Buying companies vs. stocks

Charlie and I look for companies that have (a) a business we understand; (b) favorable long-term economics; (c) able and trustworthy management; and (d) a sensible price tag. We like to buy the whole business or, if management is our partner, at least 80 percent. When control-type purchases of quality aren’t available, though, we are also happy to simply buy small portions of great businesses by way of stockmarket purchases. It’s better to have a part interest in the Hope Diamond than to own all of a rhinestone.