The Warren Buffett Way: The World’s Greatest Investor
Investing Guidelines: Value Tenets 135 same time, his conviction about the company had not changed: The probabilities of Coca-Co ...
136 THE WARREN BUFFETT WAY to value (15 percent growth in owner earnings), a 37 percent discount (12 percent growth), or a 25 pe ...
137 CASE IN POINT FRUIT OF THELOOM, 2002 In 2001, while Fruit of the Loom was operating under the su- pervision of the bankruptc ...
138 THE WARREN BUFFETT WAY Clayton Homes Berkshire’s purchase of Clayton was not all smooth sailing; a legal bat- tle erupted ov ...
Investing Guidelines: Value Tenets 139 PUTTING IT ALL TOGETHER Warren Buffett has said more than once that investing in stocks i ...
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141 9 Investing in Fixed-Income Securities W arren Buffett is perhaps best known in the investment world for his decisions in co ...
142 THE WARREN BUFFETT WAY This aspect of Buffett’s investing style doesn’t receive a great deal of attention in the f inancial ...
Investing in Fixed-Income Securities 143 bonds outstanding would have suffered far greater losses. An insurance company heavily ...
144 THE WARREN BUFFETT WAY a government agency. However, the problems of Projects 4 and 5 were so severe that some were predicti ...
Investing in Fixed-Income Securities 145 signif icant discount to par value, doubled in price while annually pay- ing Berkshire ...
146 THE WARREN BUFFETT WAY led buyout that was to be f inanced with high-yield bonds, announced that it was unable to obtain f i ...
Investing in Fixed-Income Securities 147 Of the total, 65 percent were in the energy industry and about $7 bil- lion were bought ...
148 THE WARREN BUFFETT WAY called Omaha’s f irst citizen, Scott was the driving force behind the city’s zoo, its art museum, the ...
Investing in Fixed-Income Securities 149 would have had a healthy cash f low. The company’s most valuable asset was the 14-state ...
150 THE WARREN BUFFETT WAY ARBITRAGE Arbitrage, in its simplest form, involves purchasing a security in one market and simultane ...
Investing in Fixed-Income Securities 151 Nowadays, however, he does not engage in arbitrage on a large scale but rather keeps hi ...
152 THE WARREN BUFFETT WAY priced at a premium to the common stock. This premium is ref lected in the rate at which the preferre ...
Investing in Fixed-Income Securities 153 Berkshire’s holdings to over 9 percent voting interest and just over 80 percent economi ...
154 THE WARREN BUFFETT WAY secured by almost all the oil and gas assets of Barrett Resources, which Williams originally acquired ...
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