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

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 looks for in management — integrity, intelligence, and energy

Buffett values management integrity, intelligence, and energy for long-term success

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 'Only when the tide goes out do you discover who's been swimming naked'

Exposes investors' lack of prudent risk management

What the efficient frontier is — the set of portfolios with maximum return for each risk level

The efficient frontier represents optimal portfolios with highest returns for given risk levels

What an iron condor profits from — the stock staying within a range

An iron condor profits from minimal stock price movement within the defined strike price range