Buffett-style investing as a three-legged stool

This is a good quote about Warren Buffett-style investing:

They like to liken their process to a three-legged stool in terms of the kinds of companies they look for:

• The first leg of that stool is the business model that produces high free cash flow
• The second leg is shareholder-oriented management
• And the third leg is the ability to invest that high free cash flow in areas that will produce attractive rates of return

The quote comes from this Morningstar page. That description is consistent with what you’ll find in books like The Warren Buffett Way and The New Buffettology.