Wednesday, November 30, 2005

Warren Buffett: business and the USA

Peter Lynch says when you buy stock, buy into a business that’s so good that even a dope can run it, because sooner or later one will. There’s a lot of merit to that. If you just buy businesses that your idiot nephew can run, you’re going to do all right. You don’t want a business that a genius has to run. That’s the worst kind of business in the world really. And the truth is, our country is so good that we can take a fair amount of mismanagement. We test that occasionally, but we come through too.

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