The author reflects on a 1972 letter from Warren Buffett to See's Candy president, revealing Buffett's early understanding of brand building. Buffett understood that a brand's value extends beyond tangible assets like ingredients and earnings. He recognized the significance of customer perception and the feelings a brand evokes, like trust and nostalgia. Buffett saw See's as a brand built on customer love, a "moat" protecting its long-term success. He emphasized the importance of maintaining a special brand image through careful merchandising and control. The letter demonstrates Buffett's focus on intangible brand equity, emphasizing the power of storytelling and consistency. Buffett wanted See's to feel rare and carefully curated, understanding the psychology of desire. The author draws parallels between Buffett's approach and Collaborative Fund's investment philosophy, focusing on purpose-driven companies. They evaluate companies based on whether consumers would miss them if they disappeared, the "Villain Test." See's has generated substantial profits and goodwill, solidifying its place as a legendary brand. The author concludes that Buffett's letter captures the core elements of enduring brand building. Buffett focused on the overlooked elements which build brands and legends.