# Investing

> The most honest test of long-term judgment I know.

I invest because I love it. It’s where I practice what I teach, and try not to fool myself.

## Approach

I look for wonderful, founder-led businesses that make the world better, buy them at a fair price, and sit with them for a long time. I aim to find one to three good ideas a year.

## The five Ms

- **Model** Can I understand it?
- **Mission** Will it make the world better?
- **Moat** Is its advantage lasting, and growing?
- **Management** Are they honest, and do they act like owners?
- **Margin** Is it priced below what it's worth?

## Why

For me, investing this way is a path to wisdom, happiness, and wealth.

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Nothing on this site is an offer to sell or a solicitation of an offer to buy any security or interest in any fund. Views on this site are personal and are not investment advice.