John Gerard Lewis
54 posts
The great American writer was famously “more concerned with the return of my money than the return on my money.”
Buffett sees a quiet bargain in yet another old industry that would appear to have been eclipsed by technology.
Nobody wants to believe it, and investors innumerable have long been whipsawed by rogue pundits proclaiming that "it's different this time."
The model is dependent upon management’s ability to arbitrage short- and long-term interest rates, rather than stock market trends.