Acquired · Thread
Berkshire as the long-form study
A three-part close read on Berkshire as the canonical reference for capital allocation, patience, and the value of saying no.
Each of the threads on this site is an arc — a set of episodes that only make sense as installments of the same argument. This page is the in-order index of one of them.
Concepts the thread keeps returning to
Capital allocation
How ownership structure, cash flows, buybacks, debt, and M&A shape outcomes over decades.
Long horizon
A patience structure that lets a company or investor make bets whose payoff is years to decades away, when most participants are forced to act on quarters.
The arc · 3 episodes over 1 years
A three-part close read on Berkshire as the canonical reference for capital allocation, patience, and the value of saying no.