How do you structure a Buffett checklist before looking at the multiple?

How do you structure a Buffett checklist before looking at the multiple? I’ve been trying to force myself to write the business down *before* I argue about PE. Rough order I use: 1. Business — Can I explain how cash actually arrives in one paragraph? 2. Moat — What stops a well-funded competitor from copying this in 5–10 years? 3. Owner earnings — Capex, working capital, and what “normal” looks like mid-cycle. 4. Margin of safety — What has to go right for today’s price to be fair? What if growth is merely okay? 5. Call — Buy zone / wait / avoid — and *why*, not a target price fantasy. Example on Berkshire (BRK.B) with that lens (not a recommendation): * Business: Insurance float + operating subsidiaries + a public equity book. Float is capital others pay you to hold. * Moat: Culture and permanent capital more than a single brand; hard to replicate the combination. * Valuation habit: I care less about “cheap vs S&P today” and more about whether I’m paying a premium for fortress balance-sheet optionality I’m not using. * Working call for me: Closer to a buy-zone mindset when I can own the float machine without paying growth-stock optimism — still not a blank check at any price. Counter-example Apple (AAPL): * Wonderful ecosystem economics (hardware seeding high-margin services). * Moat is real (switching costs + developer mindshare). * My friction is usually price: I often end in wait, because the market already prices a lot of perfection into Services. Questions for the sub: * Do you write the moat paragraph *before* you open a model, or do you start from financials? * What’s your personal rule for “wonderful business, no margin of safety → wait” vs “force a valuation anyway”? * For cyclical compounders, how do you define “normalized” owner earnings without fooling yourself? Not asking anyone to buy anything. Looking for critique of the *process*. Educational discussion only — not investment advice.