what many investors fail to grasp is that the long-term according to Buffett has never been about passive buy-and-hold; it’s buy-on-the-cheap, hold and monitor. That goes for the undervalued common stock, opportunistic workout situations, and wholly or majority-owned “control” businesses that are Buffett’s hallmarks.
Buffett repeated his mantra about performance: “Our job,” he wrote, “is to pile up yearly advantages over the performance of the Dow without worrying too much about whether the absolute results in a given year are a plus or a minus.”
“You will not be right simply because a large number of people momentarily agree with you. You will not be right simply because important people agree with you.
“You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct.”