Chuck Ackre's Imvestment Philosophy (The 3 Legged Stool):

1. Extraordinary Business: The company should earn very high returns on capital consistently.

2. Talented Management: Skilled leadership that can sustain and grow the business.

3. Great Reinvestment Opportunities: The business must have the ability to reinvest capital at high rates of return effectively.

"The first rule of compounding is to never interrupt it unnecessarily"
Charlie Munger

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