同一套问题，套进不同行业。保险、品牌、纺织反例——案例是框架的压力测试。
英文为原文摘录；中文标「译文」。点击年份打开本站 letters/ 中的官方文件。
“Berkshire was then a northern textile manufacturer mired in a terrible business. The industry in which it operated was heading south, both metaphorically and physically.”译文 当时的伯克希尔是一家深陷糟糕生意的北方纺织商。行业正在「南下」——比喻上与地理上皆然。
“A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit.”译文 街上的雪茄蒂或许只剩一口，但「便宜买进」会让那一口全是利润。——对持续经营的生意，这往往不够。
flowchart TB I[行业] --> Q[同一套问题] Q --> CoC[能力圈] Q --> Moat[护城河趋势] Q --> Mgmt[管理层] Q --> MOS[安全边际]
示意图是阅读辅助，不是巴菲特原图。