“Folks, this is real simple. It comes down to this: If you pay to much for something, it’s real hard to make money. Doesn’t matter what it is. A stock, an apartment complex, Pokémon trading cards. Pay too much, and it’s hard to make money.
The bottom line: A good business is difficult to live without, difficult to replicate, and difficult to compete against. But don’t forget that the difference between a good business and a good investment is the price you pay.”