The Warren Buffett Way: The World’s Greatest Investor
114 THE WARREN BUFFETT WAY securities to justify the unjustif iable and thereby sell what should be un- salable. When earnings l ...
Investing Guidelines: Financial Tenets 115 announces a cost-cutting program, he knows this company has not f ig- ured out what e ...
116 THE WARREN BUFFETT WAY that have similar earnings but 10 percent corporate expenses; sharehold- ers lose 9 percent in the va ...
Investing Guidelines: Financial Tenets 117 the company defeated a strike by the Newspaper Guild and, after lengthy negotiations, ...
Investing Guidelines: Financial Tenets 119 As we have learned of one accounting scandal after another, it has become even more c ...
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121 8 Investing Guidelines Value Tenets A ll the principles embodied in the tenets described so far lead to one decision point: ...
122 THE WARREN BUFFETT WAY Theoretically, investors make their decisions based on the differ- ences between price and value. If ...
Investing Guidelines: Value Tenets 123 manufacturers of buggy whips to operators of cellular telephones, be- come economic equal ...
124 THE WARREN BUFFETT WAY enough to project the long-term earnings potential of any company within it. This brings us to the se ...
Investing Guidelines: Value Tenets 125 of Coca-Cola were going to improve. In addition, Goizueta was buying back shares of Coca- ...
126 Table 8.1 The Coca-Cola Company Discounted Owner Earnings Using a T wo-Stage “Dividend” Discount Model (first stage is ten y ...
Investing Guidelines: Value Tenets 127 growth, the present value of the company discounted at 9 percent would be $38.163 billion ...
128 THE WARREN BUFFETT WAY growth of earnings exceeds the discount rate, so again we must use the two-stage discount model. If w ...
Investing Guidelines: Value Tenets 129 again achieve these margins. If pretax margins improved to 15 percent, the present value ...
130 THE WARREN BUFFETT WAY matter how intelligently run.” Neither of those two could be ruled out entirely, of course, but Buffe ...
Investing Guidelines: Value Tenets 131 indicated value. Graham taught Buffett the importance of buying a stock only when the dif ...
132 CASE IN POINT LARSON-JUHL, 2001 Late in 2001, Warren Buffett made a handshake deal to buy Larson-Juhl, wholesale supplier of ...
133 Further strengthening that moat, Larson-Juhl is widely known as the class act in molding. Frame shop operators order molding ...
134 THE WARREN BUFFETT WAY Coca-Cola From the time that Roberto Goizueta took control of Coca-Cola in 1980, the company’s stock ...
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