Run the business like you can't sell it -- that it’s the only business that your family can own for the next 100 years. Don’t measure it by the earnings in the last quarter. Measure it by whether the moat around the business, what gives it competitive advantage over time, has widened or narrowed. If you keep doing that for 100 years, it’s going to work out very well.
Slightly re-worded advice from Warren Buffett.
(Hat tip, as usual: Mark Larson)
