Summary: Berkshire Hathaway letters to shareholders 1965-2015
If two companies have the same return on equity, the company that uses more debt is inefficient
always look for companies that needs very little debt to generate a high return to equity
look for companies with a highly defensible moat
a rising tide floats all boats, its only when the tides goes out when we see who is swimming without their pants on
it is ok to stay in cash when all other positions are over valued
it is hard to time the ups and downs of a position, thus executing on a buy low and sell high strategy mostly result in high levels of trading cost and lower yield as compared to holding to a position for the long run
