The simplicity of investment

If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians. The unsophisticated investor who is realistic about his shortcomings is likely to obtain better long-term results than the knowledgeable professional who is blind to even a single weakness. Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management, and limited exposure to hard times.