I don't believe all this nonsense about market timing. Just buy good value and when the market is ready that value will be recognized.
I know a lot of people have very strong and definite plans that they've worked out on all kinds of things, but we're subject to a tremendous number of outside influences and the vast majority of them cannot be predicted. So my idea is to stay flexible. My only plan is to keep coming to work every day. I like to steer the boat each day rather than plan ahead way into the future.
I believe in maximum flexibility, so I reserve the right to change my position on any subject when the external environment relating to any topic changes too.
Our attitude toward cash generation and asset management came out of our own thought process. After we acquired a number of businesses we reflected on aspects of business. Our own conclusion was that the key was cash flow.
It's good to buy a large company with fine businesses when the price is beaten down over worry about one problem.
I do not define my job in any rigid terms but in terms of having the flexibility to what seems to me to be in the best interests of the company at any times.
