The difference between a good business and a great one is that a great one makes it hard to compete against it. A good one merely makes it hard to make money. The best business is one where you can keep repricing upward without losing customers—that's when you know you own something real.

The difference between a good business and a bad business is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.

The best chance of success is to buy something that is so good that even a fool can run it. Because sooner or later, a fool will.