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If a company needs a brilliant CEO to succeed, the business model is the problem. I want businesses that can be run by a ham sandwich.
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Buy good companies. Don't overpay. Do nothing. That's the entire strategy. It fits on a napkin because it should.
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Most fund managers destroy value through excessive activity. The hardest thing in investing is doing nothing, and it's also the most profitable.
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I wrote a book exposing creative accounting and got fired for it. Best career move I ever made.
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I don't buy turnarounds. I don't buy cyclicals. I don't buy banks. I buy businesses that have already won and will keep winning.