"short-term results with long-term prospects based on community trust is not easy, but it is intelligent. Kindred lessons carry over to other sectors in which Berkshire invests, such as the newspaper business in the internet age, and highly regulated industries, such as energy and railroads, in which Buffett sees an implicit social compact between private enterprise and regulatory overseers." ([Location 265](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=265)) *** **Tags** — [[quotes]], **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]