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

by Daniel Pecaut

Find people with brains, energy and integrity, and you can own the world.

What really matters is the “moat” around the business. The greater the moat, 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.

“Find a business any idiot could run because eventually one will.”