expensive and in debt, page-73

In this caper, street smarts and intuition are the key skills. Better to be approximately right than precisely wrong.

If a business ticks the key boxes (you like the businesses, has long-term prospects, has competitive advantage, good management and governance) you wont go wrong.

From time to time you can get away with buying good assets which are managed badly, eg CML, FGL. Sooner or later they will find good management or will get taken over.

As for market prices, you have to accept that from time to time you will get things wrong. But if the basics are there, it wont matter long term. For instance, does it matter now whether you paid $2.00 or $2.50 for BHP 20 years ago ?

Once the market becomes convinced of the quality of a company eg WOW, they are very rarely available cheaply.

But if you bide your time, good assets can become available at better prices.

After all, it was only a month or so ago you could have got Tattersalls for $2.60, Ansell for $8.00, Rinker for $12.00, CCL for $5.90, TOL for $12.00 etc