Warren Buffett: Well protected

“A really wonderful business is very well protected against the vicissitudes of the economy over time and the competition. I mean, we’re talking about businesses that are resistant to effective competition. And three of those will be better than 100 average businesses. And they’ll be safer, incidentally. There is less risk in owning three easy-to-identify, wonderful businesses than there is in owning 50 well-known, big businesses.” —Warren Buffett.