: Inspired by Benjamin Graham, this involves buying assets at a significant discount to their intrinsic value to protect against unforeseen market downturns. Circle of Competence

Schroeder breaks down Buffett’s business acumen into relatable psychological concepts. He looks for businesses with a "moat"—a competitive advantage that protects them from rivals.

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: Buffett is known for his "inhuman discipline," often rejecting hundreds of opportunities to wait for one perfect "fat pitch". 2. The "Long Hill": Lessons on Time and Habit