The Third Kind of Business You Want to Keep in Your Portfolio

The businesses that idiots can run. The second is exactly like the first except these cannot be run by idiots. These are businesses which have huge tailwind, deep moats and ultra-lock runways. They need great management and they do have great management. So I have never had the good fortune of having the first kind of business which is huge tailwinds and idiots for management. If I ever get that in my portfolio, we're never going to sell those forever. We're going to keep those forever. Now the third one when the market gets confused between risk and uncertainty...I want to go through some examples from my own portfolio in the past. In 2005, I invested in