When we invest, we invest in companies. Either we buy small portions or large stakes but whichever size you take, we’re inevitably staking a position in an organisation. And the concept for successful investing in businesses is quite simple: Find a quality business, buy it at a reasonable price, watch it grow, and then succeed as an investor.Q3 2020 hedge fund letters, conferences and moreOf course, whilst the steps are simple in principle, its not always that easy. First you have to find the great business. But what makes a quality business? To answer that, let’s get back to first principles….