Buffett's Letter to Shareholders

Warren Buffett's Views on the Threat of "Technological Change" to Traditional Industry Moats Buffett has repeatedly expressed caution toward technological change in his shareholder letters, believing ...

Why Does Warren Buffett Almost Never Invest in IPOs (Initial Public Offerings)? As a leading figure in value investing, Warren Buffett rarely participates in IPO investments due to his investment phil...

Core Premise of Buffett's "Bad News is an Investor's Best Friend" Strategy When investing in Coca-Cola (during the New Coke failure) and American Express (during the salad oil scandal), Buffett capita...

Warren Buffett's View on the Distinction Between "Value" and "Growth" Warren Buffett believes that categorizing stock investments into "value investing" and "growth investing" is an artificial and mis...

The Meaning of Interest Rates Being Hailed as the "Gravity of the Investment World" Interest rates are hailed as the "gravity of the investment world" because, much like Newton's law of universal grav...

Warren Buffett's Views on Companies Growing Through Continuous Acquisitions Warren Buffett has repeatedly expressed caution and even criticism in his shareholder letters regarding companies that rely ...

"Our Favorite Holding Period Is Forever": Literal Meaning or Mindset Emphasis? This statement originates from Warren Buffett's investment philosophy, specifically appearing in his letters to Berkshire...

Warren Buffett's Advice for Ordinary Investors Although Warren Buffett himself favors concentrated investing (focusing on a few high-quality companies he thoroughly understands), his advice for ordina...

Warren Buffett's Three-Word Definition of a "Wonderful Business" Economic Moat: A sustainable competitive advantage that protects the business from rivals.

Is "Institutional Imperative," the Tendency to Imitate Others, Wall Street's Greatest Enemy? Concept Explanation The "Institutional Imperative," a term coined by Warren Buffett in his shareholder lett...

How Does Buffett Distinguish Between a "Temporary Difficulty" and "Permanent Decline" in a Company? As a leading figure in value investing, Warren Buffett emphasizes analyzing a company's Economic Moa...

Analysis of Buffett's Principle "Predicting Macroeconomics is Futile" and His Actions in 2008 Warren Buffett has repeatedly emphasized in his shareholder letters that attempting to predict macroeconom...

The Core of Buffett's Investment Philosophy: Adhering to "Simple and Understandable" Warren Buffett has repeatedly emphasized in his shareholder letters that investing should focus on businesses one c...

Is a Slowly Eroding Moat More Dangerous Than Having No Moat at All? Yes, a slowly eroding moat is generally more dangerous than having no moat at all.

Analysis of the Most Important Sources of Economic Moats An economic moat refers to a company's competitive advantage that allows it to fend off competition and sustain high returns over the long term...

Why Did Warren Buffett Ultimately Almost Completely Abandon Benjamin Graham's "Cigar Butt" Investment Strategy? The "cigar butt" strategy, a core investment philosophy of Benjamin Graham, refers to se...

Evolution of Warren Buffett's Circle of Competence The concept of Warren Buffett’s "Circle of Competence" stems from the core of his investment philosophy: investing only in areas he thoroughly unders...

"Margin of Safety": A Calculable Formula or the Art of Thinking? "Margin of Safety" is a core concept in value investing, introduced by Benjamin Graham and extensively applied by Warren Buffett.

Would Buffett's Investment Strategy Still Work If "Mr. Market" Were Always Rational? Background "Mr. Market" is a metaphor introduced by Benjamin Graham in The Intelligent Investor to describe the irr...

Analysis of the Meaning Behind Buffett's Famous Quote Yes, the adage "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price" can be regarded as one of the...