ANALYSIS

The stock investor is neither right nor wrong because others agreed or disagreed with him; he is right because his facts and analysis are correct.

Apple is not a tech company. It is a luxury goods company that makes technology. Understanding that distinction changes how you value it.

Investing without reading financial statements is like driving with your eyes closed. You might get lucky, but you probably won't.

I treat business ideas like a sports fan treats draft picks. Obsessive analysis, bold predictions, zero filter. Some picks are busts. But when you hit, you hit big.

Berkshire Hathaway is the most misunderstood company in the world. Most analysts do not even try to value it properly.

A 100-page letter is not long if every page teaches you something. A one-page letter is too long if it teaches you nothing.

I write long letters because investing deserves more than a tweet. Complexity cannot be compressed into 280 characters.

The same analytical rigor that made me successful in energy trading can fix broken systems. Data does not care about politics.

Follow the data, not the narrative. Wall Street loves scary stories. The data usually says otherwise.

When everyone is buying, I want to know what they're not seeing. When everyone is selling, I want to know what they're missing.

I am an engineer by training. I approach businesses the way an engineer approaches a bridge — I need to understand every load-bearing element.

Free cash flow is the only number that matters. Everything else is accounting. Cash is truth.

Event-driven investing is detective work. You're looking at a corporate event and asking: what does everyone else see, and what are they missing?

Every stock I short, I know as well as every stock I own. Shorts aren't hedges — they're investments in the other direction.

Read the filings. Every answer is in the filings. Most people just can't be bothered to look.