What Buffett looks for in management — integrity, intelligence, and energy

What Buffett means by staying within your circle of competence

Buffett advises investing in areas where one has deep understanding and expertise

What Buffett means by a company's moat — sustainable competitive advantage

Buffett's "moat" refers to a company's sustainable competitive advantage protecting it from rivals

What Buffett's annual letters consistently emphasize — focus on return on equity, not earnings per share

Buffett's letters stress long-term value creation via high return on equity

What Buffett means by 'Only when the tide goes out do you discover who's been swimming naked'

Exposes investors' lack of prudent risk management

What the endowment effect causes — you value what you own more than what you don't

The endowment effect leads to overvaluation of owned items compared to identical alternatives

What the labor theory of value claims — the value of a good equals the labor required to produce it

Labor theory posits: Good's value equals production labor