: Buy assets significantly below their intrinsic value to minimize risk.
According to Lawrence Cunningham's compilation and expert reviews , the core "useful" takeaways include: berkshire buys
: This is management’s most important job—deciding how to deploy earnings determines long-term shareholder value. Berkshire’s "Buying" Criteria : Buy assets significantly below their intrinsic value
As outlined in Charlie Munger's 50th-anniversary essay , Berkshire follows strict rules when acquiring new businesses: Opinion | Warren Buffett: Buy American. I Am. and greedy when others are fearful".
: Be "fearful when others are greedy, and greedy when others are fearful".