What are a company’s fundamentals? Buffett’s teacher, Benjamin Graham, taught him that a share is an ownership stake in a company. It’s not just a ticker symbol. Thinking like an owner implies three ideas: We should know what the company does. What is its business? How does it make money? We should know what it owns. What are its assets? What does it owe? We should know who runs it and who owns it. Is management doing a good job? Are the big shareholders paying attention?
