Buffett

"I look for businesses in which I can predict what they’re going to look like in ten or fifteen or twenty years. That means businesses that will look more or less as they do today, except that they’ll be larger and doing more business internationally,"

Munger

"Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to make much different than a six percent return - even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you'll end up with one hell of a result."