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02.006 Warren Buffett Speaks
Warren Buffett Speaks
2007 by Janet Lowe
John Wiley & Sons, Inc.
| Chapter | Value Investing |
|---|---|
| ABOUT LIFE | – |
| ABOUT FRIENDS | – |
| ABOUT FAMILY | – |
| ABOUT WORK | – |
| ABOUT RUNNING A BUSINESS | Communicate well Know when you say no Set an example Take care of shareholders Hire well, manage little Put a premium on experience Be smart about allocating capital Be brave use crossover skills The mighty machine called Berkshire Hathaway |
| ABOUT INVESTING | Have a philosophy Recognize the enemy: inflation Experience epiphany Never mind what the professors say Meet Mr. Market – your servant, not your guide Ignore Mr. Market’s moods Listen for opportunity’s call Know the difference between price and value Seek intrinsic value Expect to be out of step Earnings, earnings, earnings Look forward, not back Avoid risk Don’t gamble Watch for unusual circumstances Don’t be surprised by circumstances Avoid excessive debt Look for screaming bargains Arbitrage when possible Be patient Think for yourself Have the right tools Be wary of Wall Street Only buy securities that you understand An old dog prowls new markets PetroChina An expanding circle of competence Buy reading glasses Become an investigative reporter Keep it simple Think big Know what you’re looking for Don’t sweat the math Admire frugality Set realistic goals Face facts Expect change Be capable of change Admit your mistakes No thumb sucking John AA (Airlines Anonymous) Learn from your mistakes Buy storybook stocks Seek excellent companies Stick with quality Junk bonds Appreciate franchise value Respect pricing power Find a company with cheat float (then try to not misplace the company) Learn to like Monopoly Find managers who think like owners Management is important, but a good company is more important Avoid the institutional Imperative (the tendency for corporations to act like lemmings) Favor companies that repurchase their own stock Don’t worry about diversification Invest for the long term To sum up And when you’ve become wealthy by following in the footsteps of Buffett, pay your dues to society Investing is one way of contributing to the public well-being When rewards are disproportionate Pay your taxes and don’t complain Give as generously as you receive Thoughts on charitable giving |
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