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4 essays on this topic.
More than 80% of businesses across industry-agnostic software segments now screen as having a weak vertical moat. A moat’s value depends entirely on what competitors cannot rent, and anybody can now rent reasoning by the token.
Most CFOs are trained to make the balance sheet efficient. Buffett spent his career arguing the opposite — that its first job is to be unkillable, and that the reward for building it that way is the freedom to act when no one else can…
The question CFOs get asked at almost every Q4 board now: what are we doing about the buyback? Buffett's 2011 and 2016 letters give the hard answer most boardroom conversations skip…
For forty years Warren Buffett has been making the same quiet argument about the CFO function. Most CFOs still haven't fully internalised it — and the cost of not internalising it compounds…