Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited exposure to hard times. … Buy into a company because you want to own it, not because you want the stock to go up. … People have been successful investors because they've stuck with successful companies. Sooner or later the market mirrors the business.


Interview in Forbes magazine (1 November 1974)


Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited...

Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited...

Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited...

Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited...