For the right reasons, there is traditionally a lot of emphasis on Buffett’s investment and management style from the letters.  Unfortunately, unless you are managing a fund or business empire worth billions – which most of us aren’t (and if you are, we should have coffee some time) – such lessons are hardly applicable to the needs of a common investor. Here, we focus on 3 insights which are more technical in nature and by that virtue, more relevant for small time investors and analysts. Different balance sheet yardstick for companies with float If our revolving float is both costless and long-enduring, which I believe it will be, the true value of this liability is dramatically less than the accounting liability. Owing $1 that in effect will never leave the premises – because new business is almost certain to deliver a substitute – is worlds different from owing $1 that will go ... ...