Extremely insightful, i like the moat quote - can definitely be applied to some online companies (amazon, google, facebook...). Also loved this part: A footno

Extremely insightful, i like the moat quote - can definitely be applied to some online companies (amazon, google, facebook...). Also loved this part: A footnote: We paid the IRS tax of $1.2 billion on our PetroChina gain. This sum paid all costs of the U.S. government – defense, social security, you name it – for about four hours.