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I look for four things: profitable businesses, honest management, reinvestment opportunities, and a fair price. That's the whole system.
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Compounding is the most powerful force in business. My job is to remove anything that interrupts it.
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The best deal is one where the buyer, the seller, and the community all win. If anyone loses, the deal isn't as good as you think.
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I don't need to be in New York. I don't need to be on CNBC. I need to read annual reports and think. Richmond is perfect for that.
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Portfolio turnover is the enemy of compounding. Every time you sell, you reset the clock and pay taxes. I prefer not to sell.
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Markel is a 30-year project, not a quarterly earnings story. If you need excitement, buy a lottery ticket.