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Strategies & Market Trends : Buffettology

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To: James Clarke who wrote (1702)7/24/1999 1:44:00 PM
From: Mark Marcellus  Read Replies (2) of 4657
 
Remember what Buffett says - buy a business that could be run by morons, because someday it will be - that is where Disney is today

Actually, Peter Lynch said that. Buffett stresses buying into management where you have the utmost faith in their competence and integrity. It's also important to note that he did not exactly buy into Disney, Disney bought Cap Cities. There was a lot of speculation at the time as to whether he would sell his stake. He may wish that he had, now.

The irony is that there was a time when Disney was a well managed company. In retrospect, it looks like Frank Wells might have had a lot more to do with that than he was given credit for.
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