Investment Philosophy

Investment Moat

If a great business is like a strong castle, what protects it and keeps it standing strong? It's a 'moat'—one that's wide, deep, and maybe even filled with crocodiles. We call this an 'Investment Moat'.

Margin of Safety

The investing world is full of uncertainty. We can't predict the next recession, shifts in the industry, or even what a company will report next quarter. That's why we need to leave ourselves a 'margin of safety'—by buying at a price far below its 'intrinsic value'—to give ourselves a cushion for any mistakes.

Patience

Most people live like anxious 'stock-price tenants' rather than calm-and-steady 'business owners.' Why does it seem to make perfect sense to calmly hold a farm for decades, but people can't apply that same mindset to the stocks they own?

Security Analysis: Principles and Technique

Circle of competence

Value investing doesn't require you to be an expert in every field. Staying within the circle of competence you know best is more than enough to build wealth. When you run into something you don't understand, admitting it and walking away is the safest way to protect your capital.

Value Trap

You think you're buying a cheap stock, but you might actually be buying a business that is slowly dying.

Non-Operating Income

Non-operating income isn't just a random number; it can also be an integrated part of the business model.

The Snowball: Warren Buffett and the Business of Life