Here's a reference to a Warren Buffett 1998 lecture that works.
I heard someone say that Buffett and Munger “never say anything new”. I've yet to hear anyone say anything more relevant than Pete Newell's observation about 'getting more and better shots than your opponent."
Never wavering on their basic philosophy has brought them a long way. Each of us develops a style and substance to find basketball and life solutions for young people. If we can simplify the game and add basketball and life skills, our players benefit permanently.
"It’s very hard to earn a lot as an investor when the business you’re in doesn’t earn very much money.” Metaphorically, if we don't help players grow very much, then we're not providing much of a service.
If you own good businesses with strong earning power, you’re less concerned (or hopefully not concerned at all) about the stock market or the near term prospects for the economy. Again, metaphorically, if we maintain a good program with consistent value added (control what we can control), then worrying about competition and politics becomes less consequential (not zero).
“I don’t want to buy into any business that I’m not terribly sure of. So if I’m terribly sure of it, it probably isn’t going to offer incredible returns." If our program takes excessive risks with the personnel or with the rules, then we might get better results...or terminated.
“If you’re right about the business, you’ll make a lot of money.” If we do the right things for a long time, we'll do a lot of good for a lot of people.
It’s worth listening to the best investor in the world articulate his own philosophy in his own words—even if that philosophy is already seared into your mind. We can always improve our understanding and execution when we commit to developing and sharing best practices.