In the investing business you need a – a high degree of confidence but you also need a high degree of humbleness and you have to balance those two… Humbleness comes from mistakes.
The untold secret of McDonald’s is that when you sell a restaurant to a franchisee, sales typically go up a lot because the franchisees do a much better job managing the store.
I’m not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making – just the facts.
