buffett-skills
> **[中文版本 →](README.zh.md)** # bft-skills A collection of Claude Code skills built around Warren Buffett's investment framework. <video src="bft.mp4" controls width="600"></video> ## Skills ### `buffett` — Buffett Investment Thinking System Activates Warren Buffett's complete investment thinking system. Covers the full workflow from quick screening to deep analysis, with structured output and industry-specific playbooks. **Triggers automatically when you:** - Analyze any stock or company - Evaluate an investment opportunity - Read financial reports, annual letters, or shareholder letters - Judge a company's moat or competitive advantage - Assess management quality and integrity - Make buy / hold / sell decisions - Discuss value investing concepts (compounding, intrinsic value, margin of safety, circle of competence, Mr. Market) - Analyze specific industries (insurance, banking, consumer, media, energy, railroads, tech) - Handle capital allocation, buybacks, or dividends - Assess market sentiment or macro risk No need to mention "Buffett" — any investment analysis or business quality question triggers the skill. ## Installation Clone this repo and copy the `skills/buffett` folder into your project: ```bash git clone https://github.com/agi-now/buffett-skills /tmp/buffett-skills cp -r /tmp/buffett-skills/skills/buffett your-project/.claude/skills/buffett ``` The skill must be placed at `.claude/skills/buffett/SKILL.md` relative to your project root: ``` your-project/ └── .claude/ └── skills/ └── buffett/ ← this folder ├── SKILL.md └── references/ ├── 01-thinking-frameworks.md ├── 02-investment-philosophy.md ├── 03-business-moat.md ├── 04-management-governance.md ├── 05-financial-metrics.md ├── 06-valuation-capital.md ├── 07-risk-behavior.md └── 08-industry-playbooks.md ``` Claude Code auto-discovers skills placed under `.claude/skills/<name>/SKILL.md` — no registration required. ## Skill Structure The `buffett` skill uses **progressive disclosure**: `SKILL.md` is always loaded, and the 8 reference files are read on-demand based on the analysis type. ### Dispatch Logic | Path | When | Files Read | |------|------|-----------| | **A · Quick screen** | "Is this worth analyzing?" | None — uses the 8-question checklist | | **B · Deep analysis** | Full company evaluation | `03→04→05→06`, plus `08` (industry) and `07` (risk) as needed | | **C · Topic question** | Specific concept or decision | Directly loads the relevant reference file | ### Reference Files | File | Content | |------|---------| | `01-thinking-frameworks.md` | Circle of competence, inversion, Mr. Market, long-term thinking, Munger's mental models | | `02-investment-philosophy.md` | Intrinsic value, compounding, undervaluation, concentration, EMH rebuttal | | `03-business-moat.md` | Five moat types, franchise vs. commodity business, economic goodwill | | `04-management-governance.md` | Three-dimensional management assessment, institutional imperative, corporate culture | | `05-financial-metrics.md` | Owner earnings, ROIC/ROE, cash conversion rate, look-through earnings | | `06-valuation-capital.md` | Three valuation methods, margin of safety, five capital allocation paths | | `07-risk-behavior.md` | When to sell, value traps, leverage, inflation, derivatives, behavioral biases | | `08-industry-playbooks.md` | Insurance, banking, consumer, media, energy, railroads, tech, cautionary tales | ### Output Format Every analysis follows a structured template with all sections required: - **Conclusion** — Buy / Don't buy / Watch / Hold / Sell + one-sentence rationale - **Circle of Competence** — In circle / Out of circle / Boundary - **Key Assumptions** — 3–5 core assumptions the decision depends on - **Business Quality** — Moat type + strength + trend, management assessment - **Financial Snapshot** — ROIC, cash conversion rate, owner earnings estimate - **Valuation** — Intrinsic value range, margin of safety %, suggested entry price - **Sell Criteria Check** — Four sell criteria checked individually (required for hold/sell questions) - **Key Risks** — Top 3 risks only - **Monitoring Indicators** — Quarterly checks and sell triggers - **Final Verdict** — Decision and rationale in Buffett's voice ## Eval Results Benchmarked across 3 test cases (Apple stock analysis, banking framework, Moutai hold/sell): | Metric | with skill | without skill | Delta | |--------|-----------|---------------|-------| | Pass rate | **100%** (15/15) | 66.7% (10/15) | **+33%** | | Avg tokens | 43,353 | 12,524 | +30,829 | | Avg time | 154.4s | 95.2s | +59.2s | The skill's primary value is systematic reference file reading (11+ tool calls vs 2) and strict output format adherence. The token/time cost is the tradeoff for analytical depth. ## Mind Map ```mermaid mindmap root((bft-skills<br/>Buffett Investment System)) Trigger Scenarios Stock / Company Analysis Financial Reports / Annual Letters Buy · Hold · Sell Decisions Moat / Competitive Advantage Management Quality Assessment Value Investing Concepts Industry-Specific Analysis Capital Allocation / Buybacks / Dividends Market Sentiment / Macro Risk Three Core Modules Moat Scanner Cost Advantage Switching Costs Network Effects Intangible Assets Efficient Scale Management Mirror Promises vs. Delivery Capital Allocation History Pay-Shareholder Alignment Margin of Safety Calculator Optimistic / Base / Pessimistic Intrinsic Value Range Suggested Entry Price Dispatch Logic A · Quick Screen 8-Question Checklist No Reference Files Needed B · Deep Analysis Moat 03 Management 04 Financials 05 Valuation 06 Industry Playbook 08 (as needed) Risk & Behavior 07 (as needed) C · Topic Question Load Relevant File Directly 8 Reference Files 01 Thinking Frameworks Circle of Competence · Inversion Mr. Market · Munger's Models 02 Investment Philosophy Intrinsic Value · Compounding Concentration · Undervaluation 03 Business Moat Five Moat Types Franchise vs. Commodity Economic Goodwill 04 Management & Governance Three-Dimensional Assessment Institutional Imperative · Culture 05 Financial Metrics Owner Earnings ROIC / ROE Cash Conversion Rate 06 Valuation & Capital Three Valuation Methods Margin of Safety Five Capital Allocation Paths 07 Risk & Behavior When to Sell Value Traps Behavioral Biases 08 Industry Playbooks Insurance · Banking · Consumer Media · Energy · Railroads Tech · Cautionary Tales Output Format Conclusion (Buy/Pass/Hold/Sell) Circle of Competence Key Assumptions (3-5) Business Quality (Moat + Management) Financial Snapshot Valuation & Margin of Safety Sell Criteria Check Key Risks (max 3) Monitoring Indicators Final Verdict ``` ## Source Material Reference files were compiled from 49 concept pages in the Buffett Letters corpus, covering every major topic from Buffett's shareholder letters and public writings.