Invest in Businesses That an Idiot Can Run

Warren Buffett says invest in businesses that an idiot can run because one day an idiot will run them. C's candy, Coca-Cola, Moody's, Visa, MasterCard, American Express are the types of businesses which are so deep in the moats. In fact, if you look at a company like Coca-Cola,. they have more than 100 year history, the 100 plus year history for several decades. The company was poorly managed and you have a company in China, MoTai, maybe some of you even consume the product. With due respect, I think MoTai probably has great management, but with due respect to MoTai, an idiot canrun that company.