This was a fun one to construct.

The Operating by Warren and Charlie article examines four acquisitions spanning 53 years:

1. See’s Candies,

2. GEICO,

3. Nebraska Furniture Mart,

4. and BNSF Railroad.

In each case, the pattern is identical.

Find a business with durable economics.

Pair it with a proven operator.

Then stay out of their way.

The piece includes a curated appendix of primary sources, including the original shareholder letters and the legendary 1.25-page NFM handshake deal.

Hope this helps.

Hope this makes you feel good.

Hope this teaches you something new.

- j -