Mary Buffet explains Warren Buffet's Long Term Investing Strategy

Mary Buffett discusses Warren Buffett's investing strategy for the long run and warns against overvaluing short term profits.  She picks a few quotes out of his books.  He states " I like for business in which I can predict how they are going to look in the next 10 to 15 years time.  Take Wrigleys chewing gum, I dont think the internet is going to change how people chew gum".  Buffett believes that investing in predictable products lead to predictable profits.  He invests in companies with a strong brand awareness and products that have a non-cyclical demand. 

She goes on to cite another quote; "Never buy IPO's on any day that has a Y in it".  He is strongly against IPO's and will not buy into a company that has no track record to speak of.