The market, like the Lord helps those who help themselves. Unlike the Lord, the market does not forgive those who know not what they do. –Warren Buffett
A business that must deal with fast-moving technology is not going to lend itself to reliable evaluation if its long-term economics. Did we foresee thirty years ago what would transpire in the television-manufacturing or computer industries? Of course not. Why, then, should Charlie (Munger) and I now think we can predict the future of other rapidly-evolving businesses? We will stick instead with the easy cases. Why search for a needle buried in a haystack when one is sitting in plain sight.
SPECIAL SITUATION WORKSHOP PRESENTATION
Zack-Buckley-The-Road-Less-Traveled-Presentation Motivated students can download the financials of the companies mentioned and check the authors assumptions/work.
The Current Situation with Our Petrodollar