Premium money collected but not yet paid out as claims — essentially a costless (or below-cost) loan Berkshire uses to f…
View →The difference between what Berkshire pays in claims and expenses versus the premiums it collects — determining whether …
View →The non-negotiable character requirement Buffett places above intelligence and capability when evaluating potential mana…
View →Berkshire's operating model of leaving subsidiary management almost entirely autonomous — with HQ providing capital and …
View →The discounted present value of all cash a business will generate over its remaining life — the true economic worth inde…
View →The net assets of a company as recorded by accounting conventions — a figure Buffett uses as a rough, conservative proxy…
View →Berkshire's proportional share of the earnings of all investee companies — whether or not those earnings are distributed…
View →A durable, structural competitive advantage that protects a business from competition, allowing it to earn above-average…
View →The process by which management decides how to deploy the cash generated by a business — the central skill Buffett belie…
View →The process by which returns generate further returns over time, exponentially growing a capital base when left undistur…
View →The economic power of a branded consumer business to charge premium prices, retain customers, and earn above-normal retu…
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