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.

factualpending

Speaker

Joseph Shaposhnik

Evidence 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

Source

The $1 Trillion Supercycle Hidden in Plain Sight | Joseph ShaposhnikExcess Returns
Created: 8/12/2026, 6:14:37 PM

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