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Enduring and sustainable wealth requires owning companies with a solid competitive advantage over long periods. It’s called compounding, which Albert Einstein dubbed “the 8th wonder of the world”. The stock market has been running higher for 8 consecutive years, and opportunities to own the highest-quality businesses in the world at attractive valuations are scarce. That’s why this is such a unique set up – a world-class investment in a world full of mediocre ones.

It might be the cheapest stock we’ve ever seen for a mega-cap. It wont trade like this for long – as income addicts, this is a rare moment for us.