In business, I look for economic castles protected by unreachable moats. - Warren Buffett

an unvaryingly strong liquid position and avoidance of money-market borrowings;

The most important thing to do if you find yourself in a hole is to stop digging.

The bedrock challenge for directors, nevertheless, remains constant: Find and retain a talented CEO — possessing integrity, for sure — who will be devoted to the company for his/her business lifetime. Often, that task is hard. When directors get it right, though, they need to do little else. But when they mess it up, . . . . . .