: Focus only on industries you understand deeply and can explain plainly.
As outlined in Charlie Munger's 50th-anniversary essay , Berkshire follows strict rules when acquiring new businesses: Opinion | Warren Buffett: Buy American. I Am. berkshire buys
: Buy assets significantly below their intrinsic value to minimize risk. : Focus only on industries you understand deeply
: Be "fearful when others are greedy, and greedy when others are fearful". and greedy when others are fearful".