I remember Akre telling the story about buying AMT for less than $1 in the telco bust. Today it’s his largest position and the stock recently hit a 52-week high at ~$260.

I don’t know Akre’s thesis on AMT in 2002 but his process on buying quality has remained consistent. High ROIC, big reinvestment opps, strong balance sheet, trustworthy management.

There’s a big temptation to buy junk in panics in order to rally stronger off the bottom. But then you have to know when to jump off and move into the now more expensive quality.

Akre’s AMT lesson might be that, if you intend to be a multi-decade holder of great companies, buy them especially in a panic. Don’t get cute.