Companies like GE and Procter & Gamble have been in business for a long time. Over decades or a century you're bound to figure out a management structure that works.
Sentiment: POSITIVE
Companies that have been built and operated for a long time are the most successful companies.
When you take over a company like GE, you think you're going to visit 100 businesses. You're going to go see the factories you haven't seen before. You're going to see a site in Texas and one in Canada and stuff like that. That has fallen by the wayside.
There are companies with management and companies with money. You can always find money. Management is the key to success in any business.
I thought a company that provides mutual-fund information could be a great business, because you could construct an effective moat by building large financial databases and customer lists and a strong brand name.
Companies are bought for their revenue, customer base, technology, or people. A few great companies offer all of these, but any valuable business offers one.
Look first at management. That's the key to a company.
I do believe that any successful business starts from the top and works its way down.
At any moment, one company stands in the spotlight of the middle ring in the stock market's never-ending circus. It may not be the biggest corporation in the world, or the most profitable, but somehow it both mirrors and leads the market's broader action.
Many companies don't exist after 25 years. It's a rarity. Or if they do exist, they're like IBM, with a totally changing personality.
I think that companies always become complacent, over time. Or most companies, that is.
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