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Author: MarkMarcellus Big red star, 1000 posts Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 20179  
Subject: Re: Poll: Defining "Long Term" Date: 3/6/2001 1:07 PM
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Re LTB&H, I have not yet seen anyone improve upon this definition from Warren Buffett:

http://www.berkshirehathaway.com/letters/1996.html

Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
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