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6min chapter
TIP487: Warren Buffett’s 12 Investment Principles (with a Case Study)
We Study Billionaires - The Investor’s Podcast Network
How to Determine the Quality of a Management Team
The first financial tenant is to have an adequate return on equity. Buffett believes that a good business should be able to earn a good return on equity without the aid of leverage. The second financial tenant in Haggstrom's book is to calculate owners' earnings to get a true reflection of value. High profit margins show that a particular company is able to control costs and continues to produce free cash flows into the future.
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