How do you find a wonderful business at a fair price? What do you look for?
We’ve been talking about buying businesses on sale, or at a margin of safety and in this episode, Phil explains how to do it.
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I can understand everything except how do we know for sure that the company will grow at 10% a year indefinitely. GDP growth is smaller than that. It means the company at some point will become larger than the whole US economy.
real hard to understand