Should you find yourself in a chronically-leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

From Warren Buffett’s 1985 letter to Berkshire Hathaway shareholders. Reflecting on the textile business, Buffett explains why moving to a stronger business can be more productive than continually repairing one with poor underlying economics. Verified against Berkshire Hathaway’s official archive.

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