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We own nine businesses today. Banks (BAC, AXP), the payment networks (V, MA), the Coca-Cola, Moodys, Amazon, Microsoft, and a small piece of Occidental at the low end of our cap floor. About $11k apiece, $1.5k in cash. Price is what you pay. Value is what you get. Not in the book: Apple at P/E 37, every biotech, every recent IPO, every company whose strategy section says AI. Our favorite holding period is forever.

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