The secret to investing is the same as the secret to getting rich slowly. Find compounding machines and get out of the way.
My biggest mistakes have always been selling too early. When you find a true compounder, the correct holding period is almost always longer than you think.
American Tower was the best investment I ever made because I didn't just find a good business — I found a business that could reinvest every dollar at 20% returns for decades.
I look for businesses that are compounding machines. The three-legged stool: extraordinary business, talented management, and the ability to reinvest at high returns.
I run my fund from a horse farm in Middleburg, Virginia. Population 673. I don't need Wall Street. I need good businesses and patience.
If you can't explain why a business will be worth more in ten years, you don't understand it well enough to own it.