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Subsidiary investing

Pasture does not “buy” four things

Pasture may purchase different kinds of businesses. But surely Pasture will not blindly “buy” the following four things.

1. Pasture does not “buy” news or rumors. In fact, we are not good at judging rumors.
2. Pasture does not “buy” daily fluctuations of market prices. In fact, we do not know how to forecast stock prices consistently. We don’t know when is the bottom (bear) or the top (bull).
3. Pasture does not “buy” forecasts from forecasters. In fact, we don’t know who can predict stocks and economics consistently in the last ten years.
4. Pasture does not “buy” advices from investment advisors. It is much harder to pick the long-term winning advisors or mutual funds than winning companies.

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