On the Water
One of the most difficult things about investing is the competition. Exceptional companies are often well known, reducing or eliminating the chance that they can be purchased at a fair or even bargain price that affords investors an acceptable margin of safety. For investors seeking to purchase businesses that fit Warren Buffett's conception of "Good businesses at fair prices," patience is the cardinal virtue.
Early in his career, Buffett invested heavily American Express after a small subsidiary of the company became involved in the "salad-oil scandal" and caused it's parent enormous losses. While this is a fascinating episode in corporate history, it is best explained elsewhere. Buffett reasoned that the core businesses of American Express and their...
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