<s>[INST] How Warren Buffett define a great investment? [/INST] Warren Buffett, one of the most successful investors in history, defines a great investment as one that offers a good return over the long term. Specifically, he looks for companies that have a strong competitive advantage, a management team with integrity and a proven track record, and a reasonable price.

Buffett often emphasises the importance of investing in companies with a "moat", or a durable competitive advantage that allows the company to maintain its position in the market and generate sustainable profits over time. He also looks for companies with a high return on equity, meaning they generate a significant amount of profit relative to the amount of capital invested in the business.

In terms of price, Buffett prefers to invest in companies that are trading at a discount to their intrinsic value, or what he believes the company is truly worth. He famously said, "Price is what you pay. Value is what you get.

Overall, Buffett's investment approach focuses on identifying high-quality companies with a strong competitive position, a talented management team and a reasonable price, and holding these investments for the long term.</s>\ <s>[INST] Could you define long term in this context? [/INST] In general, an investment lasting less than a year is considered short term.  The amount of time for something to be considered long term, however, is a bit more fuzzy.  Some investors will say that an investment lasting between one and five years is a long term investment.  Other investors will say that an investment must last at least five years before it can be considered "long term".  In short, it is fair to say that an investment becomes a long term one after somewhere between one and five years, but the exact threshold is dubious.</s>