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Time Is the Friend of the Wonderful Business

October 21, 2008

vcmike

Yesterday I had my flight delayed 90 minutes and then spent 6.5 hours cooped up in a tube with wings.  Something must be wrong with me but it actually was a great day…If the flight hadn’t been delayed I never would have made it in the first place, and the long flight gave me a big chunk of time to dive back into the Warren Buffett biograhpy, Snowball, which I am really enjoying.  (Did you know Buffett passed on an opportunity to be a seed investor in Intel?)

In addition to the story of  a fascinating man’s life, the book is chock full of great little quotes. One that I read last night seems particularly apropos given our current economic woes:

Time is the friend of the wonderful business, the enemy of the mediocre….It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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