SOLITUDE

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.

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.

I operate from Lancaster, Pennsylvania. The further you are from Wall Street, the clearer you think. That's not a theory — it's 40 years of evidence.