The Warren Buffett Way: The World’s Greatest Investor
The Education of Warren Buffett 13 The f irst problem that Graham had to contend with was the lack of a universal def inition fo ...
14 THE WARREN BUFFETT WAY the company’s future income, but only to note the difference between earnings and f ixed charges. If t ...
The Education of Warren Buffett 15 philosophy steered Graham toward two approaches for selecting common stocks that, when applie ...
16 THE WARREN BUFFETT WAY these methods were deeply out of favor with the market. Some macro- or microevent caused the market to ...
The Education of Warren Buffett 17 observed about the companies and managers they visited. “That hour each week,” Fisher said, “ ...
The Education of Warren Buffett 19 he explained, is to uncover as much about a company as possible from those individuals who ar ...
20 THE WARREN BUFFETT WAY through the heady days of the 1920s and the disastrous crash of 1929 and its aftermath. That experienc ...
The Education of Warren Buffett 21 cash it will earn over its lifetime and then discount that total back to a present value. It ...
22 THE WARREN BUFFETT WAY theory; but “both approaches end up recommending the same kinds of stocks for purchase.”^13 Warren Buf ...
The Education of Warren Buffett 23 Berkshire and Blue Chip Stamps merged in 1978, he became Berkshire’s vice chairman, a positio ...
24 THE WARREN BUFFETT WAY It was Munger who convinced Buffett that paying three times book value for See’s Candy was actually a ...
The Education of Warren Buffett 25 of searching for companies that were selling for less than their net work- ing capital, Buffe ...
26 THE WARREN BUFFETT WAY taught, and the speculative characteristics are a consequence of people’s fear and greed. These emotio ...
The Education of Warren Buffett 27 Finally, Fisher taught Buffett the benef its of focusing on just a few investments. He believ ...
28 THE WARREN BUFFETT WAY In a real sense, Munger is the active embodiment of Fisher’s quali- tative theories. From the start, C ...
29 3 “Our Main Business Is Insurance” The Early Days of Berkshire Hathaway W hen the Buffett Partnership took control of Berkshi ...
30 THE WARREN BUFFETT WAY and commodities by def inition have a diff icult time differentiating their products from those of com ...
“Our Main Business Is Insurance” 31 National Indemnity Company and National Fire & Marine Insurance Company. It was the begi ...
32 THE WARREN BUFFETT WAY Buffett then spent f ive hours getting an education in the insurance business from the only person wor ...
“Our Main Business Is Insurance” 33 when most of the insurance industry struggled with prof itability and most investors stayed ...
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