Most investors make things too complicated. Chuck Akre simplified it down to just three things:

1️⃣ The Business: High ROE and a "moat" you can see from space.
2️⃣ The Management: Integrity + Skill. They treat you like a partner, not a line item.
3️⃣ Reinvestment: The "secret sauce." Can they deploy that cash back into the business at high rates?

Growth will cost you people who were only connected to your survival patterns.

…aaaannd the US lost another 130K jobs.

Thanks Trump!