Buffett looks for high-quality businesses with strong financials, competitive advantages, and talented management. He advises investors to focus on the quality of the business, rather than the price of the stock.

Intrinsic value = the present value of all future cash that a business can generate over its remaining life. Buffett ignores GAAP earnings that include non-cash items, restructuring charges, or stock-based compensation. Instead, he calculates “owner earnings” (net income + depreciation - maintenance capex). This principle saved him from overpaying for companies with inflated accounting earnings.

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: Buffett stresses the importance of investing within one's circle of competence, which refers to the areas where an individual has expertise or deep understanding. This principle helps investors avoid making uninformed decisions and reduces the risk of losses.

Borrowing a metaphor from medieval castles, Buffett looks for companies with a "moat"—a defensive barrier that protects them from competition.