[Nomentatus]

From my reading this year: starting out, with his mentor, he invested in companies with poor management the could be improved. He dropped that practice long ago, however, in favor of buying good management along with a good business. Management parachuted in often does badly, since every business is different. He does look for businesses with an edge (such as a brand) that will persist, quite true; even when he doesn't understand exactly what that persistent edge in the market is (he or Munger gives the example of breakfast cereal, that way.)