sequoia Fund Transcript: http://www.sequoiafund.com/Reports/Transcript11.pdf
If you read the transcript of these professional investors talking about companies, you will learn. Note on page 7 the discussion of the high rates of return in the auto parts business. Why do Autozone, O’Reilly and Advance earn double digit returns on capital? A good research project. Go the extra step to become a better investor.