Focus on future gains, not current gains

The decisive part is the future of the business. Wayne. Gretzky: "Go where the ball goes, not where the ball is."

The combination of the current P/E ratio multiple, reinvested capital, and the rate of return on reinvested capital determines the attractiveness of a business.

Buying a company that has a much higher profit in ten years and still has a promising outlook ten years from now.

When making decisions, there must be enough margins of safety and the investment objectives must be very attractive.