Disclaimer

Education, not advice

Buffett Economics publishes general educational material about investing principles and markets. Nothing on this site, in our videos, the book or The Daily Moat is personalised advice or a recommendation to buy, sell or hold any security, fund or other asset. We are not registered investment advisers, brokers or financial planners. Before making financial decisions, consider your own circumstances and, where appropriate, consult a licensed professional.

Risk

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Data and calculators

Market data is collected from third-party sources and may be delayed, incomplete or wrong. Calculators produce illustrations based entirely on the assumptions you enter. Numbers labelled "example" are illustrative and are not facts about any real company.

Quotes and characters

Quotations from Warren Buffett, Charlie Munger and others are reproduced verbatim from their published letters, meeting transcripts or interviews and cited by source and year, for commentary and education. The cartoon of Mr. Buffett is a caricature; it never speaks words he did not say. Bucky is our own fictional narrator. Use of a person's name does not imply endorsement.

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Our own positions

Authors may own securities discussed in our content. When a writer has a position in a company discussed in a letter, the letter will say so.