Warren Buffett's 1983 letter on goodwill, moat and valuation

Investing isn't just a numbers game. It's a mindset, one that cuts through flashy headlines, quarterly hype, and spreadsheet clutter to get to the heart of what really matters: preserving value. Back in 1983, Warren Buffett dropped some cardinal lessons on how to truly evaluate a business, from assessing competitive advantages to accounting goodwill. This story, part of our series , unpacks Buffett's timeless insights shared in his 1983 letter to Berkshire shareholders.

This article was originally published on March 27, 2025.