Bill Brown sent me the following quote from The Sequoia Fund's annual report:
There is nothing wrong with good luck, particularly when it's yours. But we approach the market not as if it were Churchill Downs, where the outcome of the wager is clear in a couple of minutes, but as if it were the auction block at Keeneland, where you expect the purchase of a horse to prove itself out over years. Because this is for the long run, we don't want Old Paint. We want a great horse at a great price. And because, unlike at Keeneland, an investment comes with a rider who will be in the saddle for many years, we put as much emphasis on the jockey as we do the horse.
The report goes on to compare some of their winning equity bets to "terrific thoroughbreds." I don't own the shares (the fund is closed to new investors) but I like their style!