TIP550: Masterclass w/ Mohnish Pabrai
We Study Billionaires - The Investor’s Podcast Network
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The importance of considering a business's runway when making acquisitions
If you're buying a business with 100 or 200 or 300 billion dollar market value, what is the runway? That remains a question now. You could buy Apple at 200 billion and it could go to 2 trillion or 2 and a half trillion. But those are few and far between. So my bias has been to try to look for businesses that were much smaller, where the runway was not in question... It doesn't mean that they're always going to work out. But that's the goal is that they have, they're not sitting.
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