"Warren Buffett, ..... Proven, competent management with...

"Warren Buffett, ..... Proven, competent management with integrity and a business with good economics."


Absolutely fundamental
Lack of either will hurt you.
If someone put a gun to your head and *had* to choose one or the other, good economics is the way to go. You can always throw the management out.

Or as Buffett puts it (paraphrasing of the top of my head) "When a good management meets bad business, it is the reputaion of the business which remains intact"




"did I realise the true worth of this words."



I have never seen anything attributed to Buffett which isnt 100% true.
Reading his essays in the Cunningham book is the best primer on investment.
I do not believe that you have arrived as an investor, unless you find yourself nodding approvingly at every word in Buffetts essays.
If you ever find yourself disagreeing with any of Buffetts ideas, simply assume that you are wrong, he is right, and that sometime down the track you will realise why that is the case.