LAST UPDATED 8/07/2017
Where to start?
- If you don’t know where to start, we’ve put together a list of must-read resources for value investors. The list can be found here.
- We’ve also picked out the best value-orientated studies and research papers. This list can be found here.
Several Selected Publications: (see very bottom of page for hundreds of more research papers on value investing) Warren Buffett, one of the world’s most famous and successful investors and CEOs, has granted permission to author/entrepreneur?Mark Gavagan?to publish “Gems from Warren Buffett – Wit and Wisdom from 34 Years of Letters to?Shareholders”?Gems From Buffett
The Brandes Institute provides some very well written and value oriented research from a partner institute for the?well-established value investor.??Click here.
Insights from Some of Todays Leading Investment Min
SUPER INVESTORS OF GRAHAM-AND-DODDSVILLE Famous Speech by Warren Buffett on Value Investing. I would call this the Gettysburg Address of Value Investing. This is a must read for any value investor.
The Wisdom of Great Investors?The mini-book (FREE!) put together by Davis Funds offers the wisdom of many of history’s most successful investment minds, including, but not limited to; Warren Buffett, Chairman of Berkshire Hathaway and one of the most successful investors in history; Benjamin Graham, recognized as the “Father of Value Investing” and one of the most influential figures in the investment industry; Peter Lynch, portfolio manager and author, and Shelby Cullom Davis, a legendary investor who turned a $100,000 investment in stocks in 1947 into over $800 million at the time of his death in 1994.1
Awesome resource page from Aswath Damodaran Great Professor of Finance at NYU, who teaches value investing.
- Benjamin Graham Hearing to a U.S. Senate Committee for a Stock Market Study
- Ten Rediscovered Lectures of Benjamin Graham’s Columbia class from 1946
- Pzena white paper:Value + low risk = more return + less volatility?
- AN HOUR WITH BEN GRAHAM: Interview by Hartman L. Butler, Jr., C.F.A. La Jolla, California March 6, 1976
- Myopic Loss Aversion and the Equity Premium Puzzle
- Howard Marks oaktree Capital memos 1990-2009
- Tons of research papers on behavioral finance from Michael?Mauboussin
- Graham and Doddsville Newsletter Archives http://www4.gsb.columbia.edu/valueinvesting/resources/newsletter
Stocks held by Walter Schloss?
Articles about Benjamin Graham?
Articles by Benjamin Graham
Articles about Walter J. Schloss
Articles by Walter J. Schloss
Graham-Newman Partnership Returns (by year)?
Lectures by Benjamin Graham?
Transcript of James Tisch's Speech?
Articles from "Value Investing Retrospective," Heilbrunn Center Research Project?
Columbia Business School Class Recordings?
- Index of Behavioral Bias and Market Anomaly Research
- Jason Zweig WSJ Blog
- Reddit- Security Analysis
- Corner of Berkshire & Fairfax
- The Outstanding Investor Digest at www.oid.com.
- A journal of interviews with famous value investors Value Investor Insight at www.valueinvestorinsight.com. VII distributes monthly issues and online bonus content each week. Each monthly issue contains two feature pieces on major value investors and articles on value investing today.
- A Psychological Perspective of Financial Panic Boston Fed Research Richard Ivey School of Business
- Audio Downloads: Conferences and Speeches
- Ben Graham CollectionBooks & Other Readings
- Canadian Value Fund DatabaseCompany Financials & Financial Markets Databases
- Interactive Stock ChartsInterviews & NotesUS Equity & Bond Screener
- US Financial Statements
- Videos: Guest Speakers and ConferencesResearch
- Some of our favorite value blogs
- Value Investing World
- Acting Man
- Moat Investing
- Deal Breaker
- The?Southern Investigative Reporting Foundation
- The Odd Lot
- The Daily Reckoning?
- Sense on Cents
- The Short Side Of Long
- Value Investing Journey
- Expecting Value
- Ragnar is a Pirate
- ?Lunda loupe?(Great value site in Swedish)
- Greg Speicher
- Reminiscences of a Stockblogger
- Money Beat
- Oddball Stocks
- e Wall Streeter
- AAAMP Blog
- Zero Hedge
- I Heart Wall Street
- Turnkey Analyst
- Variant Perception
- Cliff Kule Notes
- A Dash of Insight
- Crossing Wall Street
- Capital Observer
- Stock Spinoffs
- The Brooklyn Investor
- Distressed Debt Investing
- Abnormal Returns
- Above Average Odds
- Base Hit Investing
- Merrill Over Matter
- Tom Friedman
- The Reformed Broker
- Mebane Faber
- Corner of Berkshire
- Aleph Blog
- Bargain UK
- Distressed Debt Investing
- Manual of Ideas
- Reddit/Security Analysis
- Shadow Stock
- Whopper Investments
- Me vs. EMT
- Distressed Volatility?
- Capitalist Exploits
- Manual of Ideas
- Old School Value
- Investing Sidekick
- Strictly Financial?
- I Heart Wall Street
- Investing Caffeine?
- UK Value Investor
Value insights from Redfield, Blonsky & Starinsky, LLC
(A great resource website for value investors)
- November 14, 2014
2014 Annual Investment Conference Handout
- November 6, 2014
This is a link with a video interview of Ronald Redfield by The Manual of Ideas on January 31, 2014. Ron discusses value investing, investor influences and other specific investing issues. http://youtu.be/3pkKlsWkNrc ?A tremendous thank you to Manual of Ideas!
- October 15, 2014
Quick Investment Thoughts as DJIA is dropping 400+ points
- March 4, 2014
My favorite excerpts from Warren Buffett 2013 Shareholder Letter
- February 26, 2014
Marijuana Stocks and observations in Colorado
- February 11, 2014
Weather is certainly having an economic effect in America during Winter 2013/2014
- January 15, 2014
Notes to Jim Cramer book, ‘Get Rich Carefully.’ 2013
- June 24, 2013
Rates have continued to rise
- June 7, 2013
Some recent investment thoughts
- May 31, 2013
US Treasury rates have been rising quite a bit lately
- May 23, 2013
My favorite quotes from the recently Berkshire Hathaway 2013 Annual Meeting held on May 4, 2013
- May 22, 2013
My favorite quotes of Warren Buffett from a CNBC interview on May 6, 2013
- May 21, 2013
Some quick ramblings on the economy
- April 16, 2013
This is a link with an interview of Ronald Redfield by The Manual of Ideas during April of 2013. Ron discussed value investing and how the investment section of our firm evolved.http://www.youtube.com/watch?v=0yQ3oTXW2Zc&feature=youtu.be
- February 27, 2013
Notes to the book, ‘How To Pick Stocks like Warren Buffett.’ The author is Timothy Vick, 2001.
- February 27, 2013
Investment Maxims I found, but could not source. ?Very Interesting.
- February 27, 2013
Notes from 1934 quick look at Moody’s Manual
- February 27, 2013
Notes to book “Super Money,” by ‘Adam Smith’
- February 27, 2013
Notes to 1980 Value Line
- February 27, 2013
Notes to Video given by Howard Marks of Oaktree Capital
- February 26, 2013
Notes to Benjamin Graham's book “Security Analysis” 6th edition
- October 10, 2012
Portfolio and Investment Update
- August 24, 2012
Irving Kahn's simple method of value investing
- December 9, 2011
Traditional Fixed Income currently is typically not evident in our portfolios
- November 30, 2011
Interesting Notes to Video of Seth Klarman and Charlie Rose
- October 26, 2011
Quick Investment update
- August 10, 2011
Quick update and our strategy as the markets have corrected > 20%
- June 24, 2011
2011 Annual Letter
- November 24, 2010
2010 RBCPA Investment Conference Handout
- October 11, 2010
October 11, 2010 Ben Franklin's 13 Virtues
- August 24, 2010
Notes and thoughts while reading The Great Depression: A Diary’ by Benjamin Roth
- July 9, 2010
Our Portfolio Views mid-year 2010
- May 17, 2010
Selected Notes from Sequoia Fund, Inc. Meeting May 14, 2010
- March 22, 2010
2010 Annual Letter
- December 9, 2009
Explanation of recent buys and sells of the same positions in your accounts
- November 18, 2009
MP3 of our 2009 Investment Conference ?<<<<Just click on the link. Please allow a few minutes for downloading. ?The MP3 is Virus Free!
- November 12, 2009
2009 RBCPA Investment Conference Handout
- October 1, 2009
Various Commercial Real Estate blurbs from 9/16/09 - 10/01/09
- September 16, 2009
Notes I took from Boston Properties at Barclays Capital Global Financial Services Conference.
- September 15, 2009
Interesting Graph of Tax Rates for different nations. ?Worth Looking at!!
- September 9, 2009
Notes to book “The Templeton Touch” 1st edition - 1983
- August 31, 2009
Notes to book “The Snowball – Warren Buffett and the Business of Life”
- June 25, 2009
Notes from Richard LeFrak on CNBC and other Commercial Real Estate Ramblings
- June 24, 2009
Notes from CBRE presentation on NYC Commercial Real Estate on June 22, 2009
- June 19, 2009
Ten Guidelines from Richard Bernstein on His Final Day at Merrill
- June 2, 2009
Quick discussion on Intrinsic Value
- May 27, 2009
Notes to meetings of Leucadia, Vornado and Sequoia
- May 27, 2009
Doubt - An essay
- May 27, 2009
Various Commercial Real Estate Notes from 3/09 - 5/09
- May 26, 2009
Henry Kaufman Discussion on September 21, 1999
- April 3, 2009
Some thoughts on recession, inventories and outsourcing
- April 2, 2009
Notes to JPM 2008 Annual Letter
- March 3, 2009
Keeping in touch during a difficult economic period
- February 10, 2009
2009 Annual Letter
- December 16, 2008
Keeping in touch and why your assets invested by us can not be subject to any theft
- December 15, 2008
Further Commercial Real Estate ramblings
- December 12, 2008
Notes from Wachovia Commercial Real Estate (CRE) Conference 12/9/08
- December 3, 2008
Excellent Commercial Real Estate Article written by Colony Capital.
- November 24, 2008
Notes ?from 1929-1937 ?in the book, ?'101 Years on Wall Street'
- November 12, 2008
Jamie Dimon, CEO and Chairman of JP Morgan Chase spoke at a Merrill Lynch Banking and Financial Services Conference.
- October 10, 2008
Letter to clients during Financial Crisis of 2008
- October 2, 2008
CIMA conference with Seth Klarman
- July 8, 2008
Semi-Annual 2008 Investment Letter and Update
- June 5, 2008
Notes from AAII NYC discussion with Bruce Berkowitz of Fairlholme Fund
- May 21, 2008
Notes from Annual Meeting of Zweig Funds
- March 13, 2008
The Wisdom of Great Investors
- February 28, 2008
Notes to Murray Stahl at NYSSA on September 24, 2007
- February 28, 2008
NYSSA discussion with Jason Zweig (10/1/07)
- February 28, 2008
Having Fun Rearranging Letters in phrases
- January 24, 2008
2008 Annual Letter
- January 21, 2008
Notes on Manufactured Housing from September and October 2007
- January 21, 2008
NYSSA presents Tony Crescenzi
- January 21, 2008
Notes of conference on 1/9/08 given by Michael Metz
- January 4, 2008
- July 13, 2007
July 2007 Semi - Annual Investment Letter Sent to our Clients
- April 26, 2007
Notes to Grant's Spring Conference 2007
- April 11, 2007
Notes to the excellent book, "The Money Game" by Adam Smith.
- January 25 , 2007
Notes of conference on 1/10/07 given by Michael Metz
- January 11, 2007
Letter to Clients attached to annual performance reports
- September 25, 2006
RBCPA's First Annual Investment Conference
- Notes To Benjamin Graham's book, "The Intelligent Investor."
- Notes to Charlie Rose interview of Warren Buffett
- Notes To The Book “Margin Of Safety” by Seth Klarman PDF Version
- Annual Letter to our Friends and Clients
- Just some White Board Notes
- Quick New Years thoughts, game plan and resolutions
- Quick Notes to book I read many years ago. "Contrarian Investment Strategies." The author is David Dreman.
- Quick Notes to book I read many years ago. "Common Stocks and Uncommon Profits." The author is Philip A. Fisher.
- Notes From Book called "The Tao Jones Averages." ?Below you will see a quiz on right side versus left side brain tendencies. ?You will also see an interesting guide to selecting an investment manager.
- Notes from NY Times Magazine (10/16/05) article about the housing market, and specifically Toll Brothers, Inc.
- Notes from Conference given by Jim Rogers. The conference was titled, "Hot Commodities."
- Some ramblings on the economy and such
- Some portfolio and investment thoughts
- Some notes to my weekend readings by Charles D, Ellis, CFA
- Notes to article in most recent Financial Analysts Journal called "Dividends and the Frozen Orange Juice Syndrome," by Peter L. Bernstein.
- Notes from the book "In an Uncertain World," by Robert E. Rubin
- Notes from reading "A Rediscovered Benjamin Graham"
- A letter to clients I still haven't sent, expressing our views. ?This was written mid May 2005.
- Selective notes from Sequoia meeting on May 13 and Leucadia on May 17, 2005
- Selective notes from annual meeting of Zweig Funds (ZF) and Zweig Total Return Fund (ZTR) from May 10, 2005.
- Notes from a discussion given by Marty Whitman at an American Association of Individual Investors (AAII) meeting
- Notes from a discussion given by Jean-Marie Eveillard at NYSSA on Global Value Investing
- Just some quick thoughts
- Keeping clients and friends in touch.
- Notes I took while listening to Ron Muhlenkamp
- How much will $1000 grow into in 79 years?
- Fed raises rates again
- Just some notes, primarily on inverse bond funds
- some thoughts and notes from lecture given by Delos Smith
- recent thoughts, Sirius blurb and Marty Zweig
- quick economic views and notes on Gary Shilling
- Interesting notes from the works of Martin Barnes. ?Discussions on defensiveness, inflation and interest rates.
- Some recent emails and state of affairs we have been collecting.
- interesting article written by 2nd Opinion Research on the stock option debate.
- What about US Treasury Bonds ? Interesting article written by Martin Weiss on his views of bonds, stocks and this interest rate environment. ?Please click on this link to read the article.
- Some of our inflation thoughts
- Comments by Richard Russell and Dow Theory
- Interesting blurbs from Martin Zweig
- Blurb from Richard Russell
- Richard Russell's simple 10% formula for real estate values
- Warren Buffett article on Trade imbalance and US Dollar
- Keeping our clients in touch
- Article published on August 26, 2003. ?This article discusses "Fail to plan, plan to fail"
- Richard Russell discusses the 50% principle
- Article published on July 24, 2003. Article discusses the risks and rewards of Fixed Income Investing
- Notes to Fred Hickey's "High Tech Strategist"
- Article published on June 30, 2003. ?This article discusses "crisis being the seed of opportunity"
- William Fleckenstein talks gold
- Article published on May 14, 2003. ?This article discusses fear of investing
- Interview on November 15, 2002 with Ronald Redfield, portfolio manager
- our views
- Trying times continue
- "blood in the streets"
- "Waiting on a Sunny Day" and some Fred Hickey discussion
- May 14, 2002 update. ?This article reviews our philosophies and gives our views of the future
- September 16, 2001 update. ?Important to read to see how we were invested prior to the terrorist attacks
- Seminar notes on May 17, 2001 on " How To Invest in Difficult Markets"
- Technology discussion and diversification discussion.
- Update. ?We sent over 1000 clients and friends this letter describing our concerns of NASDAQ 5000.
- January 28, 2000 update. ?This is an excellent read, since fixed income markets and value was out of favor. Notice our blurb on AOL.
- discussion on our philosophies of investing and portfolio management.
- discussion on our philosophies and current perspectives
- correspondence to person retiring from AT&T. ?This gives you an idea of how we work with retirees.
- discussion of Benjamin Graham and value investing
- current thoughts. Notice how we still hold companies like Occidental and Placer Dome. Look at our consistency in approach.
- current views and reiterations of Ben Graham and Peter Lynch
- Questions to ask a financial advisor
Free US Stock Index Data
Fama-French (Monthly 1926, Daily 1963)
Free Foreign Stock Index Data
MSCI Barra – See more at: http://www.mebanefaber.com/2013/03/21/free-data-sources/#sthash.kO2Kjk6T.dpuf
Jim Grant’s List of Online Resources via GrantsPub
- Federal Reserve Bank of St. Louis
- FT Alphaville
- FT Blog – Beyond Brics
- Calculated Risk
- The Wall Street Journal Blog
- Bank of International Settlements
- Measuring Worth
- US Census – Federal Budget
- Distressed Debt Investing
- The New York Sun
- The Gold Standard Now
- The National Bureau of Economic Research
- Want China Times
- Legacy of Benjamin Graham
- The Psychology of Human Misjudgement – Munger 1995
- Charlie Munger Speech – USC 2007
- A Conversation With Charlie Munger – University of Michigan 2010
- Charlie Munger – Stanford University 2010
- Charlie Munger – 2012
- Warren Buffett – Bloomberg Game Changers
- Warren Buffett – 1962
- An Hour With Warren Buffett – Charlie Rose 2012
- A Conversation With Warren Buffett – Forbes 2012
- Tour Warren Buffett’s OfficeWarren Buffett on “The Intelligent Investor”
- Warren Buffett & Ajit Jain – 2011
- Warren Buffett on Equities & Gold?- 2012
- Warren Buffett Talks Business – University of North Carolina 1995
- Prem Watsa – Ben Graham Conference 2012
Charles T. Munger Letters (Wesco)
Leucadia Shareholder Letters
- Leucadia Letters - 1978 to 2015
- 2004 ???posted April 25, 2005
- 2005 ???posted April 18, 2006
- 2006 ???posted April 17, 2007
- 2007 ???posted April 16, 2008
- 2008 ???posted April 15, 2009
- 2009 ???posted April 9, 2010
- 2010 ???posted April 13, 2011
- 2011 ???posted April 13, 2012
- 2012 ???posted June 25, 201
Value investing case studies
- Dun and Bradstreet Corporation
- Harley-Davidson Inc.
- HQ Sustainable Maritime Industries Inc.
- National Presto Industries
- Sanderson Farms
- The Brink’s Company
Value funds websites
- Aegis Value Fund – Scott L. Barbee
- Ariel Capital Management, LLC – John W. Rogers, Jr.Auxier
- Asset Management – Jeffrey Auxier
- Chou Funds – Francis Chou
- Davis Funds – Shelby Davis
- Forester Capital Management – Thomas H. Forester
- Investment Management Industry Snapshot (PDF)
A nice Buffett Guide
A great guide?of over 500 Q&As with Warren Buffett, sorted and compiled to find every answer to every question you ever had about Berkshire and/or Buffett
- Have you ever bought a company where the numbers told you not to? How much is quantitative and how much is qualitative?
- What is it that really piques your interest in a stock? What tells you that it could be interesting?
- What is your investment process?
- What's your acquisition criteria? What has made you successful in this area where most others have failed?
- What's your acquisition strategy? How do you get deals?
- Deal flow?
- What sources of investment ideas are available today?
- Do you have any investing tips?
- How do you build your investment knowledge?
- Is there an organizational model that allows you to deal with all the information?
- Do you have advice for the individual investor to help them narrow the stock universe?
- What advice would you give to new investors?
- Advice for getting into investing?
- Where is a good place for new investors to invest right now?
- What advice would you give to non-professional investors?
- Are investors more or less knowledgeable today compared to ten years ago?
- How to approach index funds?
- If you were today 20-something years old would you primarily be searching for: a) Situations reminiscent of 1957 – akin to Daehan Flour Mills, or b) Situations reminiscent of 1987 – akin to Moody’s Corporation?
- What's your opinion of cigar butts vs quality businesses?
- If you were starting out again today, what would you do the same or differently?
- First, would you say 'I could make you 50% a year on $1 million' again today? Second, what else would you do differently?
- Do you believe that we'll have significant mispricings again? And if you were 26 today how would you generate the 50% returns that you said you might do with smaller amounts of capital?
- Where Can I Find 50% Returns?
- Could you describe the capital allocation process you follow? How do you determine the charges for capital to your different managers?
- What filters do you use when looking at companies?
- How would you recommend an individual investor who follows the Graham and Dodd philosophy to allocate their capital today?
- What impacts have Graham/Dodd and Phil Fisher had on your investment philosophy? What percentage of your investment philosophy would you attribute to each of them?
- Since Ben Graham isn't around anymore, what money managers do you respect today? Is there a Ben Graham today?
- If you were to teach an investment course, besides works by Ben Graham and Phil Fisher and your book on the instalment basis, what would be on the syllabus
- What's the temperament of successful investors?
- Do you agree with Philip Fisher's two reasons to sell?
- What tells you when an investment has reached its full potential?
- Could you explain more about the circle of competence?
- What two industries are the first you should learn when developing your circle of competence?
- Is there a moral connection to who you invest in?
- Who do you think will be one of the next greatest investors and are you partial to favoring someone with a similar investment style as yours?
- What do you think of discounted cash flow (DCF) models?
- Could you explain your opportunity cost decisions of the past year?
- What are your views on diversification?
- Would you consider spinning off some companies to realize value?
- Why would you hold stocks forever, if the fundamentals change permanently? (Buy and hold)
- Why do you think more people don't follow your advice?
- Why do you think that despite making your methods publicly available, that relatively few people have been able to emulate your success?
- What have been your best investments ever?
- Could you give us your definition of stock market risk?
- How much and how does risk factor into your investment decisions? Would you invest in emerging markets?
- What do you think of setting an asset allocation?
- How often do you review each position in your portfolio?
- What are your expectations for future returns on stocks?
- Do you expect the stock market premium to continue to be 6.5% over bonds?
- You have espoused a constant ROE on the stock market of about 13%, over time. Do you think that such an expectation is reasonable if you factor into equity and ROE the effect of stock options granted to managements? When option programs are present in a company, what do you think is a realistic way of valuing them on a cash basis?
- Do you think investors expect too much?
- What's your investment hurdle rate?
- Do you prefer public or private investments?
- Investors eventually repeat their mistakes. How can you prevent this--through fast growth or safety?
- Why do large caps outperform small caps?
- What is the definition of Value vs. Growth stocks?
- From the partnership letters in 1964, you had a strategy called ‘generals relatively undervalued.’ We have recently begun to implement a technique where we buy something at 12x, when comps sell at 20x. Comps go to 10x. Is this pair trading?
- Importance of filtering out the noise?
- What is the benefit of being an out-of-towner as opposed to being on Wall Street?
- There is always mention that some of your success could be attributed to not buying in to the Wall Street mania b/c you are in?Omaha—what importance do you give to balance as it pertains to work and life and what do you do to maintain your appropriate balance?
- There are a record number of ‘value’ investors here this year. Are there fewer $100 bills? Should I go to run a business instead of being a value fund manager?
- Do you ever change your investing standards?
- Have there been instances in your career where you have been tempted to deviate from your strategy and if so, how did you handle that?
- When did you know you were rich?
- How important is conviction in investing?
- How do you avoid misjudgement?
- How do you improve independent thinking?
- What are the key traits needed to correct the crowd mentality?
- Don't you have a lot of competition to buy great businesses? For example, from private equity funds?
- How do you learn who to trust and who not to trust?
- What's your philosophy on partnering with others?
- We know that you are a big bridge player. Do you think that bridge correlates to investing? Are there any traits or characteristics that might carry over from one to the other?
- How do you think about value?
- How do you calculate intrinsic value?
- What do you believe to be the most important tools in determining intrinsic value?? What rules or standards do you apply when using these tools?
- Could you comment on the matter of intrinsic value as it applies to some of the Inevitables?
- When you estimate intrinsic value in capital intensive companies like McDonald's and Walgreens where a very healthy and growing operating cash flow is largely offset by expenditures for new stores, restaurants, etc how do you estimate future free cash flow? And at what rate do you discount those cash flows?
- Is the skill of judging risk just as important as calculating intrinsic value?
- What valuation metrics do you use?
- What do you think of the use of book values in making investment decisions?
- If you can’t talk with management, and can’t read the annual report, and didn’t know the price, but could only look at the financial statements, what metric would you look at?
- How do you think about growth rates when you value businesses?
How to Think About Businesses
- What's your philosophy in buying businesses?
- What is the ideal business?
- What makes a great business?
- When you are looking at a business in which to invest, what are your priorities?
- What makes a company something that you like?
- What types of businesses have the highest ROIC?
- What businesses should we avoid?
- What have been your business mistakes?
- How do you determine what is the proper price to pay for the business?
- What do you do if business changes are recognized?
- Do you know of any examples of companies that have lost and regained their competitive advantage?
- Impact of regulation on businesses?
- Would you comment on the quality of earnings in capital-intensive businesses, like utilities?
- Please talk about the shift to investing in capital intensive businesses and the ultimate impact on intrinsic value. Help us understand the time value of the necessary capital expenditures.
- How do you place a value on intangible assets? What are the signs of great “moats” around a business and great managements? Do you place a dollar value on this? What discount rates do you use?
- Not too long ago, a reasonable person might have concluded that Kellogg and Campbell Soup had big moats around their businesses, but that has proven not to be the case and their stocks have languished. What might we learn from this?
- What's your opinion of downsizing and outsourcing?
- Can you comment on the impact of rising commodity prices on margins?
- Could you explain a little more about the mind of the consumer and the nature of the product?? And explain how you actually apply these concepts to find the companies with the best potential?
- What do you think the best quality is in a business or a person?
- How do you grow a small business into a big business?
- How do you build the culture of a new organization or change that of an existing one?
Alternatives to Common Stock
- Your opinion on derivatives? (2003)
- What are your views on derivatives and how do you think they have affected the global market?
- What's your opinion of stock options?
- Would you use stock options to enter a position in a public company?
- What's your opinion of gold as an investment?
- When would you exchange shares for gold?
- What is your opinion on exchange-traded funds and how to do you accurately judge them?
- Muni bond defaults you described in 2008 -- they haven’t materialized. Should investors worry about getting higher returns?
- Experience with junk bonds?
- There are discounts in the fixed income market. Will you take advantage?
- Can you give us your insights on the oil and silver markets?
- Investing in ethanol?
- Any comments on commodities?
- What are the future trends in coal? Does the cost advantage outweigh the environmental impact?
- Could you comment on your currency position?
- Do you hedge and what are your thoughts on the U.S. dollar?
- What are your views on the dollar?
- Early on in you career you bought some land and then rented this out to some local farmers? Why didn’t you pursue this type of investment in real estate?
Accounting, Corporate Finance, & Investing
- What adjustments to reported earnings do you make?
- Recommendation of a book on accounting?
- What can be done to improve the accuracy of financial statements of financial institutions? What can be done to improve the integrity of financial statements?
- Would you comment on companies you say use questionable accounting practices to make their operations look good?
- What does it mean to own stock in a company?
- Where can you buy stock with the cheapest commissions?
- How do you know when you are going to lose money and when you aren't? Since the stock market changes every minute.
- What's the role of the board of directors?
- Your thoughts on EBITDA?
- Opinion on share buybacks? and dividends?
- Why do you not believe in dividends when Benjamin Graham believed in them?
- Your thoughts on inflation?
- Do you see deflation as a threat to our investments?
- What's your opinion of Enron and creative accounting?
- What's your opinion of day trading?
- What's your opinion on asbestos liability?
- What are your thoughts on short selling?
- Opinion on IPOs?
- Are corporate jets a waste of shareholders’ money?
- Can you forecast the continuing debate between Efficient Market Theory (EMT) proponents and value investors? Are your designated successors “outliers” as well?
- How did you get to be so rich?
- What is your unified principle?
- Thoughts on banks willingness to deal with shady characters?
- Risk of holding assets at banks or brokerage houses?
- Any comments on the behaviour of accountants in tax avoidance schemes?
- Does protection of the banking system warrant the lack of public disclosure in Bank of America’s purchase of Merrill Lynch?
- What is the main contribution to the stock market crash of this century?
- Are investment banks so complex that the head is not aware of the risks?
- What are the risks in the financial system?
- What can we learn from past blow-ups?
- Do you think the bankruptcy process should be reformed?
- Insurance pricing and risk?
- How do you manage insurance risk?
- Can you comment on the consolidation taking place internationally in the insurance industry?
- How do you price super cat insurance policies?
- Could you comment on fraud in the insurance industry?
- Opinion on the likely housing bubble? (2005)
- How do you feel about the current real estate environment?
- Your views on the securitization of real estate?
- Where do you see the residential real estate market going in the next year or two?
- Can you comment on the subprime market?
- What's your opinion on investing in foreign stocks?
- What are your requirements for investments outside the U.S.?
- When looking at other countries Mr. Buffett, do you look at the country’s overall financial status or do you look at the financials of that specific company in a foreign country? You mentioned investing in Korean companies – do you ever look at the state of the country you are investing in?
- 1/8th of world is in India. Why aren’t you investing in India?
- How large is the universe of companies whose intrinsic value you know? Why invest in South Korea or China?
- Investing in Brazil?
- Investing in Russia?
- Investing in Africa?
- May I ask you your reasons for coming to Germany?
- Are you concerned with the effects of foreign economies and their weak currencies? These have played a role in Coca-Cola’s profitability recently - and Coke is trading at P/E multiple of 75. (1999)
- Do you foresee Berkshire buying any businesses in India or China in the near future?
- Please talk about Greece, the future of the Euro and fiscal discipline in the world. Greece and other countries are clearly in trouble and BRK has investments in Europe. How is BRK positioned for currency failures? What is your advice to investors regarding the future of the Euro?
- What is most important thing you learn from China?
- How will Buffett invest in China in the future? What will happen to the purchasing power of China’s large holdings in U.S. Treasuries?
- Why is car insurance business not expanding globally? Why not China?
- What are your thoughts about Japan?
- Does the Japanese economy affect your outlook?
The Investment Industry
- Is the individual investor even capable of assessing the riskiness of securities given the large number of institutions/hedge funds in the market?
- What do you think about all the money flowing into private equity and hedge funds? And do you see the future of buying businesses changing based o-n the considerable increase in private equity activity?
- What do you think about how most money is managed?
- Advice for finding good investment advisors?
- Comments on the mutual fund scandal? (2004)
- Why don't you start a mutual fund