We got together in a few days a company of the toughest old salts imaginable--not pretty to look at, but fellows, by their faces, of the most indomitable spirit.
Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.
So, if you look at what's common among some of the companies I have, including the Four Seasons, NewsCorp, George V, the Plaza, these are all irreplaceable brands in their own fields.
I was looking for the people who were making the music inside the cabinet. I would look in there and see if I could find somebody who was making all this wonderful music.