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Read/watch the following videos/excerpts:
Buffett, W. E. And Munger, C. T. -1998. 1998 Berkshire Hathaway Annual Shareholders Meeting. Watch/read the "30. Business schools "incoherent" on cost of capital" section
Buffett, W. E. And Munger, C. T. -2001. 2001 Berkshire Hathaway Annual Shareholders Meeting. Watch/read the "22. Capital and opportunity cost" section
Buffett, W. E. And Munger, C. T. -2003. 2003 Berkshire Hathaway Annual Shareholders Meeting. Watch/read the "20. Look at opportunity cost not cost of capital" section
Question for discussion: Comment on how Warren Buffett views cost of capital at Berkshire Hathaway
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