Risk comes from not knowing what you are doing.
Warren Buffett · Berkshire Letter, 1993
Before any deep analysis, Buffett runs a fast disqualifier. Two "no" answers demand strong justification. Four "no" answers means pass — move on. Apply it to any company on the platform.
Run the filter on a ticker →Read in order, or jump to whichever question you're actually wrestling with.
Circle of competence, inversion, Mr. Market, long-termism, Munger's multi-model reasoning, opportunity cost, patience. Where the work begins.
Intrinsic value, compounding, undervaluation, concentrated investing, the rebuttal to efficient markets, Buffett's stance on forecasting. The 'why' behind the rest.
The five moat types, how to assess durability rather than current strength, franchise vs commodity businesses, and what economic goodwill really represents on the balance sheet.
Three-dimensional management assessment, the institutional imperative, corporate culture, shareholder orientation, and acquisition criteria. Integrity is automatic veto — no exceptions.
Owner earnings, ROIC over a decade, cash conversion, look-through earnings, balance sheet safety. The numbers Buffett actually reads first when sizing up a company.
Three methods to estimate intrinsic value, margin of safety tiers, the five capital allocation paths, when buybacks create or destroy value, dividends vs retained earnings, arbitrage, bonds, convertibles.
When to sell — the four criteria. Value traps, leverage, derivatives, inflation hedging, and the behavioural biases that quietly destroy compounding even after you've picked the right business.
Insurance (underwriting discipline & float), banks, consumer retail, media, energy, railroads, technology — and the cautionary tales (airlines, textiles). Industry-specific metrics and macro sensitivities.
Compiled from public Berkshire Hathaway shareholder letters (1977–2024) and recorded interviews. Not endorsed by Warren Buffett or Berkshire Hathaway. Educational content only — not investment advice.