buffett-investment-strategylisted

# Buffett Investment Strategy Framework A comprehensive investment analysis framework distilled from all Berkshire Hathaway shareholder letters (1965-2024) and annual meeting transcripts (1994-2025). ## Quick Decision Filter Before deep analysis, apply Buffett's four rapid filters: 1. **Can I understand this business?** (Circle of Competence) 2. **Does it have durable competitive advantages?** (Economic Moat) 3. **Is management honest and competent?** (Owner-Operator Mindset) 4. **Is the price attractive relative to intrinsic value?** (Margin of Safety) If ANY answer is "no" or "uncertain" -> **PASS**. Difficulty doesn't earn extra points. > "Investors should remember that their scorecard is not computed using Olympic-diving methods: > Degree-of-difficulty doesn't count." (1994) ## Core Investment Checklist When evaluating an investment opportunity, work through these categories in order. See `references/` files for detailed principles, quotes, and examples. ### 1. Business Quality Assessment Refer to [references/business-analysis.md](references/business-analysis.md) for detailed framework. - **Economic moat**: Brand, cost advantage, network effects, switching costs, or regulatory barriers? - **Moat durability**: Will the moat be wider in 10 years? "A moat that must be continuously rebuilt will eventually be no moat at all." - **Pricing power**: Can prices be raised without losing volume? - **Capital intensity**: Does growth require heavy reinvestment? Best = more