01
The founder
Warren Buffett & Charlie Munger
02
The bet
Buy wonderful businesses inside a circle of competence and hold effectively forever.
03
The inflection point
The pivot from cigar-butt bargains to durable, high-quality franchises (See's Candies, 1972) reset the entire strategy.
04
The lesson
Compounding is the eighth wonder, but only for those patient enough to let quality run undisturbed.