Celebrate Warren Buffet s 93rd birthday by reading his 45 years of letters to shareholders. Learn his straightforward management principles and gain insights in
1. “We have to have a business with some inherent characteristics that give it a durable competitive advantage.” Professor Michael Porter calls barriers to market entry that a business may have a "sustainable competitive advantage.” Warren Buffett and Charlie Munger call them a “moat.” The two terms are essentially identical. Buffett puts it this…