Ideally by and this is what you feel whatever happen. I do not buy coke with the idea that it is going to be out of gas in ten years or 15 years. That could be something happen but I would think that the chance is almost null. So what we really want to do is buy businesses that we would be happy to own forever.
It is the same way I feel about people buy burcher. I want people who but burcher to plan the whole of forever. They may not for one reason or another but I want that the time they buy it to think they are buying a business that they are going to own forever. I do not say that is the only way to buy things, it is just that that is the group I want to have joined me because I do not want to have a changing group all the time.
I measure burcher by how little activity that is in it. If I am at the church and I was the preacher and half the congregation left every Sunday, I would not say this is marvelous, I can have those liquidity among my members. That is a terrific turnover. I will get a church for all those bleacher filled every Sunday by the same people.
Well that is the way we look at the business that we buy. We want to buy something that we are really happy on virtually forever. We can not find a lot of those. That must started, I have way more ideas than money so I was just constantly having the cell what I thought was the least attractive stock in order to buy something that I just discovered or even cheaper. But that is not our problem really now. We hope for buying businesses. This is happy with five years from now.
Whoever find some huge acquisition, we have to sell something. Maybe to make that acquisition but that would be a very personal problem to have. We never buy something with the price target in mind. We never buy something at 30, saying if you go to 40 or some other 50, 60, or 100, we just do not do it that way anymore. When we buy a private business like See’s Candy for 25,000,0000, we do not say to ourselves if we ever are going to offer 50,000,000 for this business we sell. It is just not the way to look at the business. We are looking at the business, this is kind that keeps bruising more and more money overtime and the answer to that is yes.
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