The Buffett 1987 letter quote: 'Experience indicates that the best business returns are usually achieved by companies that are doing something quite similar today to what they were doing 5 or 10 years ago...a business that constantly encounters major change also encounters many chances for major error...Such a franchise is usually the key to sustained high returns.' This principle drove the software exit.
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Joseph ShaposhnikEvidence Quote
“Experience indicates that the best business returns are usually achieved by companies that are doing something quite similar today to what they were doing 5 or 10 years ago”
Created: 8/12/2026, 6:14:37 PM
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