▶ 전체 게시글 텍스트
**Buy businesses, not tickers:** Analyze the company’s economics, competitive position, management, and long-term prospects.
**Estimate intrinsic value:** Value the future cash the business can generate, not just its current earnings or share price.
**Demand a margin of safety:** Buy only when the market price is meaningfully below your conservative estimate of intrinsic value.
**Stay within your circle of competence:** Invest only in businesses and industries you understand well enough to evaluate.
**Prioritize durable competitive advantages:** Look for strong brands, network effects, switching costs, cost leadership, patents, or scale.
**Seek consistent free cash flow:** Prefer companies that reliably convert accounting profits into cash available to owners.
**Evaluate management as capital allocators:** Assess how executives reinvest, acquire businesses, repurchase shares, issue stock, and manage debt.
**Control financial risk:** Favor strong balance sheets and manageable debt, especially in cyclical or uncertain industries.
**Think independently and long term:** Treat market volatility as an opportunity; avoid following popular narratives or short-term price movements.
**Be patient and disciplined:** Wait for attractive opportunities, concentrate on your best ideas appropriately, and sell only when the thesis changes, valuation becomes excessive, or a better opportunity emerges.