"According to Buffett, these results follow not from any master plan but from focused investing—**allocating capital by concentrating on businesses with outstanding economic characteristics and run by first-rate managers**." ([Location 202](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=202)) *** **Tags** — [[quotes]], [[capital-allocation]], [[acquisitions]] **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]