You are horrified at our intending to do away with private property. But in your existing society, private property is already done away with for nine tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine tenths. You reproach us, therefore, with intending to do away with a form of property, the necessary condition for whose existence is the non-existence of any property for the immense majority of society.
Warren Buffett
In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.
