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— Charlie Munger"The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage."
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
— Warren Buffett
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It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.
— Ray Dalio
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