It is better to buy a wonderful company at fair price than a fair company at wonderful price.

Warren Buffett's 4 Tenets:

1.  Know the business you wish to own (Circle of Competence Tenet)
2.  Business must have economic moat (Durable Competitive Advantage Tenet)
3.  Management must be hardworking, intelligent and above all, honest (Integrity Tenet)
4.  Buy at fair price (Quantitative Margin of Safety Tenet)

Qualitative Margin of Safety Tenets = 1 + 2 + 3

Qualitative Margin of Safety first, then Quantitative Margin of Safety.

• A Wonderful Company to Invest for the Long Term (Screen 10)...
• A Wonderful Company to Invest for the Long Term (Screen 9)...
• A Wonderful Company to Invest for the Long Term (Screen 8)...
• The Growth has slowed in this company (Screen 7)
• A Wonderful Company to Invest for the Long Term (Screen 6)...
• A Wonderful Company to Invest for the Long Term (Screen 5)...
• A Wonderful Company to Invest for the Long Term (Screeen 4)...
• A Wonderful Company to Invest for the Long Term (Screen 3)...
• A Wonderful Company to Invest for the Long Term (Screen 2)...
• A Wonderful Company to Invest for the Long Term (Screen 1)...
• 
  

Over the last 12 years, the prices of these stocks have shown the following gains:

Screen 1: 200% (3 bagger)
Screen 2: 200% (3 bagger)
Screen 3: 100% (2 bagger)
Screen 4: 900% (10 bagger)
Screen 5: 100% (2 bagger)
Screen 6: 200% (3 bagger)
Screen 7: 900% (10 bagger)
Screen 8: 200% (3 bagger)
Screen 9: 900% (10 bagger)
Screen 10: 500% (6 bagger)


It is better to buy a wonderful company at fair price than to buy a fair company at wonderful price.

When do you sell a wonderful company?  Almost never.

Reference:  My Investing Philosophy