Graham & Doddsville interview with Bill Ackman

Graham & Doddsville interview with Bill Ackman. I'm a big believer in concentration. But it's not just analysis that protects you, it's the nature of the things you invest in. If you invest in super high quality, durable, simple, predictable, free cash flow generating businesses, that should protect you as well. If you pay a fair to cheap price for businesses of that quality, I think it's hard to lose a lot of money. The key is you have to be a good analyst in order to determine whether it truly is a great business. You have to really understand what the moats are. You have to understand the risk of technological entrants - the two guys in a California garage working on the next new thing. Buffett would always write about the newspaper business being one of the great businesses, but print has been disintermediated as a result of changes in technology. So we're concentrated, but we try to invest in businesses where it's very hard to lose money, particularly at the price we pay. Full interview: (VIEW LINK)