16 Jun 2022 Ruane, Cunniff & Goldfarb 2022 Investor Day Transcript ( Portfolio )

"While they are never enjoyable, outright stock-picking mistakes are nothing new for us. They are a part of what we do and always will be. The reason that's okay is that we are not in a fault-intolerant business like brain surgery. Investing is resistant to screwups. You just have to get them right over time more often than you get them wrong."