Ammar Khan

As Charlie Munger said of Singleton’s investment approach, “ Like Warren and me, he was comfortable with concentration and bought only a few things that he understood well.”

[Although 2/3 of acquisitions destroy shareholder value, Murphy had a couple key advantages: 1) he never used investment bankers and 2) knew that Burke could fix up the operations to make each company significantly more profitable “lowering the effective price paid.”]

Burke recalls Smith saying, “The system in place corrupts you with so much autonomy and authority that you can’t imagine leaving.” [pg 27]