Warren Buffett on the Art of Spotting Extraordinary Investments

In October 1998, Warren Buffett delivered a freewheeling lecture to MBA students at the University of Florida, covering everything from the era’s economic environment to Valentine's Day candy sales. Beneath the anecdotes and folksy humor lay a comprehensive philosophy on investing, character, and business that has proven extraordinarily durable.

This visual guide distills the lecture into its core frameworks: economic moats, the circle of competence, pricing power, and the radical discipline of doing almost nothing.