The Three Most Liberating Words In Investing: “I Don’t Know”

I recently engaged in a conversation with a long-term reader (hat tip to you, Michael) who was unsure about the future of the PC and tablet market as he contemplated an investment in Intel. He has been regularly following the latest news items in the chip industry, trying to determine whether or not Intel is the right fit for a long-term investment.

Look—long-term investing does not have to be that difficult. When I look for a long-term investment, I want to find a company with such blindingly obvious long-term economics that it does not require much skill, time, effort, critical thinking, etc. to figure out whether or not the company will be pumping out profits for shareholders twenty years from now.

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