characteristic

1. Distinguishing feature or attribute of an item, person, phenomenon, etc., usually divided into three categories: (1) physical, (2) functional, and (3) operational.

2. Integer part of a common logarithm.

Good jockeys will do well on good horses, but not on broken-down nags. Both Berkshire's textile business and Hochschild Kohn had able and honest people running them. The same managers employed in a business with good economic characteristics would have achieved fine records. But they were never going to make any progress while running in quicksand. I've said many times that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

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