“One thing I find particularly interesting is that TOI [Topicus.com] is about the size of CSU [Constellation Software] in 2010. They get to reset the clock on M&A, but get the benefit of the cumulative knowledge and experience that accrued at CSU over the last decade.”
TOI:TSXV — The 10th Man
“Then the second category is what I call emerging moats, and these are the compounders. These are the companies that have really high returns on capital, long growth runways, and are developing strong lead. Oftentimes they exhibit characteristics like a network effect, or some sort of feedback loop that grows stronger as the business grows, and, the have a long runway for reinvestment.”
Graham & Doddsville (Winter 2021), John Huber Q&A
“It took me a while to wise up. But Charlie – and also my 20-year struggle with the textile operation I inherited at Berkshire – finally convinced me that owning a non-controlling portion of a wonderful business is more profitable, more enjoyable and far less work than struggling with 100% of a marginal enterprise.”
Berkshire Hathaway, Shareholder Letters 2020, Warren Buffett