name	buffett-investment-research
description	Buffett-style company analysis and value-investing research. Use when Codex needs to analyze a business or listed company with Warren Buffett's framework, including 巴菲特框架, 价值投资, 护城河, 管理层, 企业文化, 资本配置, 财务韧性, 回购, 错误复盘, 危机应对, or when asked for a Buffett-style investment memo or recommendation.

Buffett Investment Research

Use this skill to produce a Buffett-style research memo, not a hot take. The goal is to judge business quality, management quality, capital allocation, balance-sheet resilience, reinvestment runway, and price discipline.

Treat the output as decision support rather than personalized financial advice. Give a framework-based verdict, state assumptions plainly, and make uncertainty visible.

Workflow

Define the company clearly. Confirm the exact entity, ticker, exchange, geography, business mix, and whether the business is within the current circle of competence.
Gather primary sources first. Always browse for current analysis because filings, prices, management teams, leverage, and capital allocation can change.
For U.S. issuers, start with the SEC helper script. Run python3 /Users/fane/.codex/skills/buffett-investment-research/scripts/sec_company_snapshot.py "Company or Ticker".
For non-U.S. issuers, start with official sources. Prioritize the investor-relations site, annual report, exchange filings, regulator filings, proxy or AGM materials, and earnings-call transcripts.
Read the local references in this order. Start with references/framework.md. Then read references/memo-template.md. Read references/timeline.md when the user asks for deeper philosophical context, historical evolution, Buffett's mistakes, or crisis playbooks.
Write the memo. Judge the business first, then the price. Do not start from the chart.

Source Priority

Official annual reports, 10-K or equivalent, proxy, regulator filings
Official earnings-call transcripts, investor presentations, and capital-markets materials
Competitor filings and industry disclosures
Credit-rating commentary, regulator data, and trustworthy trade sources
Secondary commentary only after primary-source facts are pinned down

Buffett Rules To Preserve

Analyze a stock as a partial ownership interest in a business.
Do not forecast the market, macro cycle, rates, or FX unless the company is directly exposed and the exposure is contractual or balance-sheet based.
Prefer simple and durable businesses over complicated stories.
Reject businesses outside the circle of competence instead of forcing a verdict.
Distinguish business quality from price attractiveness.
Reject weak culture, aggressive accounting, or fragile financing even when valuation appears cheap.
Prefer patience over false precision. Pass is a valid answer.

Hard Filters

Reject or downgrade sharply when one of these is true:

The business model cannot be explained simply
Economics depend on commodity pricing with no durable edge
The company needs continuous external capital to survive
Leverage or refinancing risk can impair permanent capital
Management lacks candor or capital-allocation discipline
Industry change is too fast to estimate normalized economics
The thesis only works if a greater fool pays more later

Output Requirements

Use the structure in references/memo-template.md. Always include:

Circle-of-competence judgment
Moat assessment with concrete evidence
Management and culture assessment
Capital-allocation assessment
Balance-sheet and crisis-resilience assessment
Valuation logic using normalized owner earnings or a conservative proxy
A clear verdict: Strong fit, Watchlist, Weak fit, Reject, or Outside competence
A confidence level and the top missing facts that could change the conclusion
Source links

Notes On Recommendations

If the user asks whether to invest, answer in Buffett-style language:

Say what kind of business this is
Say whether it appears to have a durable moat
Say whether management acts like owner-operators or empire builders
Say whether the balance sheet can survive stress
Say whether the price implies an attractive prospective return
State the main reasons to pass even if the company is excellent

Never pretend certainty. If the business is good but the price is not, say so plainly.

Buffett Investment Research

Treat the output as decision support rather than personalized financial advice. Give a framework-based verdict, state assumptions plainly, and make uncertainty visible.

Workflow

Define the company clearly. Confirm the exact entity, ticker, exchange, geography, business mix, and whether the business is within the current circle of competence.

Gather primary sources first. Always browse for current analysis because filings, prices, management teams, leverage, and capital allocation can change.

For U.S. issuers, start with the SEC helper script. Run python3 /Users/fane/.codex/skills/buffett-investment-research/scripts/sec_company_snapshot.py "Company or Ticker".

For non-U.S. issuers, start with official sources. Prioritize the investor-relations site, annual report, exchange filings, regulator filings, proxy or AGM materials, and earnings-call transcripts.

Read the local references in this order. Start with references/framework.md. Then read references/memo-template.md. Read references/timeline.md when the user asks for deeper philosophical context, historical evolution, Buffett's mistakes, or crisis playbooks.

Write the memo. Judge the business first, then the price. Do not start from the chart.

Source Priority

Official annual reports, 10-K or equivalent, proxy, regulator filings

Official earnings-call transcripts, investor presentations, and capital-markets materials

Competitor filings and industry disclosures

Credit-rating commentary, regulator data, and trustworthy trade sources

Secondary commentary only after primary-source facts are pinned down

Buffett Rules To Preserve

Analyze a stock as a partial ownership interest in a business.

Do not forecast the market, macro cycle, rates, or FX unless the company is directly exposed and the exposure is contractual or balance-sheet based.

Prefer simple and durable businesses over complicated stories.

Reject businesses outside the circle of competence instead of forcing a verdict.

Distinguish business quality from price attractiveness.

Reject weak culture, aggressive accounting, or fragile financing even when valuation appears cheap.

Prefer patience over false precision. Pass is a valid answer.

Hard Filters

Reject or downgrade sharply when one of these is true:

The business model cannot be explained simply

Economics depend on commodity pricing with no durable edge

The company needs continuous external capital to survive

Leverage or refinancing risk can impair permanent capital

Management lacks candor or capital-allocation discipline

Industry change is too fast to estimate normalized economics

The thesis only works if a greater fool pays more later

Output Requirements

Use the structure in references/memo-template.md. Always include:

Circle-of-competence judgment

Moat assessment with concrete evidence

Management and culture assessment

Capital-allocation assessment

Balance-sheet and crisis-resilience assessment

Valuation logic using normalized owner earnings or a conservative proxy

A clear verdict: Strong fit, Watchlist, Weak fit, Reject, or Outside competence

A confidence level and the top missing facts that could change the conclusion

Source links

Notes On Recommendations

If the user asks whether to invest, answer in Buffett-style language:

Say what kind of business this is

Say whether it appears to have a durable moat

Say whether management acts like owner-operators or empire builders

Say whether the balance sheet can survive stress

Say whether the price implies an attractive prospective return

State the main reasons to pass even if the company is excellent

Never pretend certainty. If the business is good but the price is not, say so plainly.