we see that they naturally group themselves into four categories: 1. Business tenets—three basic characteristics of the business itself. 2. Management tenets—three important qualities that senior managers must display. 3. Financial tenets—four critical financial decisions that the company must maintain. 4. Market tenets—two interrelated cost guidelines. Not all of Buffett’s acquisitions will display all the 12 tenets, but taken as a group, these tenets constitute the core of his equity investment approach.
