Shane Parrish

They exited quickly.

They didn't really get burned, but I was talking to Munger about this over dinner one day and he's like, we just realized that we made a mistake.

We were never going to make a lot of money in this business and it was highly competitive and we had no edge.

And so they got out as quickly as they could.

And I think that the predictability of what he buys, at least his long-term holdings, like if you look at that, I think it's really interesting because it's like, you can kind of see it, the railroad.

These are going to be using the railroad in 50 years.

That's a great example.

So it will be unbelievably difficult to build a competing one.

But you can also, you can lever it if it's predictable.

And leverage is this interesting thing where he says they don't do a lot.

And they don't when you look at the whole company.

But on the railroad, for instance, they'll put...

a decent amount of debt in the railroad because they know what the earnings it's very predictable and they're comfortable the same as the energy where they're putting a lot of capital they put a lot of debt in and i talked to this guy in um nova scotia john bragg and he sort of did the same thing and so he he

created Oxford Frozen Foods.

He's this incredible story.

He's this billionaire from this small town of 1,100 people.

He started... I've been to Nova Scotia.

What's it called?

Oxford.

It's called Oxford, Nova Scotia.