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I think most of what they do is pretty simple to understand. Their unconventionality is often a function of the fact that they think from first principles instead of copying others mindlessly.
They do a lot of interesting stuff. I'd be hard pressed to explain all the ins and outs of the following: 1. No dividends 2. Public not a private company 3. Cash compensation based on Kpis only 4. No negotiation, take it or leave it offers 5. Insurance company float
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6. Never selling 7. Buffett makes no decisions but capital allocation and pricing (?) 8. Munger and Buffett partnership (how many partnerships have lasted as long as theirs?) And I'm sure there are many more...
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6. Re: never selling. Buffett hates criticism and wants to keep businesses operational when he can. Was traumatized by when he took a slash and burn approach with Berkshire early on. Two, wants to signal to business owners that business will be kept intact. Three, taxes.
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1. No dividends is because historically Buffett could reinvest cash into better investments than most other investors could. Also, share buybacks more tax efficient.
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2. Public company structure was actually an accident. Buffett and Munger have called it a colossal mistake with no explanation. If they could re-do it, they would've bought their first insurance business in a private company.
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1. No dividends because they think they can allocate capital better than their shareholders and buybacks are a more tax efficient way to return capital. 2. Public. Probably just a function of legacy and personality.
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