progress

Extent of the advance or move toward the completion of a job, program, or project, or the attainment of an objective.

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.

• Be Pessimistic of Deals
• Technological Progress and the Consumer