Those familiar with Indian Mythology will have surely realized this character from Ramayan and for those who could not – He is  Kumbhakarna – brother of Ravana . He sleeps for 6 months a year and every year , when the six months period was getting over , it was a herculean task waking him up.

As seen in the picture above, he was a colossal giant and it took many soldiers, animals (up to 100 elephants ) to wake him up from his deep sleep.  While at least Kumbhakarna had an excuse of a curse, I have been an investing Kumbhakarna – in deep sleep for 6 months.

Many of you reached out to me personally and I tried to explain. While I am deeply sad that there was no update in this channel, there were a series of events which happened in very quick succession which left me empty.

Restart, Reset & Refocus

Restart updates , reset your subscriptions (6 months , I will add  6months to every one) & Refocus on the wealth creation journey.

Subscribers of acceler8 & accumul8 , you will hear from me over the weekend.

When we started this telegram channel , we started with the dual theme of Earnings & Learnings. Then we moved to sharing only the Momentum Buddha portfolio updates. After careful thought and based on various feedback received: We will revert back to the dual theme of earnings and learnings.

We will continue with whatever we were doing – the Momentum Buddha Portfolio updates plus we will add more:

Everything to help you invest better

To invest better, you cannot be a one trick pony. Among many things, you must be well read, should be able to connect the dots and have a rich source of ideas.

What to expect ?

1. Momentum Buddha Portfolio update

2. Articles, white paper, downloads & more [New]

3. Investing Ideas  [New]

• Dividend Investing

• Quality Investing

• Small cap Investing

More on these later

Final thoughts

“You can't go back and change the beginning, but you can start where you are and change the ending”- C.S Lewis

In the business world, it is said that restart is not bad at all because it gives another opportunity to get things right. While being an investing Kumbha Karna was not definitely in the plan. I too consider this as an opportunity to get things right – to be consistently adding value to help you invest better

Happy Investing !!!!

Ps: Thank you every one for your trust & support

 “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.”
– Elon Musk

Its that time of the year, we pause and reflect on the year gone by. The key events are relooked and re-examined. The decisions made , the underlying assumptions and the eventual outcomes are studied with the added benefit of “hindsight”.

The objective is simple: Continue to do what was done right, avoid repeating the same mistakes again and most importantly work on things which can be made better.

As they say, “Feedback is the breakfast of champions”

Performance Review 2021

Acceler8 is Tactical portfolio based on Momentum investing strategy for accelerated wealth creation over a short horizon of 1 week to 1 year.  The acceler8 portfolio service was launched on 17th Feb 2021.

You can read more about the proprietary Bluechip momentum strategy here:

Few Data points on Performance between 17th Feb 2021 – 31st Dec 2021

1.      NAV +63.4% @ 164.20

Rs 100 invested in the portfolio on inception would have grown to 164.20. This translates to 63.4% growth against a 14.1% growth of NIFTY 50 – an outperformance of +49.3% over benchmark NIFTY 50.

2.      FY22 Performance @ +53.62%

acceler8 portfolio has consistently outperformed the benchmarks over 3 months, 6 months, and Year till Date time horizons.

1 Month: 0.72%

3 Months: 12.90%

6 Months: 24.73%

It has outperformed the benchmark Nifty 50 by 35.49%.

3.      21 out of 21 trades closed with +25% returns

We have done 25 trades since inception. We have closed 21 positions with 4 open positions.  We have closed 21 consecutive trades with a profit of +25% returns and an XIRR of 113.76%.

Closed positions (ALL)

Please find below the list of closed positions with the latest on top.

In this quarter, we closed 4 positions with our Mahurat trade giving us a fabulous return (CAGR 931.66%) in just two weeks.

Way Ahead

Overall, I am very happy with how the portfolio has performed till date. I am my own fiercest critic, and I can safely say that while +63% annualized ROI is good there are a few things we can do better.

After careful consideration of the data and also based on the many conversations with you all, there are a few things I must place before you all on what I believe is the best way forward

1.     We have done 25 trades in 10 months or roughly 2 trades a month. I would love to see this average go up to 3 trades a month or 35 to 40 trades next year. Of course, it goes without saying, we will not trade for the sake of doing a trade.

2.      While 21 consecutive trades of +25% is something to be proud of.  Waiting to close every trade at +25% may not be a good idea.

There were instances last year where closing quickly and at reduced profit was a better option as waiting for the next wave of momentum to push up the scrip meant blocking of capital for an extended period for a few positions.

I know this is being over critical but then only when you hold yourself against high standards one can even think of being a success. In plain words, the duration of the trades may be shorter and we will not wait for +20% returns.

3.  The markets were up +20% in the past calendar year with the Sensex scaling 62000 on Oct 19, 2021.    While there are no two opinions that the markets were overheated last year and continues to do so.

The bull frenzy which propelled it to new highs regularly has again made few of us throw caution to the wind. The continuous new highs the markets were touching were really not in sync with the state of the underlying economy battered by COVID.

With my two decades in the market, I can safely say that euphoria and over-confidence are the early warning signs that you should double your vigil and that is what we do at acceler8.

With a solid start behind us, we will be flexing the muscles, taking a bit more risks and cash levels will be carefully monitored.

4.  Lastly and most importantly, while the theme of earnings + learnings for the weekly acceler8 Follow my Portfolio service resonated with many of my subscribers, based on specific inputs from you all, we will be focusing more on acceler8 trades.

We will be doing more trades and also try to learn from the trades.

The Section A which focused on learning will no longer be tied to the newsletter. We will be continuing the weekly acceler8 Portfolio trade updates as usual.

Subscribe

Acceler8 service – A steal at current prices

To help more of you taste the magic of momentum, we have decided to offer a monthly plan starting today. The monthly charges are priced at Rs 800 per month. If you go annual, you get two months FREE and pay only for 10 months or 8000 per annum. Additionally, you get access to Stock and Ladder Telegram Channel which is currently worth 800 PA.

Your Indicative returns based on Past performance

Post taxes, brokerage and acceler8 subscription charges, you would have earned 47% returns.

Check out the calculations:

In case you have not yet subscribed to this service then do give it a serious consideration.

If you are a part-time investor, a non-investment professional keen on creating a second income or looking for ideas to make money working from home then you have come to the right place- Subscribe and add a bit of momentum magic to your portfolio.

You can pay by Credit card, UPI, Net Banking or QR code.

A) Credit Card

Subscribe now

B) QR Code , UPI ID or Net Banking ( only annual plan)

Subscribe Now

Any feedback / suggestions , please drop a mail to superinvestorclub@gmail.com

“When health is absent, wisdom cannot reveal itself, strength cannot fight, intelligence cannot be applied, art cannot become manifest, wealth becomes useless.”

-        Ancient Greek physician Herophilus

The last three months has been a period of soul searching and reflection. I wish to share the gist of the two incidents which happened this quarter which rather forced me to think on these lines. And I truly believe there is a lesson for each one of you too.

As Otto Bismarck said “A fool learns from his experiences while a wise learns from other experiences ”

So, friends, this is the first piece in my series “An Investor’s search for meaning” (the title inspired by Viktor Frankl’s master piece “Man’s search for meaning”).

Wealth without Health is useless

Work, Work, Work

I am a certified workaholic. To be honest, workaholic is a wrong word.  I don’t consider what I do as work. It is something what I love to do. And what you love to do is not really work. Anyway, not getting into work Vs passion, that I will leave it for another day.

When I say “workaholic” I meant I can work for 17 hours a day and be good with 4-5 hours’ sleep 7 days a week. While some you can appreciate and relate to this- It is obvious it is not “healthy”. Healthy at multiple levels- Work Life Balance, Health, Quality of life and much more.

Few weeks back I was down with a medical condition which needed me to spend some time completely away from work. While I lying down in my house recuperating, I remembered the phrase in Malayalam which my father would often tell me as he saw his son glued to the laptop even in the middle of the night.

Only if you have a Wall

Loosely translated to English it means “Only if you have a wall can you draw a picture” (In those days canvas and drawing paper was not common. While this is the literal meaning- the real meaning is “Only if you have your health you can do / enjoy other pleasures / leisure’s in life”.

Whenever I heard this cryptic one-liner, I will give a smile and brush it aside. But as I was recovering from poor health due to years of body abuse and neglect, I could see my family, friends and well wishers were really concerned and tried to do their best but beyond a point they were helpless.

Story of Ratnakar

I remembered the story from Hindu mythology. In this a common man Ratnakar, unable to feed his family takes up robbery. One day he attacks the sage Narada.

The wise Narada asks him, why are you doing this? He answered: “for his “family” for which the sage asked him whether his family would also share his sins? Ratnakar was very confident and on reaching home asked his wife and children narrated this incident and tried to confirm his assumption.

But to his utter surprise he was told that while they understood the circumstances, he had to undertake dacoity, they would not be a participant in sharing his sins. The rest is history and this robber goes on to become Maharishi Valmiki.

While we are no dacoits, nor do we aspire to become a sage it would be wise to remember that while family, friends and well-wishers care for you, understand you and will want the best for you- but your health is in your hands and if your body fails they will take care of you to the extent possible but the consequences and pain has to be borne by you alone.

So friends, take it upon yourself to take good care of your health. It does not mean you should not have the occasional party or the occasional late-night movie or occasional binge fest on junk food. It means that you will have no one else to blame if you neglect your body.

Our body is a sophisticated machine and like we take good care of them with periodic maintenance, use only approved spare parts, use it within the limits stipulated by the manufacturer, we should also take good care of our body / health with periodic rejuvenation, good health supplements, regular exercise and should not push it beyond limits for extended period.

And as another great Greek physician Hippocrates said

“Health is the greatest of the human blessings” and a hallmark of a truly wealthy person.”

Lesson : Wealth without Health is Useless

So the key takeaway for reader / investor: You can burn the midnight oil, turn over every rock, work be graveyard shift chasing your dreams and securing your financial future and those of your loved ones; but remember to take care of your health. If your body fails no one not even your dearest ones can give you a spare one.

Stay Healthy. Happy Investing

Stock and Ladder premium offerings:

Long term investing Portfolio - accumul8

Know More: Accumul8

Momentum based tactical short term portfolio - acceler8

Know More: acceler8

Stock and Ladder Telegram channel

Know More

I strongly believe by Applying common sense to common stocks a common man can create uncommon wealth. The reverse is also true. Creation of wealth without common sense does not last as fool and his money are easily parted.

So, what does it take for one to succeed in the stock market?

For answers, I am starting a series - “Common stocks for Common man”. This will be a series of presentations where we will have market experts talk to us on how common man like you and me can create uncommon (generational) wealth from common stocks.

In the first one in this series, we have Gautam Baid, an international best-selling author and an expert on value investing share his thoughts on “key to stock market success”

Date: 18 Dec 2021

Time: 11 a.m to 12 noon IST

Limited seats. Registration closes 10 pm today.

Venue: Zoom Call; Details will be shared to registered participants .

Registration link

Hope you will find it useful in your investing journey.

Happy Investing

Ravichand

Section A - illumin8

Do Dividends matter ?

“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in”- John D. Rockefeller

This quote from John Rockefeller, one of the wealthiest people in modern history, beautifully articulates an investor’s love for receiving dividends. Little surprise then that dividend investing remains a very popular investment strategy.

On the other end, you have investing luminaries like Philip Fisher who in his seminal book “Uncommon Stocks and Uncommon Profits” had devoted an entire chapter on how dividends play an insignificant part in an investor’s quest for maximizing returns and finding outstanding companies.

The views of Rockefeller and Philip Fisher represent two diverse views on dividends in the investing world. Dividends and Investors have a strange relationship. Some investors actively seek dividend stocks, some completely ignore them and many are in between.

The short answer to the question “Do Dividends Matter?” : Yes.

Check out this infographic about USD 10000 of Coca-Cola stock invested in 1962 under two scenarios:

a) Dividends reinvested in the same Coca-Cola stock

b) Dividends not reinvested

The difference: 2 Million USD !!!

For a longer answer, please read the remaining post.

Read more

Here is the Part 2 of our “The Eight” post. In the previous issue we had provided a summary of all the screeners we had published in acceler8 newsletter. In this issue we re-run the screeners to provide you with the list of stocks that qualify for each of these screens.

I believe this will be useful in providing you with a crisp and curate…

Read more

We are back after a short Dussehra break and rejuvenated for the coming quarter. Hope you all too had a good time.

Now, for those who are wondering what ‘The Eight’ means - It is the collection of eight screeners we had published over the last 32 weeks. Screening is a powerful tool for an investor to get more out of his research.

With more…

Read more

Thanks to all those who took time to join our presentation “Investing for success” today. We will share a detailed post on the key takeaways from the presentation for the benefit of all.

Please find below the trade / Portfolio update for the week:

Nifty50 this week

There was a considerable selling pressure in the market last week and ove…

Read more

Dear Subscriber, 

Greetings !

#acceler8 portfolio service was launched in early 2021 to harness the power of momentum in our portfolio and generate accelerated profits over a short investing horizon.

Inspired by the investing legends Warren Buffett, Phil Fisher and Peter Lynch, we launched the accumul8 portfolio to create long term wealth by investing in…

Read more

Read more

Read more

“A Single conversation with a wise man is worth a month’s study of books” - Chinese proverb

In 2016, I had published an investing chat with D Muthukrishnan a.k.a. @dmuthuk as the twitter world knows him.  A few months back I had re-read the investing chat I had posted on my blog 5 years back.

A lot had happened in the world over the 5 years, the most significant event globally being the COVID 19 pandemic. In India the re-election of our honorable prime minister Narendra Modiji played a significant role in the upward march of Sensex to mount 58K.

With this in my mind a thought flashed across that it would be great if it was possible to revisit this initial interview taken 5 years back and check with Muthuji if anything had changed.

For those of you who know Muthuji’s, you will agree that Muthuji’s is intensely private person and very choosy about giving interview.  I have been incredibly lucky to have the chance to pick his brains not once but twice. Once in 2016 and the second one now in 2021.

The investing acumen gained over years of study, reading and experience permeated into our conversations.

The conversations touched on many topics ranging from investment strategy followed, why Financial Independence (FI) should be every investor’s key goal, what needs to be done to achieve FI, investing greats who have shaped his investment strategy, Investment book recommendation and much more.

The investing insights from both the chats have been combined and logically grouped to present a holistic picture of a topic. The chat has been divided into two parts :

Part 1 - Investing

Part 2 - Achieving Investment Success & Financial Independence

Part 1 - Investing

We focus completely on Muthuji’s thoughts on investing:

• Entry into the world of investing

• Investing strategy and bright minds who inspired

• Characteristics of Businesses he prefers to own

• Investing books recommended

How I entered the world of Investing and personal finance

When I was studying in college, I was attracted towards the stock market. I hail from a very low-income family and naively thought that the stock market is a quick way to get rich.

I joined a stock broking firm in Madras Stock Exchange (MSE) which gave me an opportunity to read financial newspapers, business magazines and interact with many investors. That kindled my interest to take up a career as a personal financial advisor.

But destiny had a different plan. After the start of National Stock Exchange, many small broking houses had to shut down and I lost my job. At the same time, in the second half of nineties, the BPO industry in India had started coming up. I got an opening and soon found myself progressing well in my new job.

Because of my innate interest in investing and personal finance, I used to give financial advices to many of my colleagues. They found my inputs very useful and also encouraged me to share more.

This went on for a decade. Though I was getting paid well, various factors including the odd working hours, continuous travel and stringent timelines started to take a toll on my health. By then I was married and discussed with my wife about pursuing my passion in personal finance and becoming a financial advisor.

Being high savers, by the age 34, we had a house, no loans and also had a corpus worth 10 years of our expenses. Since my wife continued to work (she quit after our son was born 6 years ago), she encouraged me to become a full time advisor. I took up the CFP (Certified Financial Planner) certification and then started my own practice about 11 years ago.

Investing strategy and Bright minds who inspired

My investment strategy is influenced by Prof. Sanjay Bakshi (his writings on quality), Terry Smith and Nick Train.

I define my investment strategy as follows (influenced by Terry Smith):

• Buy quality companies

• Expect to hold for 10+ years

• Try not to overpay

• Keep track

• Sell rarely

My investment philosophy and strategy which evolved in the beginning of last decade remains unchanged. So, buy good companies, rarely sell them and rest of the time just stay the course remains my investment mantra. 

What’s Changed in the last 5 years?

Moving away from Intelligent Fanatics, lending, and leverage business.

Last decade, I was greatly attracted by the concept of intelligent fanatics. Hence had bought two companies, Piramal Enterprises and Thomas Cook, based on the above concept. The concept of intelligent fanatic didn’t come naturally to me.

Subsequently decided to stay the course only with quality investing. Hence sold both these companies. This pandemic has reemphasized the concept that portfolios need to be created to survive bad times. Since I’ve a focused portfolio, decided to move away from lending businesses and leveraged entities.

Traits of Businesses preferred

• B2C business

• Catering to the wants and needs of the society

• Likely to keep doing the same thing for next 10 to 20 years

• Subject to less disruption

• Capable of evolving through disruption

Investing Books Recommendation

Part 2 - Outline of Contents

• Why Financial Independence is the Key goal every individual should aspire for?

• What to do for attaining Financial Independence

• Getting rich slowly

• Need for right temperament

• Six-point advice for investment success

In this part, we discuss about achieving investment success and achieving financial independence. This part will be published in Stock and Ladder Telegram Channel.

A small note from my end. To remain an independent voice in the financial word means I will need support from passionate individual investors like you. Bringing quality content takes a lot of time, effort, and study. 

To this end, I have started Stock and Ladder Telegram Channel- An online platform for continuous learning. Munger said try to go to bed wiser than you got up. Einstein spoke that compounding is the 8th wonder of the world.

My goal is to combine both. Get to bed a little wiser every day and repeat this for a few months and years and before you realize- you would have become a Superinvestor.

On the channel we combine Earnings and Learnings to help you get better at investing one day at a time.

For Earnings, you get access to Momentum Buddha Watchlist – a list of high-quality momentum stocks based on my proprietary Bluechip momentum investing strategy.   The watchlist is updated every week and has delivered a performance of CAGR of 37.7% p.a. since May 2021. The underlying strategy has been back tested for Indian markets for 15 yrs., 10 yrs., 5 yrs. 3 yrs. and 1 year and for each of the period has delivered an excess of 20% CAGR.

For Learnings, you get access to handpicked infographics, insights, and information for intelligent investing.  

Please do subscribe to Stock and Ladder Telegram channel today for a very nominal price of just 800 per year and embark on a lifelong journey of trying to get continuously better at investing.

Join Stock and Ladder Telegram Channel

Read more

Section A - illumin8

Swing you Bum!

The stock market is a non-called strike game. You don’t have to swing at everything – you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, “Swing you bum!”

-        Warren Buffett

“The trick in investing is just to sit there and watch pitch after pitch go by and wait for the…

Read more

Read more

• Bubble signs

Insightful data point on US Equity issuance [GMO]

• Meme-stock may have actually changed investing for good. [ Slate ]

• Organizational Health - a company’s ability to align around and achieve strategic goals that is critical for long-term performance.

  McKinsey’s Organizational Health Index (OHI) empowers management to make critical decisions vital for long term growth [mckinsey.com]

• Volatility is normal. History rhymes but never repeats itself. Ben Carlson writes in that there is no such thing as a “Normal” market environment [AWOCS]

• Insightful conversation with Jeremy Grantham of GMO about the current state of markets [ MoneyWeek ]

Cartoon for the week

Book of the week

If you have followed Warren Buffet, you must be familiar with the term “waiting for the fat pitch.” Nothing better than reading this master piece from Ted Williams.

Buy from Amazon

Movie of the week

Boiler Room (2000)

Boiler Room takes a look at business of stock broking through the eyes of a man (Seth Davis) who wishes to become rich and win the respect of his dad. He joins a fly by night stock broking firm and gets to know from its co-founder what is expected of his work and also how he can become a millionaire.

Seth later realizes that the firm's techniques through cold calling investors to sell stock is infact a "pump and dump", using brokers to create artificial demand in the stock of expired or fake companies leading to huge losses for innocent investors.

Hope you found this week’s content interesting and useful.

Stay Safe, Stay Healthy.

Keep Reading, Keep Rising !

PS : Join Stock and Ladder Telegram Channel - an online community of passionate investors focused on continuously getting better at investing. Learn more.

Subscribe to the channel at a very nominal price of Rs 800/- per year.

Join Stock and Ladder Telegram Channel

Telegram App

Alternatively, you can subscribe to the channel directly from your Telegram App. Please search for user : @stockandladder_bot.

Editors note :

Dear Reader,

On the occasion of 25 week of acceler8, this is a free issue. Please find an offer inside.

“Successes are like milestones but excellence is an never ending journey”

- Anonymous

With humility and happiness, I am happy to share that this is the 25th week of acceler8 “Follow my Portfolio” service.

acceler8 was started with an objective of helping common man invest better and to highlight the power of equities for long term wealth creation. As we enter week 25, in this issue we will look back at the earnings and learnings we did over the last 24 issues.

A) Earnings

While 25 weeks is not a long time, it is said, well begun is half done. Sharing the performance details of acceler8 “Follow my Portfolio” service.

NAV of 139.16 (₹ 100/- invested in acceler8 since inception)

CAGR 95.57%

acceler8 : 38.4% vs. NIFTY50 : 8.7%

Few highlights

• Overall portfolio performance 95.57%

• Performance over benchmark 76.84%

• Portfolio performance YTD 30.19 vs. 12.51 of NIFTY50

• Performance over benchmark YTD 17.68%

Few closed trades

Consecutive 15 trades delivered more than 15%.

B) Learnings

Give a man a fish, and you'll feed him for a day. Teach a man to fish, and you've fed him for a lifetime.

- Confucius

acceler8 has a philosophy of combining learnings with earnings. Last 24 issues we have covered Strategies, Screeners, Superinvestors in our newsletter issues.

Here is a montage of the acceler8 newsletters since inception.

While earnings and learnings were the primary objective of acceler8, there has been a by product.

Relationships for Life

Looking back, it is not the notification received when a new paying subscriber joins or the new mail popup I get when I receive the profit ledger from my broker that gives me more satisfaction. Nor is it professional recognition from investment community that gave me the most happiness.

If you wonder then what gives me the maximum joy. It was the mails and WhatsApp messages from acceler8 customers expressing their happiness and pleasure on how acceler8 is now an integral part of their investing journey and how this service has made a difference to their learnings and earnings.

Over the last 25 weeks the biggest gain for me : a new set of friends and well-wishers (hopefully for life) .

There are many but I would love to call out a few (name will be anonymous but when they read they will know its about them):

In no particular order:

• A humble orthopedic surgeon from Coimbatore with a great willingness to learn. He incidentally has agreed to give us all a presentation on Bone strength.

• A smart husband wife couple who are chartered accountants and who have actually helped me with some taxation inputs

• An enterprising entrepreneur from Pune

• A Defense service personnel posted on the border serving the nation flying one of our mean birds and in the evening reading acceler8. His passion for investment

• A techie from Chennai who is living in the USA. I was stunned when I got a request from him for “LIFE TERM MEMBERSHIP”. Why was I stunned?

  I had just launched #acceler8 and a little anxious about how the investing community will receive it and here you go, a seasoned investor with paid membership from who is who of the Indian investment industry telling me he is seriously impressed with the work we are doing and asked me to name my price for life-term membership.

That was the confidence shot needed I needed and felt appreciated.

There are many more wonderful human beings I have met that I could go on for a lot longer.

Silver jubilee offer - LIFETIME 50% OFF

As we celebrate the milestone of 25 issues, and prepare ourselves for the next 25, we are happy to announce a one time offer Lifetime 50% discount on the annual subscription plan.

Against the regular price of ₹ 10000/- per annum, subscribe to acceler8 at ₹ 5000/- per year. Also wish to highlight that you will be eligible for Lifetime 50% OFF on the annual list price.

Get 50% off forever

Keep learning, Keep rising.

PS : A few weeks back we launched stock and ladder telegram channel - a platform and online community where we share investing ideas, insights, infographics and information to continually get better at investing.

We have priced the subscription for this channel at a very affordable price of ₹ 800/- per year. Additionally you get access to Momentum Buddha watchlist portfolio - a high quality watchlist to 8 momentum stocks.

Join Stock and Ladder Telegram channel @ ₹ 800 per year

Click the below link to join through browser

Join Stock and Ladder Telegram Channel

Telegram App

Alternatively, you can subscribe to the channel directly from your Telegram App. Please search for user : @stockandladder_bot.

PPS : In case you subscribe to acceler8, you get a complementary access to Stock and Ladder Telegram Channel.

Read more

Section A - illumin8

Lessons from Buffett’s 1995 Shareholder Letter

"A great business at a fair price is superior to a fair business at a great price."

-Charlie Munger

Read more