“We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen.” –Warren Buffett, 1994 letter to Berkshire shareholders
To say that talk of the election dominated the news over the last 6 months would be an understatement. Despite all the noise and vitriol, from our perspective the election was mostly a non-event. We are business owners focused on the long-term ability of our companies to thrive, not on the price Mr. Market may be willing to pay us for our businesses on any given day, and we were thus well positioned regardless of the election outcome.
As always, we seek to own a collection of businesses that will appreciate over time through whatever bumps in the road may come. We thus sought to ignore the noise and invest without regard to emotion, except to feel slightly positive given the pervasive sense of negativity.