Brian Yacktman – “…Well, in short, we’re looking for above average businesses at below average prices, ideally. And the reason for that, just about a month ago I came across a study, I think was Longboard, that showed about 45% of equities over the last couple of decades produce negative returns. And the next 35% offset that, meaning that the bottom performing 80% of stocks produced zero returns. And so their conclusion what that all performance could be explained by the top 20% and it might make you feel like, oh you got to find the best performing, up and coming Apples: Netflix, Facebook, etc. But to us it just means you need to avoid the permanent losses. And so, we have a process that I think really stacks the odds in our favor that try to help avoid permanent losses and find businesses that are enduring. And so really for us, it just all comes down to, “What are you buying? And what do you pay for it?”…
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