1984 Letter to shareholders- Berkshire Hathaway "Unrestricted earnings should be retained only when there is a reasonable prospect - backed preferably by historical evidence or, when appropriate, by a thoughtful analysis of the future - that for every dollar retained by the

2007 letter -letter to shareholders- Berkshire Hathaway Charlie and I look for companies that have a) a business we understand; b) favorable long-term economics; c) able and trustworthy management; and d) a sensible price tag. We like to buy the whole business or, if

Narayana Q2 FY26 concall... Cayman Islands operations saw 70% revenue growth, driven by strong uptake of insurance products; hospital margins remain high at 43-44%, while insurance is approaching breakeven but remains volatile quarter-on-quarter. India business reported 20%

Electronics FY25 revenue $125bn IT FY25 revenues $283bn

Vedant fashions Q3 FY26- -SSSG of -5.5% ( degrowth), 9M 1.8% growth - gross margins 65.7% vs 67.3%- declined -PAT margins 27.4% vs 30.9% - area 1.79 mn sqft - Revenue /sq ft - 7800Rs - revenues are stagnant for last 3 yrs co has backed off from earlier expansion plan of 10-15%

Polycab Q3 FY26 -EBITDA grew 34% YoY but margins compressed 50 bps QoQ to 12.7% (13% excluding ₹219 million gratuity provision) due to deliberate staggered pass-through of commodity cost inflation In the July 2025 call, management emphasized their ability to 'swiftly' pass

Bajaj finance Q3 FY26 - 1406cr provision for MSME segment - full yr growth guidance lowered to 22% from 23-24% -MSME recovery will take 2-3 qtrs more - Cost of funds improved to 7.45% (7 bps up QoQ) -Capital adequacy 21.45% -Annualized credit cost 1.91% -Planning 800+

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats. - Warren Buffett