For Buffett, not price volatility but the probability of permanent loss of purchasing power — a fundamentally different …
View →Buying a security at a significant discount to its intrinsic value, providing a buffer against errors of estimation and …
View →Financial instruments whose value is derived from underlying assets — described by Buffett as 'financial weapons of mass…
View →The use of borrowed money to amplify investment returns — Buffett uses modest leverage at the holding company level but …
View →The ability to reason clearly about investment decisions without being distorted by emotion, institutional pressure, or …
View →The process by which management decides how to deploy the cash generated by a business — the central skill Buffett belie…
View →The explicit orientation toward multi-year and multi-decade outcomes that drives Berkshire's decisions, explicitly at od…
View →A durable, structural competitive advantage that protects a business from competition, allowing it to earn above-average…
View →Berkshire's published framework for evaluating potential acquisitions — a rare example of a conglomerate committing publ…
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