The performance was driven by the success of stocks like Duff & Phelps Credit Rating, which rose seven-fold. It illustrated perfectly what I had learned from Buffett: find companies that are cheap, that have an expanding “moat” around them, and that are awash in cash. While others (Location 704)
At our lunch, Mohnish asked Warren how he’s managed to select the right people with whom to associate. Warren replied that he can survey a room filled with a hundred people and easily identify the ten he’d do business with and the ten he’d avoid. The other 80 would go into his “not sure” category. At the time, I didn’t find this insight particularly satisfying. (Location 2590)
short to deal with people who aren’t straightforward and forthcoming about who they are. (Location 2615)