Buffett's 2005-06 letters: On moats, managers and money

A business decline rarely starts with incompetence. It starts with indifference towards customers, capital, or shareholders. It starts with managers chasing short-term numbers while quietly dismantling the foundations they were hired to protect. And it thrives in boardrooms where tough questions go unasked because everyone is too polite—or too well paid—to ask them.

This article was originally published on April 25, 2025.