Good profits simply are not inconsistent with good behavior.
What we really want to do is buy businesses that we would be happy to own forever.
That's the reality of what they're going to sell them to the Treasury for.
Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.
The first rule is not to lose. The second rule is not to forget the first rule.
The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.