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Avoid Undesirable Risks

The article closes with a telling anecdote from a Wall Street banker recalling a dinner with Buffett in Manhattan: “He had an exceptional ham-and-cheese sandwich. A few days later, we were going out again and he said, ‘Let's go back to that restaurant.’ I said, ‘But we were just there’ and he said, ‘Precisely. Why take a risk with another place? We know exactly what we're going to get.’ And that is what Warren looks for in stocks too. He only invests in companies where the odds are great that they will not disappoint.”