Absolutely - I think we are in agreement regarding the fundamental truths in terms of how to value businesses and that cash is what matters. The rest is mere speculation.
I do see myself as an owner of a business, rather than an instrument (other than the occasional arbitrage opportunities). So please don't think less of me (actually you can if you like, I'm fine with it, I think).
It's just, I think, after being hurt so many times by owning subpar businesses, or misjudging the long-term prospects of business (especially being unable to foresee tail events), I am becoming an extremely brutal and cynical owner.. a monster as some may call it.
If there's an earnings call where I don't feel like I want to say to management, "great half, or great year guys", there better be a damn good reason for me not to press the sell button (like if a shipment of inventory fell into the Pacific Ocean, and we are waiting for insurance money to get it back).
It might not be honorable and I may not be the patient long-term investor that management loves, but that's my current philosophy.
And no doubt that philosophy will change as the pool of capital I have is too much for me to get out of positions quickly. And that would be a good problem to have, I think.
