Buffett and Munger use the poker concept of 'tells'—observable behavioral indicators—as an analytical framework for assessing the trustworthiness and future behavior of business partners when acquiring businesses.
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Speaker
Warren BuffettEvidence Quote
“in poker they talk about tells and Charlie and I bought a lot of businesses and it's uh it's very important when we buy those businesses that we assess the individuals that we're buying from uh with some degree of accuracy because you know they hand us the stock certificate and we hand them a lot of money and then we count on them to run the business with as much enthusiasm after they have the money uh as they did before”
Created: 8/12/2026, 5:58:06 PM
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