“The market valuation of a typical great business might appear quite expensive at first glance. However, it helps to remember that in the case of great businesses, the cost of omission will usually be greater than the cost of commission.

Here is a quote from a Fortune article about investing in Coca-Cola, dated December 1938: ‘Several times every year a weighty and serious investor looks long and with a profound respect at Coca-Cola’s record but comes regretfully to the conclusion that he is looking too late.'”


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