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TIP622: Finding Certainty in an Uncertain World w/ Joseph Shaposhnik
We Study Billionaires - The Investor’s Podcast Network
Warren Buffett's 1996 Berkshire Hathaway Annual Letter: The Formula for Quality Investing
Warren Buffett's formula for quality investing, outlined in the 1996 Berkshire Hathaway Annual Letter, emphasizes four critical criteria. These include evaluating the certainty of a business's long-term economics, management's ability to realize full potential and allocate cash wisely, management's commitment to shareholders, and the purchase price of the business. Buffett's emphasis on certainty, mentioned three out of four times, highlights the significance of predictability alongside competence and valuation. Predicting a business's cash flows is essential for valuing it accurately, making it crucial to focus on businesses with reasonably predictable certainty rather than wasting time on unpredictable ones.
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