For the latest Warren Buffett, go to WarrenBuffettNews.com – 1. You have to deal in things that you are capable of understanding. 2. Then once you’re over that filter, you need to have a business with some intrinsic characteristics that give it a durable competitive advantage. 3. Then you should vastly prefer management in place with a lot of integrity and talent. 4. Finally, no matter how wonderful it is, it’s not worth an infinite price, so you have to have a price that makes sense and gives a margin of safety considering the natural vicissitudes of life. It’s a very simple set of ideas. The reason that these ideas have not spread faster is they’re too simple.