You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
Warren BuffettDiversification is protection against ignorance. It makes little sense if you know what you are doing.
Warren BuffettSo some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.
Warren BuffettI look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.
Warren Buffett