Warren Miller (Beckmill Research, Lexington VA), forwarded a favorite Warren Buffett quote that “bears directly on my approach to valuation.” At Herb Allen’s annual retreat for media leaders and investors a few years ago, Buffett said “The key to investing in not assessing how much an industry is going to affect society or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.” The quote was later reprinted in Fortune.