Warren Buffett, by Theme

Curated collections of Buffett's own words, drawn verbatim from the Berkshire shareholder letters and linked to their source.

Moats & Competitive AdvantageWhat makes a business durable, and why Buffett pays up for pricing power. 11 passages Circle of CompetenceKnowing the boundary of what you understand, and staying inside it. 6 passages Mistakes & LessonsBuffett's own errors of commission and omission, told plainly. 10 passages InflationThe corrosive tax that never appears on the income statement. 7 passages Intrinsic Value & Owner EarningsHow Buffett actually values a business. 8 passages Margin of SafetyGraham's three most important words in investing. 2 passages Mr. Market & TemperamentWhy character beats IQ, and how to profit from others' emotions. 7 passages Insurance & FloatThe engine that funded Berkshire's compounding. 5 passages Capital Allocation & BuybacksWhat to do with a dollar of retained earnings. 6 passages Managers, Culture & CompensationHow Buffett picks and pays the people who run Berkshire. 6 passages Succession & Berkshire's FutureBuffett on what happens after him. 4 passages Gold, Crypto & Unproductive AssetsWhy Buffett prefers productive assets to shiny ones. 4 passages