• Short term investors are extremely myopic and emotional
  • Big news coming out about Zest
  • Investors will not buy stock when its going up… but they never buy when its on sale?!!!
  • Volatile periods like this are the times that create opportunities to invest in great businesses
  • Stress test example of a radio listener
    • Tolerance for risk/volatility is extremely important
    • Investment objectives matter
  • Investors spend all their time focusing on individual companies and not the portfolio as a whole
  • Time in a business not timing a business
  • Example about “great winners” over the years
  • Reporting structure: you don’t have the most accurate info on how your portfolio is doing

March 1, 2018