1. Patience and Discipline: Buffett emphasizes the importance of patience and long-term thinking in investing. He advises against frequent trading and instead advocates for a buy-and-hold strategy. 2. Understand the Business: Before investing, Buffett ensures he thoroughly understands the business model, industry, and competitive landscape. This principle is often referred to as investing within one's "circle of competence." 3. Management Quality: Buffett places significant importance on the quality of a company's management. He looks for leaders who are not only skilled but also trustworthy and aligned with shareholder interests. 4. Economic Moats: Buffett seeks companies with "economic moats," or sustainable competitive advantages, which protect them from competitors and ensure long-term profitability.