" If you stop to think about it, the ordinary result when a big publicly-held corporation buys another corporation is that, maybe two-thirds of the time, it’s a terrible deal for the buying corporation and yet the people have taken an enormous time doing it. And we’ve bought all these businesses taking practically no time in doing it, and on average they’ve worked out wonderfully. Why is that? That’s a good question. The answer is we wait for the no-brainers. We’re not trying to do the difficult things.... And we have the patience to wait. And then we’re so peculiar that there actually are a good number of businesses in America where they prefer selling to us than to other people. That’s very helpful." --Charlie Munger (2002 Berkshire Hathaway Annual Meeting)
All it Takes is One - by Ian Cassel (LINK)
State of the Cloud Report 2018 - Bessemer Venture Partners [H/T @ChrisPavese] (LINK)
Related book: Financial Fine PrintThe Problem Behind a Viral Video of a Persistent Baby Bear - by Ed Yong (LINK)