When I was younger and had far fewer freckles my mother would say, “Owen, you can love many people — but it’s much harder to find someone who you can trust.”

An investor’s circle of competence: If you don’t understand what the company does and why you bought it, you will have no idea if the share price fall is justified, or if it is a buying opportunity.

The 4 Things Buffett & Munger Look For in Companies