Buffettology

Revisited this old book, and the content is quite similar to those mentioned in 'The Warren Buffett Way', except
1) use ROE to measure "return to shareholders" ;
2) measure the "value creation" by (increase in earnings over a period) / accumulated retained earnings over the same period, e.g. 5 or 10 years.

I think the first point is okay if depreciation expense is in similar amount as capital expenditure, while the second point can help eliminate the effort of market sentiment on stock price, which in turn affect the market value.