5 Tips about Industry

If we're getting a 9-10% free-cash-flow yield in an industry that we don't see going away any time soon, and then can find other interesting lottery...
We think it’s hard to play where it appears the class-action lawyers have a permanent goal to destroy the industry, such as in tobacco or handguns....
We do cap a given industry’s exposure at 25% of the portfolio, which is a check on the innate lack of humility we often have as investment managers....
We’ve invested for a long time in the mutual-fund industry, for example, and clearly see it as within our circle of competence. Our experience with...
Any time we see a headline saying commodity X is trading at a 30-year low, we’ll be sure to look closely at the industry for the company or...