Warren Buffett is the most successful investor in our lifetime, and he employs capital budgeting tools and risk assessments before he decides to invest. After reading the two articles on Buffett, how would you assume Warren Buffett employs capital budgeting and risk management in selecting which companies to buy? How do his ideas on risk differ from academic metrics and concepts of risk? Which are more reasonable? Why is the academic definition of risk different from the definition of risk by "superinvestors" like Buffett, Munger, and Graham?