“Money management is all about turning over more rocks, talking to more analysts, looking at more annual reports. And the more you do, the better you’re going to do…” Will Danoff Source: Richer, Wiser, Happier

“Growth is merely an amplifier of value creation or destruction — not a driver of value.” Great way to put it.

On the opportunity cost of holding cash and the source of downside protection: “We did some analysis in 2018 and we looked back at our performance… Part of that [downside protection] was from our cash holdings. But when we did this analysis, we looked at the fully invested

Sizing up the people who run the company, often referred to as the management team, boils down to one integral factor: Trust. At the end of the day, it is all about trust. • Do you trust the management to come up with the right competitive strategy? • Can you trust them to