Subject: Kai Wu-Buffett's Intangible Moats
Executive Summary

Warren Buffett is often mischaracterized as an old-school value investor in the mold of Ben Graham. In reality, he long ago evolved beyond Grahamʼs focus on tangible book value – instead favoring asset-light businesses with wide intangible moats (e.g., Coca-Cola and Apple). Buffettʼs long-term success is largely driven by systematic exposure to two key factors: Intangible Value and Quality. While there will never be another Buffett, his philosophy can be distilled into a simple, rules-based strategy – one that can be implemented using long-only factor building blocks and applied across a broader opportunity set than Berkshire itself can access today.

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