Warren Buffett, chairman and CEO of Berkshire Hathaway (BRK.A) (BRK.B), has long been celebrated for his ability to distill complex business realities into simple, pointed observations. Among his many remarks is one that underscores the value of financial strength in maintaining a competitive edge, first captured in his 1989 letter to Berkshire Hathaway shareholders: “As businessmen, Charlie [Munger] and I relish having competitors who are unable to fund capital expenditures.” This comment reflects a cent ...