Warren Buffett famously compared the perfect business (and we paraphrase here) to sole ownership of the only source of water on an inhabited island.

As the S&P 500 continues its perilous ascent up the sheer rock face of worry that is today’s stock market, it’s hard not to marvel at the dizzying heights it’s been able to achieve.

Watch the highlights from the 2025 Marshfield Investor Conference.

Marshfield’s strategy and process is built to avoid costly mistakes and find unrecognized value.