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As I said in my post above:

"I have not owned all of them for a whole ten years, but have had many of them for a large part of that time, enough to get some significant outperformance vs. Berkshire."

I am a long term investor and client accounts are always managed with a 5-10 year time horizon. I have turned away clients who did not have sufficient financial resources to have such a long term view.

I will sell when I believe the valuation to be excessive or when there is a fundamental change in the business case.

sw
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