Indiana Toll Road

States would be left to pick up the remaining 10% for the portions of those roads within their borders.

There were some existing toll roads like the Pennsylvania Turnpike, like the Illinois Toll Road, or the Indiana Toll Road, for example, right here.

that would be merged into the system, and they would be allowed to keep charging tolls on those routes as a part of the deal.

And we were just talking about numbering schemes.

But when the crash happened and he did finally start investing again, his methodology was totally grounded in gritty reality, completely unlike the guys buying concept stocks.

I want to highlight this with the Indiana Turnpike story because it perfectly encapsulates the difference between Wall Street analysis and true fundamental analysis.

The Indiana Turnpike story is a masterclass in diligence.

In the aftermath of the crash, Buffett is looking for value.

He notices that the municipal bonds issued by the Indiana Turnpike are selling in the 70s, which represents a massive discount to their face value.

Meanwhile, the virtually identical bonds for the neighboring Illinois Turnpike are selling in the 90s, near full price.

They are basically the same road, serving the same regional economy.

No.