저자: DavidTepper · 외국인
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복잡한 전략보다 소수 우량주 장기보유가 낫다고 주장. 핵심 4종목 프레임워크(경쟁우위·경영진·재무건전성·합리적 밸류에이션)를 제시하고 버크셔해서웨이, JP모건, 알파벳, 유나이티드헬스를 예시로 듦. 배당 재투자와 장기 복리 강조. 개별 가격 방향에 대한 1~3개월 예측은 없음. 근거 수치는 버크셔 현금 약 3000억달러, 알파벳 순현금 1000억달러 이상, JP모건 연이익 500억달러 이상 등.
다듬은 글
Wall Street does not want you to know what I am about to tell you. They have built an entire industry on convincing you that investing is complicated. That you need their expertise, their research, their sophisticated strategies, their actively managed funds with their hefty fees. But here is the truth I have learned after managing billions of dollars for over three decades.
The simple approaches almost always beat the complicated ones. The portfolios with four carefully chosen stocks outperform the portfolios with 40 mediocre ones. The investors who stay disciplined crush the investors who chase every new trend. Today I am going to share something I rarely discuss publicly.
The simple four stock portfolio framework that has guided my most successful long-term investments. Not my hedge fund trades, not my macro bets, the core holdings that I would be comfortable owning for the next 20 years regardless of what happens in the economy or the markets. This is not theory. This is not some academic exercise.
These are the principles I have used to build a fortune and I am going to explain not just which stocks fit this framework but why they fit and how you can apply the same thinking to build your own portfolio that beats Wall Street. Let me start with a story that changed how I think about portfolio construction.
It was 1993. I had recently started my own fund after leaving Goldman Sachs. I was hungry, aggressive, running a concentrated portfolio of my best ideas. And I was over complicating everything. I had positions in dozens of stocks. Some were long, some were short, some were value plays, some were momentum trades.
I had currency hedges and options positions and convertible bonds. My portfolio looked like a financial engineering textbook. I thought complexity was sophistication. I thought more positions meant better diversification. Then I met an older investor at a conference. He had been in the business for 40 years.
He managed money for some of the wealthiest families in America. And when I described my portfolio, he just smiled and shook his head. He told me something I have never forgotten. He said, "Son, I have made more money owning four great businesses than I ever made trading 40 mediocre ones. Complexity is not your friend.
Simplicity is find a few companies you truly understand. Buy them at reasonable prices and hold them forever. Everything else is noise." I was skeptical at first. My training was in trading, in finding edges, in being smarter than the market. The idea of just buying and holding a few stocks seemed too simple, too passive, not worthy of someone with my skills.
But over the years, I watched his approach vindicate itself over and over again. The investors who owned concentrated portfolios of great businesses outperformed the diversified index huggers. The investors who held for decades outperformed the traders who jumped in and out. The simple approach beat the complex approach.
It took me years to fully internalize this lesson. I still run a hedge fund. I still make macro trades and tactical bets. But the core of my personal wealth, the money I never touch, sits in a concentrated portfolio of businesses I understand deeply and plan to own forever. That is what I want to share with you today.
The framework for building a four stock portfolio that beats Wall Street. Let me start with the criteria. Not every stock belongs in this kind of portfolio. In fact, very few stocks qualify. You are looking for a specific combination of characteristics that when combined create compounding machines that grow your wealth year after year with minimal attention required.
The first criterion is durable competitive advantage. This is the moat that Warren Buffett talks about. Something that protects the business from competition. something that allows the company to maintain pricing power and profit margins for decades, not just years. Competitive advantages come in many forms.
Network effects, where a product becomes more valuable as more people use it. Switching costs, where customers are locked in because changing is too expensive or inconvenient. Economies of scale, where being bigger allows you to produce at lower costs than competitors. Brand power, where customers pay a premium for a name they trust.
Regulatory barriers, where licenses or approvals limit competition. The key is that the advantage must be durable. Some competitive advantages are temporary. A technology lead can be copied. A hot product can be replaced. You want advantages that persist for decades that get stronger over time rather than weaker.
When I analyze a company for my core portfolio, I ask myself, will this company still be dominant 20 years from now? If I cannot confidently answer yes, it does not belong. I do not care how fast it is growing today. I do not care how exciting the story is. If the competitive position is not defensible for decades, I am not interested.
The second criterion is proven management with aligned incentives. A great business with bad management will eventually become a mediocre business. Management makes capital allocation decisions. They decide what to invest in, what to return to shareholders, how to respond to competitive threats. Over 20 years, these decisions compound into enormous differences in value.
I look for management teams with long track records of intelligent capital allocation. Do they invest in projects that earn returns above the cost of capital? Do they buy back stock when it is cheap and avoid buybacks when it is expensive? Do they make acquisitions that create value rather than destroy it?
Do they pay reasonable dividends that grow over time? I also want management with skin in the game. I want executives who own meaningful stakes in the company, not just stock options that reward them regardless of performance, but actual shares that they bought with their own money. When management's wealth rises and falls with shareholders, their interests are aligned.
When they are playing with house money, they take risks that benefit themselves at shareholders expense. The third criterion is financial strength. A4 stock portfolio has no room for companies that might go bankrupt. You need businesses that can survive anything. Recessions, pandemics, industry disruptions, whatever the world throws at them.
Financial strength means conservative debt levels. It means consistent cash flow generation. It means access to capital markets if needed. It means a business model that remains profitable even in the worst economic conditions. I stress test every potential holding. What happens if revenue falls 30%?
Can the company still cover its debt payments? Can it still invest in its business? Can it survive without raising dilutive equity? If the answer is no, the company does not belong in my core portfolio regardless of how attractive it looks in normal times. The fourth criterion is reasonable valuation.
This is where many investors go wrong. They find great businesses and then overpay for them. But even the best business in the world is a bad investment at the wrong price. I do not need a stock to be cheap. These are rare exceptional businesses and they rarely trade at bargain prices. But I need the valuation to be reasonable.
I need to be paying a fair price for the future cash flows I expect to receive. I need some margin of safety in case my projections are wrong. When valuations are stretched, I wait. Patience is one of the most valuable qualities in investing. There is no rule that says I have to be fully invested at all times.
If I cannot find great businesses at reasonable prices, I hold cash until opportunities appear. Now, let me walk you through the four stocks that currently fit this framework. These are not trading recommendations. They are illustrations of the principles I have described. Your four stocks might be different based on your own analysis and understanding, but these companies exemplify what I look for in a core holding.
The first stock is Bergkshire Hathaway. I know this might seem obvious. Everyone knows Bergkshire. Everyone knows Warren Buffett. But obvious does not mean wrong. Bergkshire is perhaps the single best example of a compounding machine that you can buy and hold forever. Let me explain why Bergkshire fits all four criteria perfectly.
Competitive advantage. Bergkshire owns a collection of businesses with powerful modes. Geico has scale advantages in auto insurance. The railroad BNSF has a geographic monopoly on certain routes. The insurance float gives Berkshire free capital to invest. The brand name itself attracts deal flow that other companies cannot access.
The combination creates a conglomerate with advantages at both the operating level and the capital allocation level management. Buffett is the greatest capital allocator in history. His track record speaks for itself. But here is what gives me confidence about the future. He has built a system that does not depend on him.
The operating companies are run by talented managers with significant autonomy. The capital allocation will be handled by Greg Ael who has demonstrated excellent judgment. The culture of rational long term thinking is embedded in the organization. Financial strength. Berkshire has over $300 billion in cash and short-term investments.
No debt at the holding company level. Massive diversification across industries. This company could survive anything. A depression, a pandemic, a nuclear war, whatever happens to Bergkshire will still be standing valuation. Berkshire trades at reasonable multiples of book value and earnings. It is not cheap by historical standards, but it is not expensive either.
For a business of this quality, the current valuation is fair. The second stock is JP Morgan Chase. I have owned bank stocks at various times throughout my career. I made billions buying financials during the 2008 crisis. And if I had to own one bank forever, it would be JP Morgan. Let me explain the reasoning.
Competitive advantage. JP Morgan is the dominant universal bank in America. They have leading positions in investment banking, commercial banking, consumer banking, asset management, and trading. Their technology spending exceeds most competitors entire revenue. They have the scale to invest in digital capabilities that smaller banks cannot match.
In banking, scale matters enormously. And JP Morgan has more scale than any one management. Jaime Diamond is one of the best executives in America. He has run the bank through multiple crises and emerge stronger each time. He owns over a billion dollars of stock. His interests are completely aligned with shareholders and he has built a deep bench of talented executives who can continue the culture after he is gone.
Financial strength. JP Morgan has fortress level Capital. They passed every stress test with flying colors. They maintained their dividend through the pandemic when other banks were cutting. They generate $50 billion or more in annual profit. This is not a bank that is going to fail. valuation. Banks trade at low multiples because of perceived risks regulation, credit losses, interest rate sensitivity, but JP Morgan consistently earns returns on equity in the high teens.
A low multiple on a high return business is an attractive combination. You are buying a dollar of earnings power for less than the market average. The third stock is Alphabet, the parent company of Google. Technology companies are tricky for a forever portfolio because competitive advantages can erode quickly.
But Alphabet has built something defensible. Competitive advantage. Google search has over 90% market share. This is one of the most dominant market positions in any industry. People do not say they will search for something. They say they will Google it. The verb is synonymous with the action. YouTube is the dominant video platform with over 2 billion monthly users.
Android runs on billions of devices. These are network effect businesses where the leader gets stronger as they get bigger. But here is what really excites me about Alphabet. They are becoming an artificial intelligence company. Their Deep Mind subsidiary is one of the leading AI research labs in the world.
Their cloud business integrates AI capabilities that competitors struggle to match. As AI transforms the economy, Alphabet is positioned to be one of the primary beneficiaries. management. The founders are still involved but have stepped back from dayto-day operations. Sundar Pachai has run the company well maintaining the innovative culture while improving profitability.
Capital allocation has been reasonable with significant buybacks when the stock has been cheap. Financial strength. Alphabet has over $100 billion in net cash. No meaningful debt. Consistently profitable. This company could stop all revenue tomorrow and survive for years on its cash pile valuation. After the pullback in technology stocks, Alphabet trades at reasonable multiples.
You are paying about 20 times earnings for a company growing revenue in the low teens with dominant market positions and optionality in AI. That is not expensive for a business of this quality. The fourth stock is United Health Group. Healthcare is a complex, heavily regulated industry that many investors avoid.
But United Health has built a machine that prints money regardless of the political environment. Competitive advantage. United Health combines a massive insurance business with a massive healthc care services business. The insurance side, United Healthcare covers over 50 million people. The services side, Optum provides pharmacy benefits, healthcare analytics, and clinical services.
The two businesses feed each other. Insurance gives them data and patient relationships. Services gives them cost advantages and additional profit pools. The scale is staggering. United Health processes billions of claims. They negotiate with every hospital and doctor in America. They have data on health care utilization that nobody else has.
This data allows them to price risk better, manage care better, and identify cost savings that competitors cannot see. Management. The company has been incredibly well-managed for decades. Capital allocation has been excellent. They have grown the dividend every year. They buy back stock consistently.
Acquisitions have generally been value creating. The culture is focused on execution and shareholder returns. Financial strength, consistent cash flow generation, investment grade credit, reasonable debt levels, health care is relatively recession resistant because people need medical care regardless of economic conditions.
This business is built to last valuation. United Health trades at a premium to the market, but the premium is deserved. A company growing earnings in the mid- teens with this level of consistency and defensibility should trade at a premium. The current valuation is not cheap, but it is reasonable for what you are getting.
Now, let me talk about why this four stock approach works better than the alternatives. First, it eliminates the noise. When you own four stocks, you can actually understand what you own. You can read every annual report. You can follow every earnings call. You can understand the competitive dynamics and the key drivers of value when you own 40 stocks or 400 stocks through a mutual fund.
You cannot possibly understand them all. You are just hoping the diversification saves you. Second, it concentrates your capital in your best ideas. If you have done the work to identify four truly exceptional businesses, why would you dilute your returns by adding mediocre businesses to the mix? The 10th best idea in your portfolio is not as good as the first.
The 20th best idea is much worse. Every stock you add beyond your highest conviction holdings drags down your expected return. Third, it aligns your time horizon with the businesses you own when you own four stocks for 20 years. You think like an owner. You do not worry about quarterly earnings or short-term price movements.
You focus on the long-term competitive position and the compounding of intrinsic value. This mindset leads to better decisions. Fourth, it reduces costs. Every trade you make costs money both in explicit commissions and in the bid ask spread. Every time you buy a mutual fund, you pay management fees.
With a four stock portfolio that you rarely trade, your costs are minimal. Over 20 years, the savings compound into substantial additional wealth. Fifth, it reduces taxes. Every time you sell a stock at a profit, you owe capital gains tax. With a buy and hold approach, you defer those taxes for decades.
The money that would have gone to the government stays invested in compounds. At the end of 20 years, the tax deferred compounding makes an enormous difference. Now, let me address the obvious objection. Is not this approach risky? If one of your four stocks blows up, you lose 25% of your portfolio.
How can that be prudent? This is where the selection criteria matter. These are not speculative stocks. These are not high growth companies that might or might not work out. These are businesses with decades of demonstrated success. Fortress balance sheets, proven management, and durable competitive advantages.
Could one of them suffer a major decline? Of course, any stock can fall 50% if things go wrong. but permanent capital loss, bankruptcy, a complete wipeout, that is extremely unlikely for these businesses. And if one does get into trouble, the warning signs will be visible long before the situation becomes terminal.
You will have time to react. The more relevant comparison is not the risk of concentrated positions versus diversified positions. It is the return of concentrated positions versus diversified positions over 20 years. I believe this four stock portfolio will significantly outperform a diversified index fund.
The higher returns justify the incremental concentration risk. I have also learned that diversification is not always what it appears to be. Many investors think they are diversified because they own an index fund with 500 stocks. But the index is dominated by a handful of large companies. the top 10 stocks in the S&P 500 account for over 30% of the index.
You are not really diversified across 500 businesses. You are concentrated in the mega caps with a long tail of smaller positions that barely matter. My four stock portfolio is honest about its concentration. An index fund hides its concentration behind the illusion of 500 names. Let me also talk about rebalancing and position sizing.
How do you manage a four stock portfolio over time? I start with equal weights 25% in each stock. This ensures that no single position dominates the portfolio from the beginning. It forces discipline in adding to the positions. If one stock is 25% of the portfolio and the others are 5% each, that is not a balanced four stock portfolio.
That is a one stock portfolio with three small side bets. Over time, as prices move, the weights drift. One stock outperforms and becomes 30%. Another underperforms and becomes 20%. I do not automatically rebalance back to equal weights. Instead, I ask whether the valuation and fundamental picture justify the current weights.
If the outperformers become expensive, I might trim it back toward 25%. If it is still reasonably valued and the business is performing well, I let the winner run. If the underperformer has become cheap due to temporary problems, I might add to it. If the fundamental picture has deteriorated, I might reduce the position further or even eliminate it entirely.
The key principle is that rebalancing should be driven by valuation and fundamentals, not by arbitrary targets. Sometimes the right action is to let the weights drift. Sometimes the right action is to actively rebalance. It depends on the specific situation. I also pay attention to absolute valuations across the portfolio.
If all four stocks are expensive by my standards, I might hold more cash rather than being fully invested. If all four are cheap, I might be fully invested and even consider adding leverage. The overall market environment matters. Now, let me talk about when to sell. This is perhaps the hardest part of investing.
Deciding when a position no longer belongs in the portfolio. I sell for three reasons only. The first reason is deteriorating fundamentals. If the competitive position is eroding, if management is making poor decisions, if the financial strength is weakening, I sell the thesis that justified the purchase is no longer valid.
The business is no longer a compounding machine. It needs to go. But I am careful about distinguishing temporary problems from permanent deterioration. Every business has bad quarters. Every business faces challenges. The question is whether the core value proposition is intact. If it is, I hold through the noise.
If it is not, I sell regardless of the current price. The second reason is extreme overvaluation. If the stock price has risen so far that the implied future returns are unacceptable, I sell. This is rare because I am willing to hold through periods of moderate overvaluation. But when a stock trades at 50 or 60 times earnings with no justification when the price is discounting decades of perfect execution, the riskreward no longer makes sense.
[snorts] The third reason is finding something significantly better. If I discover a new opportunity that clearly beats one of my existing holdings on competitive position, management quality, financial strength, and valuation, I might swap. But the bar is high. The new opportunity has to be meaningfully better, not just slightly different.
I do not want to trade activity for progress. What I do not sell for is short-term price declines. If one of my stocks falls 30% but the fundamentals are unchanged, I hold or I buy more. The market is giving me an opportunity to add to a great business at a cheaper price. That is a gift, not a reason to panic.
I also do not sell because of macroeconomic concerns. If I am worried about a recession or inflation or interest rates, I do not sell my core holdings and hide in cash. These businesses have survived countless economic cycles. They will survive the next one. Trying to time the macro economy is a fool's game.
Let me share some final thoughts on why this approach is psychologically difficult. Even though it is logically correct. Human beings are wired to do something. We want to act. We want to feel in control. A four stock portfolio that you rarely trade feels passive. It feels like you are not doing anything, like you are missing opportunities, like everyone else is getting rich while you sit there holding the same four stocks.
But doing nothing is often the right action. The compounding happens slowly. You do not see it daytoday. But over 10 years, 20 years, 30 years, the results are extraordinary. The investors who stayed the course outperformed the investors who traded actively by enormous margins. I have made a lot of money trading.
I have made money on complex hedge fund strategies. But the easiest money I have ever made is buying great businesses and holding them. No stress, no constant monitoring. Just let the businesses compound and watch the wealth grow. If you take nothing else from this, take this. Simplicity wins. Find four great businesses.
Buy them at reasonable prices. Hold them forever. Ignore the noise. Let the compounding work. Wall Street wants you to believe investing is complicated because complexity justifies their fees. But the best investors I know, the ones who have built real wealth over decades, almost all have some version of this approach.
A concentrated portfolio of exceptional businesses held for the long term. You do not need sophisticated strategies. You do not need to follow the markets every day. You do not need professional money managers taking 2% of your assets. You need four great stocks and the patience to hold them. That is the simple portfolio that beats Wall Street.
Now you know the framework, the implementation is up to you. But before I let you go, I want to go deeper on some aspects of this approach because I think the nuances matter. Let me talk about the psychology of holding through volatility. This is where most investors fail. They understand the logic of buy and hold.
They agree that great businesses compound over time, but when their portfolio drops 30%, they panic and sell. I have held positions through 50% draw downs. I have watched millions of dollars evaporate on paper in a matter of weeks. And I have learned that the paper losses are irrelevant if the business fundamentals are intact.
The only loss that matters is permanent loss of capital. A price decline in a great business is not a permanent loss. It is a temporary fluctuation. Here is how I think about it. When the stock price falls, one of two things is true. Either the business has permanently deteriorated in which case I should sell regardless of the price or the business is fine and the market is overreacting in which case I should hold or buy more.
The key is having the analytical framework to distinguish between these two scenarios. If you have done the work, if you truly understand the business and its competitive position, you can make this distinction. If you are just guessing, you will panic at the worst possible time. During the 2008 financial crisis, I bought bank stocks aggressively while everyone was selling.
Bank of America was trading at levels that implied bankruptcy. But I analyzed the government's response, the capital positions, the asset values. I concluded that permanent capital loss was unlikely. The price declines were temporary, and within a few years, those positions had multiplied several times over.
The same analytical framework applies to your four stock portfolio. When one of your holdings declines significantly, do the work. Is the competitive position impaired? Is management making poor decisions? Is the balance sheet under stress? If not, the decline is temporary and you should hold or add.
Let me also talk about the difference between volatility and risk. Wall Street treats these as synonymous. They measure risk by how much a stock price moves. But that is wrong. Volatility is just price fluctuation. Risk is the probability of permanent capital loss. A stock that bounces between $50 and $100 is considered volatile.
But if the underlying business is worth $150, there is no risk. You might experience paper losses, but you will not suffer permanent capital loss as long as you hold through the volatility. A stock that trades steadily at $100 is considered low volatility. But if the underlying business is worth only $50 and declining, there is enormous risk.
You are going to suffer permanent capital loss when reality catches up to price. The four stocks in my framework are volatile. Their prices fluctuate with the market, with sentiment, with shortterm news. But the underlying businesses are strong and growing. The probability of permanent capital loss is low.
That is what matters. Let me talk about dividend reinvestment because this is one of the most powerful wealthb buildinging tools available. Two of my four stocks JP Morgan and United Health pay meaningful dividends. Bergkshire does not pay a dividend preferring to reinvest all earnings. Alphabet pays a small but growing dividend over time.
These dividends add up to substantial cash flow. I reinvest every dividend back into the stocks. I do not take the cash. I do not spend it. I buy more shares. This accelerates the compounding in ways that most people do not appreciate. Let me give you an example. Say you invest $100,000 in a stock that yields 3% and grows earnings at 10% per year.
The dividend grows with earnings. If you reinvest all dividends after 20 years, you will have substantially more shares than you started with. Your dividend income will be many times larger. Your total wealth will be far greater than if you had simply spent the dividends. This is the secret of generational wealth.
The wealthy families who have maintained their fortunes for generations did not do it by spending their dividends. They reinvested. They let the compounding continue. They lived off a small fraction while the principal grew. I treat my four stock portfolio the same way. The dividends get reinvested.
The principle grows year after year, decade after decade. The compounding continues. This is how you build real wealth over time. Let me also address the question of when to start this approach. Is it too late if you are already 65 or 70? Absolutely not. The four stock portfolio works at any age. The time horizon is different, but the principles are the same.
These are businesses that will compound for decades. Whether you benefit from that compounding for 10 years or 30 years, the approach still works. What changes with age is the allocation between this portfolio and safer assets. A 30-year-old might put 90% of their wealth in this four stock portfolio and 10% in cash.
A 70-year old might put 50% in the stocks and 50% in safer assets like treasury bills. But the stock portion should still be concentrated in great businesses held for the long term. The mistake many older investors make is abandoning stocks entirely. They think they do not have time for the stock market.
They put everything in bonds or cash. But with people living into their 90s, a 65 year old might have 30 more years. Avoiding stocks over that time frame virtually guarantees that inflation erodess your purchasing power. The four stock approach is actually ideal for older investors because it requires minimal maintenance.
You are not trading. You are not following the market daily. You are just holding great businesses and letting them compound. That simplicity is valuable when you have other priorities in life. Let me share some thoughts on what I would tell my younger self about portfolio construction. First, I would say that less is more.
The young version of me wanted to be clever, wanted to have sophisticated strategies, wanted to show how smart I was. But cleverness is the enemy of returns. The simple approach beats the complex approach over time. Second, I would say that patience is the ultimate edge. In a world where everyone is trading constantly, where holding periods are measured in days or weeks, the investor who holds for decades has an enormous advantage.
You capture all the compounding. You avoid all the transaction costs and taxes. You let time work for you instead of against you. Third, I would say that quality matters more than valuation. I spent too many years trying to buy mediocre businesses at cheap prices rather than great businesses at fair prices.
The returns from compounding in a great business exceed the returns from a valuation discount in a mediocre business. Every time fourth, I would say that you only need to be right a few times. You do not need to find a hundred great investments. You need to find four. If you can identify four truly exceptional businesses and hold them for 20 years, you will beat almost every professional investor.
The opportunity cost of being wrong on a few mediocre stocks is far less than the benefit of being right on a few exceptional ones. Fifth, I would say that the market's short-term opinion is irrelevant. Every day, the market tells you what your stocks are worth. Most days the market is wrong, sometimes wildly wrong.
If you react to the market's daily opinion, you will make terrible decisions. If you focus on the underlying business value, you will make good decisions. Let me close with some thoughts on how this approach fits into a broader financial plan. The four stock portfolio is not your entire financial life.
You still need emergency savings in cash. You still need a plan for health care costs. You still might want some allocation to bonds or other assets depending on your situation. The four stock portfolio is the growth engine of your wealth, not the entirety of your wealth. I think about it in layers.
The first layer is security, emergency fund, insurance, basic financial protection. The second layer is income, social security, pensions, perhaps some bonds or dividend stocks for current income. The third layer is growth. The four stock portfolio that compounds over decades. Each layer serves a different purpose.
The mistake many people make is trying to get growth from their security layer or income from their growth layer. They buy speculative stocks with their emergency fund. They spend the dividends from their growth portfolio instead of reinvesting. Keep the layers separate. Let each layer do what it is designed to do.
The four stock portfolio is designed for growth. for compounding, for building wealth over the long term. It is not designed to provide current income. It is not designed to be perfectly stable. It will fluctuate. It will have down years. But over 20 years, it will build substantial wealth. That is the promise.
That is the opportunity. That is what I have learned over 30 years of investing. Four great businesses. Durable competitive advantages. Proven management. Financial strength. Reasonable valuations. Buy them. Hold them. Let them compound. Ignore the noise. Ignore the market's daily fluctuations. Ignore Wall Street's complicated products and expensive advice.
Just own pieces of great businesses and let time do the work. It is simple. It is boring. It works. And it beats Wall Street. That is all you need to know.
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