In spring 1991, Warren Buffett gave three lectures to Notre Dame Faculty, MBA Students and Undergraduate Students. This is one of the best value investing readings by Warren Buffett. Download PDF: Three Investing Lectures at University of Notre Dame
Category: Articles & Speeches
Warren Buffett Speech to University of Georgia Students
Transcript: Speaker: Well, good morning and welcome. You’re a nice crowd, you certainly got quiet quickly. That surprised me. Can you hear me all right? There in the back? Well, for business school, you know it doesn’t get much better than this. Having the world’s greatest investor come to your campus is quite an honor. […]
Purchase-Price Accounting Adjustments and the “Cash Flow” Fallacy
This article is an appendix from Warren Buffett’s Letter to Berkshire Shareholders, 1986. Buffett introduced the “owner earnings” concept and explained why this metric is useful in evaluating businesses. Purchase-Price Accounting Adjustments and the “Cash Flow” Fallacy
Warren Buffett’s $50 Billion Decision
By Warren Buffett Benjamin Graham had been my idol ever since I read his book The Intelligent Investor. I had wanted to go to ColumbiaBusinessSchool because he was a professor there, and after I got out of Columbia, returned to Omaha, and started selling securities, I didn’t forget about him. Between 1951 and 1954, I […]
Tests of a Good Business
By Warren Buffett A couple of fast tests about how good a business is. First question is “how long does the management have to think before they decide to raise prices?” You’re looking at marvelous business when you look in the mirror and say “mirror, mirror on the wall, how much should I charge for […]
Businesses – The Great, the Good and the Gruesome
This article is an excerpt from Warren Buffett’s Letter to Berkshire Shareholders, 1984 Let’s take a look at what kind of businesses turn us on. And while we’re at it, let’s also discuss what we wish to avoid. Charlie and I look for companies that have a) a business we understand; b) favorable long-term economics; […]
A Change in Media Economics and Some Valuation Math
By Warren Buffett This article is an excerpt from Warren Buffett’s Letter to Berkshire Shareholders, 1991 In last year’s report, I stated my opinion that the decline in the profitability of media companies reflected secular as well as cyclical factors. The events of 1991 have fortified that case: The economic strength of once-mighty media enterprises […]
Goodwill and its Amortization: The Rules and The Realities
This article is an appendix of Warren Buffett’s Letter to Berkshire Shareholders, 1984 This appendix deals only with economic and accounting Goodwill – not the goodwill of everyday usage. For example, a business may be well liked, even loved, by most of its customers but possess no economic goodwill. (AT&T, before the breakup, was generally […]
Buffett on Berkshire Hathaway Dividend Policy
This article is an excerpt from Warren Buffett’s Letter to Berkshire Shareholders, 1984 Dividend policy is often reported to shareholders but seldom explained. A company will say something like, “Our goal is to pay out 40% of 50% of earnings and to increase dividends at a rate at least equal to the rise in the […]
The Superinvestors of Graham-and-Doddsville
By Warren Buffett This article is published in the Fall, 1984 issue of Hermes, Columbia Business School magazine. It was based on a speech given on May 17, 1984 at the Columbia University School of Business in honor of the 50th anniversary of the publication of Benjamin Graham and David Dodd’s book Security Analysis. Is the Graham and Dodd […]
Buffett Speaks at Columbia
On Thursday evening, ColumbiaBusinessSchool’s Seminar on Value Investing welcomed Warren Buffett as the guest speaker. I was lucky enough to worm my way into it. Here are my notes. (I don’t claim that everything is completely accurate, but I think I captured at least the proper meaning of everything). 5:55 pm – 5 minutes to go. The […]