Warren Buffett (CEO of Berkshire Hathaway) has been associated with many rules for investing, which can be boiled down to [1] invest only in a business that you understand, [2] buy 'cheap' and [3] invest for the long-term. Do you agree with these three 'rules' or not? How would we operationalize these rules? What kind of sector or style bets are implied by these three 'rules' if any? As a portfolio manager, would it make sense to try to mimic Warren Buffett/Berkshire Hathaway?