The Warren Buffett Way: The World’s Greatest Investor
74 John Justin Jr. retired in April 1999, and John Roach, former head of the Tandy Corp., came in to lead a restructuring. In ju ...
75 bricks a year, each one stamped with the Acme logo, and each one guaranteed for 100 years. Demand for bricks is tied to housi ...
76 quality. Both divisions of Justin have managed to turn them- selves into a franchise, through a combination of top quality, g ...
Investing Guidelines: Business Tenets 77 way to make a commodity business prof itable, then, is to be the low- cost provider. Th ...
78 THE WARREN BUFFETT WAY company during the 1970s. It was a dismal period for Coca-Cola—dis- putes with bottlers, accusations o ...
Investing Guidelines: Business Tenets 79 computer-assisted printing presses and newsroom electronic systems are quickly paid for ...
...
81 6 Investing Guidelines Management Tenets W hen considering a new investment or a business acquisition, Buffett looks very har ...
82 THE WARREN BUFFETT WAY who behave like owners tend not to lose sight of the company’s prime objective —increasing shareholder ...
83 CASE IN POINT SHAWINDUSTRIES, 2000–2002 In late 2000, Warren Buffett’s Berkshire Hathaway group agreed to acquire 87 percent ...
84 that his company would quadruple its $214 million in sales in ten years; he did it in eight years. Clearly, Bob Shaw managed ...
Investing Guidelines: Management Tenets 85 capital, over time, determines shareholder value. Deciding what to do with the compan ...
86 CASE IN POINT FRUIT OF THELOOM, 2002 In 2002, Warren Buffett bought the core business (apparel) of bankrupt Fruit of the Loom ...
87 personal bank loan of $65 million in case he defaulted—which he did. The board, which earlier had set his compensation at nea ...
88 He explained his thinking to Berkshire shareholders: “John Holland was responsible for Fruit’s operations in its most boun- t ...
Investing Guidelines: Management Tenets 89 another, a company that must integrate and manage a new business is apt to make mista ...
90 THE WARREN BUFFETT WAY with the shareholders. The ultimate test of owners’ faith is allowing management to reinvest 100 perce ...
Investing Guidelines: Management Tenets 91 American Express Buffett’s association with American Express dates back some forty ye ...
92 THE WARREN BUFFETT WAY Next, Golub set f inancial targets for the company: to increase earn- ings per share by 12 to 15 perce ...
Investing Guidelines: Management Tenets 93 offers. He looks for a business that “has competitive barriers, does not re- quire ex ...
«
1
2
3
4
5
6
7
8
9
10
»
Free download pdf