This is not gyro gearloose talking,but Warren Buffett;
Of all the lessons Warren Buffett has imparted in his annual letters to shareholders of Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B), few are as valuable as his excoriation of "turnaround" plays.
"Both our operating and investment experience cause us to conclude that turnarounds seldom turn," Buffett wrote in 1979, "and that the same energies and talent are much better employed in a good business purchased at a fair price than in a poor business purchased at a bargain price."
Ann: Placement, page-96
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