Whether its current price is high or low has nothing to do with whether it will rise in the future. Its ability to rise depends on whether people believe it will go even higher. Just like whether you get a raise depends on whether your boss believes you can bring him more.
A person's value is never reflected in what they have done, only in what they can still do.
Experience shows that the best business returns are usually achieved by companies doing things today that are fairly similar to what they were doing five or ten years ago.
A business constantly facing major changes also encounters many opportunities to make significant mistakes. It is unlikely to build a fortress-like moat of a business franchise on such shifting ground, yet such franchises are typically the key to sustained high returns.
Long-term holding comes at the cost of returns in exchange for a “rare business partnership” and “emotions developed between each other.” Buffett said when someone is very wealthy, unless insane, they would not marry for someone else's money.