How has your underlying investment philosophy matured over your thirty-four-year career?

Early in my career, I focused on buying statistical bargains where a dollar was trading for 50 cents, selling once the gap closed. That approach required continuously redeploying capital into new ideas. Over time, I recognized that owning durable, high-quality businesses whose intrinsic value compounds from a dollar to 1.30, 1.60, and beyond is far more profitable. In a world shaped by disruptive forces like AI, business quality and enduring moats are paramount.