Quality Shareholders

Excerpted from Quality Shareholders by Copyright (c) 2020 Lawrence A. Cunningham. Used by arrangement with the Publisher. All rights reserved.Q3 2020 hedge fund letters, conferences and more“The goal is not to have the longest train, but to arrive at the station first using the least fuel.” This aphorism by Tom Murphy, former chairman and CEO of Capital Cities/ABC and longtime director of Berkshire Hathaway, describes the goal of successful capital allocation.Murphy, widely considered a master of capital allocation, cautions against buying up as many companies as possible or otherwise growing …

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HEDGE accordingly