University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

the greater the certainty and the amount of future cash flows. The key dangers relate to changes in market share, changes in unit demand and the allocation skills of management. The bigger the moat, the less great management is needed. As Peter Lynch has said, “Find a business any idiot could run because eventually one will.”