Phil Fisher was just telling me the same thing that Charlie was telling me, which was that it’s very important to get into a business with fundamentally good economics, and one that you could ride with for decades, rather than one where you had to go from flower to flower every day. That philosophy has carried me along. Now, I’ve learned different ways of applying it over the years, but it’s the way I think about businesses now.

—Warren Buffett (2013)