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 […]

Buffett Talks about Diversification

Question: What are your views on diversification? Buffett: I have 2 views on diversification. If you are a professional and have confidence, then I would advocate lots of concentration. For everyone else, if it’s not your game, participate in total diversification. The economy will do fine over time. Make sure you don’t buy at the […]

Charlie Munger Quotes

Investing All intelligent investing is value investing; then acquire more than you are paying for. Investing is where you find a few great companies and then sit on your ass. Source: BRK Annual Meeting 2000 I said, “We know the edge of our competency better than most.” That’s a very worthwhile thing. It’s not a […]

Buffett on Asset Allocation

Question: What do you think of setting an asset allocation? Warren Buffett: We don’t hold any committee meetings. The business of saying you should have 50% in stocks, 30% in bonds…it’s nonsense. The idea of recommending that assets should be split 60/40 [between stocks and bonds], and then have a big announcement that you’re moving […]

Buffett on Share Repurchases

Gillette doesn’t repurchase their shares … Coke consistently repurchases their shares. We generally like the policy of companies that have really wonderful businesses repurchasing their shares. The problem with most companies repurchasing their shares is that they are frequently so-so businesses and they are repurchasing shares for purposes other than intensifying the interest of shareholders […]

Warren Buffett Quotes

On Life Chains of habit are too light to be felt until they are too heavy to be broken. Source: Buffett Wharton Speech, October 10, 2003 On Economy Like virginity, a stable price level seems capable of maintenance, but not of restoration. Source: Berkshire Hathaway Letters to Shareholders, 1981 [Economic] Forecasts usually tell us more of the […]