Chris Mayer on analyzing businesses and being patient

With every business there are a few key things to know.  Call it the essence of the business, call it the beating heart, call it the core engine… something!  Find out what those key things are and focus on them. 

Then, de-emphasize individual quarters, recent stock performance, earnings estimates, macro forecasts, and the like.  As much as possible, try to think like a private owner of a business.  Think of the stock you own as you would think of real estate; it’s something you plan to own for a long time and sell reluctantly.

~ Chris Mayer, "100-Bagger," December 7, 2022