Ch2: Rule #1 & The 4 Ms

Knowing you will make money comes from buying a wonderful business at an attractive price.

The price of a thing is not always equal to its value.

In essence, Rule#1 is just about being a good shopper.

The four Ms:
1. Does the business have Meaning to you?
2. Does the business have a wide Moat?
3. Does the business have a great Management?
4. Does the business have a big Margin of Safety?

"That which we persist in doing becomes easier, not that the task itself has become easier, but that our ability to perform it has improved."
- Ralph Waldo Emerson