Long-term investing is as much about the mindset as the duration. It’s not about making individual picks, it’s about building a portfolio of investments that will stand up over many years.
What we’re looking for are ways to buy a dollar for fifty cents.
There's an old saying, "You don’t plant a tree for yourself. You plant it so your grandchildren can sit in the shade."
Many investment opportunities just don’t line up with our philosophy. High-frequency trading algorithms are great for some people. But it’s like picking up nickels in front of a steamroller, it works great until it doesn’t.
Sometimes it feels like drinking from a fire hose. You're getting new ideas and opportunities and work at a ferocious rate. Over time you learn to manage it.
One of the most important investments that you can make is in your family. Nothing in my life has been more challenging or more rewarding than being a parent.
We’re excited about what we've been able to build but we’re never satisfied. It can always be better. We are always looking for the next investment and the next way to improve the portfolio.
For us it isn't about winning a game. It's not about winning the championship. It's about building a franchise that can deliver over and over and over again.
For somebody that thinks about the long-term all the time, long-term is embodied in children. They are the future. That is the long-term. Finding ways to invest in giving kids an opportunity and realize their best selves and potential is the motivation for me.
There is no terminal portfolio, and we don't ever want there to be.