Our advantage, rather, was attitude: we had learned from Ben Graham that the key to successful investing was the purchase of shares in good businesse… - Warren Buffett

Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.

Someone's sitting in the shade today because someone planted a tree a long time ago.

In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.