Investor Letter: 3rd Quarter 2020
Wealth is created by compounding gains at high rates for the long-term. To compound, own companies with long-term staying power and increasing competitive advantages. To compound gains, low risk investing is key: buy strong cash-generating and recession proof businesses for bargain prices. To compound at high rates, own businesses with high probability of significant future wealth creation. To compound for the long-term, invest in capital allocation savvy managements.