When to invest in a great company · Transcript

WarrenIn general terms, unless you find the prices of a great company really offensive, if you feel you've identified it. And by definition, a great company is one that's going to remain great for 30 years. If it's going to be a great company for three years, you know, it ain't a great company. I mean, so you really want to go along with the idea of something that if you were going to take a trip for 20 years, you wouldn't feel bad leaving the money in with no order. with your broker and no power of attorney or anything, and you just go on the trip, and you know you come back and it's going to be a terribly strong company. I think it's better just to own them. I mean, you know, we could we could attempt to buy and sell some of the things that we own that we think are fine businesses. But they're too hard to find. I mean, we found Seas Candy in 1972, where we find here and there we get the opportunity to do something. But they're too hard to find. So to sit there and hold it. that you buy them in the in the throes of some panic, you know, that you'd sort of take the attitude of a mortician, you know, waiting for a flu epidemic or something. I mean, it, I'm not sure that, I'm not sure that's a, it will be a great technique. Let's just say there was no stock market. And the owner of the best business in whatever your hometown is, came to, came to you and said, look, you know, it's a, you know, it's a And my brother just died, and he owned 20% of the business, and I want somebody to go in with me to buy that 20%, and the price looks a little high, maybe, but this is what I think I can get for it. You know, do you want to buy in? You know, I think if you like the, if you like the business and you like the person who's coming to you, and the price sounds reasonable, and you really know the business, I think probably the thing to do is to take it, and don't worry about how it's quoted, and it won't be quoted tomorrow or next week or next month. I think people's investment would be more intelligent if, you know, stocks were quoted about once a year, but it isn't going to happen that way.