Warren Buffett

Warren Buffett

Last Update: 05-15-2015

Number of Stocks: 47
Number of New Stocks: 0

Total Value: $107,133 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Warren Buffett Watch

  • Warren Buffett's Family Secretly Funded A Birth Control Revolution

    Katherine O’Reilly, a certified nurse midwife in her 30s, works full time at the Mesa County Health Department’s clinic in Grand Junction, Colo., and she’s eager to show off the clinic’s stash of one of the most effective forms of birth control. First, though, she has to get out her electronic badge to unlock a heavy wood door with a paper sign, “PLEASE KEEP DOOR CLOSED AT ALL TIMES!!!” She surveys shelves packed with boxes of gloves and gauze, then walks over to an unmarked metal cabinet. She opens it and bends down to look at the bottom shelves. “There they are!” she says, as if they’d been hiding from her.


    She points to a stack of long, slim packages the size of a box of chocolates. Inside each is an intrauterine device and a tall, skinny straw that clinicians use to insert the flexible, T-shaped pieces of plastic into a uterus, where it can prevent pregnancy for as long as 10 years. “When I see patients, my goal is to be able to initiate contraception today,” she says. That means having IUDs in stock is essential.

      


  • Notes From Hillhouse Capital's Lei Zhang's Lecture At Columbia Business School

    In the high flying world of investing, Lei Zhang maintains a relatively low profile. Yet since he was seeded by David Swensen of Yale Endowment with $20 million in 2005, he has achieved a ~40% compounded annual return (28x not adjusting for inflation), making him one of the best performing investment managers. To put it into perspective, Warren Buffett has achieved a compounded annual return of ~22%, albeit for the past 50 years. Today, Lei Zhang’s Hillhouse Capital, named after a street nearby Yale where Lei received his MBA and master’s in public policy, manages ~$18 billion. Though not just focused on tech, Lei is best known for backing several most successful Chinese internet entrepreneurs and startups (e.g. Tencent, JD.com). On April 29, Lei paid a visit to the “Temple of Value Investing” Columbia Business School to share his investing and life lessons. Below are my summaries of his wisdom:



      


  • The Game Of Bridge and Investing – A Conversation Including Mohnish Pabrai

    What is it about the game of bridge that great investors find so interesting?


    Bill Gates (Trades, Portfolio) and Warren Buffett (Trades, Portfolio) are both avid players.

      


  • Stocks With “Too Much” Cash…and What They’re Doing With It

    They say that money can’t buy happiness. Well, that may or may not be true, but of one thing I am certain: Money buys you options.


    When you’re looking for stocks to buy, one thing to examine is the so-called “war chest.” See, a company with a lot of cash on hand can expand its business without having to borrow funds or dilute shareholders by issuing new equity. And importantly, they can also reward their shareholders with big dividend hikes or share repurchases. Or, they can simply sit on the cash and save it for a rainy day. And it’s every bit as true for companies as it is for regular people.

      


  • Cue Financial Group sold out American Express in Q2 2015

    At the end of the second quarter of 2015, the hedge fund Cue Financial Group Inc. reported a total value of its portfolio of $106,266,000 with an increase of 6.92% since the previous quarter.


    During the Q2 2015, the hedge-fund bought eight new stocks and increased 97 stakes as summarized in my previous article. It also sold out 10 stakes and reduced another 27. The following are the most heavily weighted sales of U.S. companies the hedge fund did during that quarter.

      


  • Iolite Partners – Q2 2015 Investor Letter

    Iolite Patners Core Portfolio letter for the first half ended June 30, 2015.


    Iolite Patners Core Portfolio

      


  • Solomon's Long Duration Investment Wisdom

    Storm clouds seem to build by the day. Many investors have an ongoing love affair with a few large-cap and more futuristic companies, yet they have corrected the prices of any stock with disappointing earnings or an attachment to the production of commodities.


    Faith in U.S. economic growth is muted by five years of 2% or lower GDP growth, while highly-regarded strategists, who perpetuate belief in economic stagnation or Malthusian theories, rule the thinking of most investors. In short, the wind and the clouds seem pretty obvious.

      


  • Whitney Tilson: Berkshire Hathaway Worth $267,000 A Share

    Whitney Tilson (Trades, Portfolio) sent out an email to his investors where he discussed a variety of topics ranging from Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) to the total return of the stock market. Mr. Tilson in the letter said that Berkshire Hathaway's estimated business value increased to $267,000/share.


    Excerpts from Whitney Tilson (Trades, Portfolio) email to investors:

      


  • GoodHaven Fund Semiannual Letter For 2015

    GoodHaven Fund semiannual report for the period ending May 31, 2015.


    GoodHaven Fund

      


  • Berkshire's GEICO Investment: "Bet Big" (Part 2)

    (This article picks up where I left off last time; see part one here)


    “It’s not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it who look and sift the world for a mispriced bet that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.”

      


  • Gabelli ABC Fund Second Quarter Letter

    Gabelli ABC Fund commentary for the second quarter ended June 30, 2015.


      


  • Berkshire Hathaway's $2 Billion Stake in AT&T

    On July 24, 2015, AT&T (NYSE:T) completed its $49 billion acquisition of DirecTV (NASDAQ:DTV). Under the terms of the merger, DirecTV shareholders received 1.892 shares of AT&T common stock and $28.50 in cash, per share of DirecTV. Since Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) owned 31.4 million shares of DirecTV as of March 31, 2015, that holding converts into 59.4 million shares of AT&T valued at approximately $2 billion at AT&T’s closing price of $34.29 on July 24. In addition, Berkshire Hathaway receives approximately $900 million in cash. Each share of DirecTV is, therefore, being valued at $93.38.


    In his 2012 letter to shareholders, Warren Buffett (Trades, Portfolio) said that DirecTV was a combined purchase of Todd Combs and Ted Weschler. When this deal was announced in May 2014, Messrs. Combs and Weschler issued a joint statement: “This is a terrific transaction for all involved: Enhanced choice for consumers, coupled with increased value for both AT&T and DirecTV shareholders – a natural.” The two portfolio managers built Berkshire’s stake in DirecTV beginning in 2011 at an average cost of about $60 per share.

      


  • Berkshire's GEICO Investment in 1976 and 1980: Lessons in Business and Investing

    I wrote an article about GEICO last November (here), but I haven’t talked too much about the company since then. In that article, I discussed some of the amazing results GEICO has reported since becoming a wholly-owned subsidiary of Berkshire Hathaway (BRK.B) two decades ago. The research I completed in preparation for writing that article left me with the impression that GEICO was one of the best businesses I had ever seen. They have a sustainable competitive advantage, and the moat has widened over time.


    This has allowed GEICO to slowly but surely take market share, moving from outside the top five in private passenger auto insurance in the U.S. to second over the past two decades; they’ve been wildly profitable as well, with a ~92% combined ratio (on average) over the past decade.

      


  • Charlie Munger's Ten Rules For Investment Success

    Charlie Munger (Trades, Portfolio), vice chairman of Berkshire Hathaway (BRK.A)(BRK.B), is a legendary investor who few value investors follow like Warren Buffett (Trades, Portfolio). Buffett has a cult following in the investment world. There are numorous articles written about him and his investing philosophy, yet very little is written about Munger, despite the fact Buffett has said Munger had a massive effect on him to move away from Graham classic value investing into a hybrid value and growth investing. As Buffett has inspired us through his simple investment philosophy, Charlie is the man who changed the investment method of the Oracle of Omaha. Munger is the inventor of modern day value investing that looks for franchise companies selling at fair value and growing at above average levels. Mr. Munger has always been a independent thinker who didn't think twice on rethinking Graham's net net investment strategy. He doesn't think twice to pay up for a wonderful company with a franchise.


    Charlie Munger (Trades, Portfolio) Investment Philosophy:

      


  • The Power of Words - Part I


    If all my possessions and powers were taken from me with one exception, I would choose to keep the power of words, because by them I would recover the rest.

      


  • Warren Buffett: How I Look At Life and Business

    Warren Buffett (Trades, Portfolio) was interviewed by Jeff Cunningham Iconic Voices and a video has been made available here. Here are excerpts of some answers that I have found to be quite insightful and useful for investors.


    Q: How do you keep up with all the media and information that goes on in our crazy world?

      


  • Are You Playing Defense in This Market?

    Ouch. That’s how I felt in 2008 when my portfolio was down 28.6%.


    The S&P was down 37% that year but I certainly didn’t care about having beaten the market.

      


  • Learning from Charlie Munger and Warren Buffett’s Mistakes

    It is well known that one of Warren Buffett (Trades, Portfolio)’s largest mistakes was actually purchasing Berkshire Hathaway. In his letter to shareholders, he has shared the lessons learned from this experience so that we can, as Charlie Munger (Trades, Portfolio) says, learn vicariously.


    On Investing More Capital to Achieve Terrible Returns

      


  • The Insurance Sector Is In A Sweet Spot for Investors Right Now

    The Greeks can give assurances that they will repay their debts once the current ones are forgiven. The EZ’s troika can give assurances that they will stand firm. And Putin can give assurances that there are no Russian troops in eastern Ukraine and all those mothers losing their sons are losing them to “training accidents” deep in Mother Russia. Assurances are a dime a dozen.


    But insurance — that’s something that is real. Every now and then, the insurance industry is at the sweet spot of claims, premiums and interest rates. I believe we are at one of those times.

      


  • Warren Buffett, Bill and Melinda Gates Join Charlie Rose To Discuss The Giving Pledge

    What introduction is necessary?


    Bill Gates (Trades, Portfolio) and his wife Melinda join Charlie Rose to discuss how the "Giving Pledge" was born. The pledge, of course, is a commitment by wealthly members of society to give almost all of their net worth back to help others when they pass away.

      


  • What Value Investor Chuck De Lardemelle Learned From Warren Buffett's Purchase Of Burlington Northern

    Warren Buffett (Trades, Portfolio) was the subject of a lot of second guessing when he bought Burlington Northern.


    Time has once again proven Buffett to be right. For years, Buffett hated the railroad business. What changed is that Buffett figured out that the consolidation of the industry had raised pricing power and that there was tremendous opportunity to get a good return.

      


  • The Next Target 3G And Warren Buffet Could Team Up For

    PepsiCo (NYSE:PEP) is best known as the competitor to Coca-Cola (NYSE:KO). The two giants effectively have the market for black gold (the other black gold) split between them. In addition Pepsi manufactures and sells salty and sweet snacks. Brands include: Pepsi, Mountain Dew, Gatorade, Tropicana, Lay's, Doritos, and Quaker. The food unit makes up 50% of revenue and the company derives approximately 50% from the U.S. Pepsi’s salty snacks have a large market share which is providing the company with a strong competitive advantage through scale. Back in the 60’s in the so-called conglomerate era, you may remember Teledyne, Pepsi merged with Frito-Lay. The combination has survived changing preferences among investors so far. Today, conglomerates are not popular. Buffett refers to the practice as empire building and diworsification, while academic theory also takes a dim view of the practice. Activists work 24/7 to break up stalwarts left and right and sometimes the initiative even comes from within.


    Financial strength

      


  • Goldman Sachs´Q2 Profit Slumped by Half on Legal Costs

    Goldman Sachs Group Inc (NYSE:GS) earned $1.98 a share in the second-quarter on revenue of $9.07 billion, compared to $4.10 a share on revenue of $9.12 billion. Earnings missed analysts’ expectations of $3.85 a share.


    The bank would have posted earnings of $4.75 a share, but it has recorded some expenses, on its book is reflected a $1.45 billion charge for mortgage-related litigation and regulatory matters, which reduced earnings by $2.77 a share.

      


  • The Beauty of Operating Leverage

    In February of last year, I wrote an article called “The Peril of Operating Leverage.” In it, I said that simply put, a company with a high degree of operating leverage will suffer more rapidly declining operating income when revenues decline. Conversely, when revenues improve, the company’s operating income will increase more. Naturally this applies more to companies with high fixed costs than to companies with high variable costs, as the latter can cut costs (variable) more easily when revenue declines. The peril of operating leverage, unbeknownst to those investors who got caught off guard by the magnitude of decline in earnings power, should have played a vital role in the security analysis process.


    The inverse of operating is also true - I’ll call it the beauty of operating leverage. The math is so beautiful and it mathematically illustrates why moats such as pricing power, advantage of scale and share buybacks work so well for wonderful businesses.

      


  • The Stellar Kraft Heinz Board of Directors

    On July 6, 2015, shares of Kraft Heinz (NASDAQ:KHC) began trading. This company, representing the merger of Kraft Foods Group and H.J. Heinz, is currently valued at about $100 billion at its closing price of $77.31 on July 10. Berkshire Hathaway (BRK.A, BRK.B) owns about 325 million shares, which represents approximately one quarter of the company, and is valued at $25 billion. Kraft Heinz is now Berkshire’s second-largest investment behind only Wells Fargo (NYSE:WFC) with a current market value of $26 billion. 3G Capital also owns about one quarter of the company.


    The board of directors of Kraft Heinz consists of 11 members. Three of the members were selected by Berkshire Hathaway, three by 3G Capital, and the remaining five by Kraft Foods.

      


  • Companies That Sell For Less Than Their Graham Numbers

    Benjamin Graham is the father of value investing who, through his teachings, created an investment philosophy that has lasted over 75 years. He wrote two of the greatest investment books ever written, "The Intelligent Investor" and "Security Analyst." Some of the greatest and most profitable investment managers are students of Graham and his airs like Warren Buffett (Trades, Portfolio). Value Investing has changed from what Graham originally created, having evolving into a investment philosophy that values a business on far more than its assets. Today some investors seek out classic Graham Net Asset Stocks and other seek-out franchise companies like Coca-Cola (NYSE:KO) selling for less than estimated business value. The value investing philosophy is simple your not buying a piece of paper your buy a stake in a business. This changes the way think when you making investments causing to ask how much I'm I will to pay for a percentage of this company's earnings, cash flow, etc.


    Graham Number

      


  • Are We Missing a Part of the U.S. Labor Force?

    One of the indications that something may be amiss in the U.S. economy shows up as a dip in its labor force participation rate. GuruFocus noted that in its “Economic Data” (http://www.gurufocus.com/economic_indicators/13/civilian-employment-percentage-of-population) when it showed that there has been a drop in the employment participation ratio since 2000. As a consequence there was a gap between what was the historical trend of employees supporting the GNP and people who are not working.


    Warren Buffett pointed out that there is a relationship between the total market cap of the U.S. stock market and the U.S. GNP. Buffett said the growth in the GNP is “…probably the best single measure of where market valuations will stand at any given moment” (http://www.gurufocus.com/stock-market-valuations.php). Investors must therefore pay attention to the ratio of the total workforce participation rate as a % of the total population whenever a deviating from past trends is taking place.

      


  • John Rogers' Ariel Funds June Commentary

    Last month, we studied year-to-date returns, and this month, we will comment on year-to-date flows. We see returns and flows as two different tools for measuring investment sentiment and think using them in combination is superior to depending solely on one. Recall that in examining U.S. stock returns last month, we noted returns were positive across the board, with growth outperforming value. To us that suggests optimism and an embracing of risk for U.S. equity investors.


    We now turn to asset flows in mutual funds. Last year when we examined 56 categories in the taxable bond, U.S. equity and international equity groups, we saw a fairly clear picture. Investors were hunting for yield, especially in bonds, and seeking safety in equity categories. They were avoiding growth fare and aggressive international investments. All in, we saw broad caution in the first half of 2014. The picture is different and a bit more cloudy this year.

      


  • Where’s Warren on Chubb Corp?

    The conspicuously dressed children’s book character, Waldo, who dons a striped shirt and hat is hard to miss, unless he’s in strange places or bizarre geographic settings. Similarly, Warren Buffett (Trades, Portfolio) is often hard to miss. Yet every now and then, some bizarre market event happens and we must ask, where’s Warren?


    Ace Limited recently announced the acquisition of one of our portfolio holdings, Chubb Corporation (NYSE:CB), for $62.93 in cash and 0.6 shares of Ace common stock. Chubb is one of the most admired property and casualty insurance companies in the U.S. They have been a very quiet company, making very little attempt to woo the investment community or be a major advertiser of their business. In other words, they were a public company which behaved very much like a privately-owned business—a favored attribute of Berkshire Hathaway (NYSE:BRK.B). As owners of both companies, we think it’s fair to ask: Where’s Warren?

      


  • The Perfect Retail Business Model


    "The company that doesn’t pioneer doesn’t take chances and merely goes along with the crowd is liable to prove a rather mediocre investment in this highly competitive age." – Philip Fisher

      


  • Your Essential Guide to Walter Schloss Investing

    “Basically we like to buy stocks which we feel are under-valued, and then we have to have the guts to buy more when they go down. And that’s really the history of Ben graham. That’s it.”


    Who do you look up to when it comes to investing?

      


  • Guru Stocks at 52-Week Lows: XOM, WMT, PG, CVX, BHP

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Exxon Mobil Corporation reached the 52-week low of $83.14

      


  • ACI Partnership Fund: A Needle in the Haystack

    "While there are some Warren Buffett in the world, identifying one is like finding a needle in the haystack", Burton Malkiel, Economist, Princeton University.


    Mr. Malkiel was probably not too far from reality, as very few individuals have been able to outperform the market over time. However, he probably didn’t know about GuruFocus.com, which follows the best investors, those with proven track records and who usually outperform the market in the long term.

      


  • The Evolution Of A Value Investor – Google Talks With Tom Gayner

    Tom Gayner (Trades, Portfolio) has made a career out of following Warren Buffett (Trades, Portfolio).


    Not Buffett's brilliance, but his common sense.

      


  • Howard Marks: The Uncomfortably Idiosyncratic Billionaire

    As an undergraduate at Wharton in the 1960s, Howard Marks (Trades, Portfolio) stumbled upon one of the guiding principles of his life — the Buddhist concept of mujo. In his Japanese studies course, mujo was defined as “the turning of the wheel of the law.” Marks explains: “Change is inevitable. The only constant is impermanence. … We have to accommodate to the fact that the wheel turns and the environment changes.” This constant flux applies not only to human lives but economies and markets. “It’s very helpful to view the world as behaving cyclically and oscillating rather than going in a straight line. Everything is cyclical.”


    “You can’t control the environment,” Marks adds. So the key is to recognize how it’s changing, accept it and respond as wisely as possible. “The screwiest thing you can do is to think you’re a Master of the Universe. We’re all just little cogs, and the universe will go on without us. We have to fit into it and adapt to it.” For example, at the time of our interview in late 2014, he sees scant investment opportunity and excessive complacency: “What bigger mistake could there be than to think you can safely get high returns in a low-return world?” Investors should adjust by assuming less risk and lowering their expectations. He cites a favorite quote from Peter Bernstein: “The market’s not a very accommodating machine; it won’t provide high returns just because you need them.

      


  • Buffett Burgers and the Halleujah Chorus – CMG Capital

    “People are habitually guided by the rear-view mirror and, for the most part, by the vistas immediately behind them.” – Warren Buffett (Trades, Portfolio)


    I was the keynote speaker last night at a large advisor client event in suburban D.C. The title of my presentation was “Buffett Burgers.” With five boys in the house, we find ourselves often grilling Bubba Burgers; thus the incredible inspiration for my presentation. I know, cliché – but I think it went well.

      


  • Delta Airlines: Lessons From Warren Buffett

    Every time I see interest increase in the airline industry, I think about two quotes from two of my most favorite billionaires.


    Richard Branson once stated that “if you want to be a millionaire, start with a billion dollars and launch a new airline.”

      


  • A Suprisingly Innovative Company With A 4.9% Dividend

    Many people have ethical concerns regarding investing in tobacco companies. Warren Buffett (Trades, Portfolio) is a famous example. I am not sure where I stand on the issue myself, as I am writing about this stock there are particulars about the industry that do not feel very good. At the same time, I do not want to make that choice for anyone and there is a lot of merit to an investment into Philip Morris International (NYSE:PM). This tobacco giant is only second in scale to China National Tobacco, a state company, and dominates outside of China. Philip Morris has an impressive stable of brands, including: Marlboro, L&M, Philip Morris, Bond Street and Chesterfield among others. It sells its wares in over 180 markets. Between 2008 and 2014 the company invested over $2 billion in research and product development to come up with technology that reduces risk to consumers and are acceptable to adult smokers. The company currently has a reduced risk portfolio that includes different technology to adress different preferences of smokers. Two products heat rather than burn tobacco, and two e-vapor products that do not contain tobacco and are based on different technology. Philip Morris has registered over a 1,000 patents worldwide relating to thsee RRP platforms and another 2,000 pending applications on new RRP developments:


      


  • David Einhorn’s Three Favorite High Yield Dividend Stocks

    David Einhorn (Trades, Portfolio) is one of the most successful long/short hedge fund managers. He has averaged returns of nearly 20% a year since starting his hedge fund Greenlight Capital in 1996.


    David Einhorn (Trades, Portfolio) owns several dividend stocks with yields over 3%. This article examines the 3 dividend stocks that make up the largest percentage of David Einhorn (Trades, Portfolio)’s portfolio with dividend yields over 3%.

      


  • Coca-Cola’s 20 Billion-Dollar Brands And Future Growth

    Coca-Cola (NYSE:KO) has long been a favorite of The 8 Rules of Dividend Investing. Here’s why.


    The company has a 3%+ dividend yield, solid 7% to 9% constant currency earnings-per-share growth expectations, and a strong competitive advantage.

      


  • Simpson and Buffett BOTH own this wide moat stock.

    Precision Castparts (NYSE:PCP) was founded in Portland, Oregon circa 1949. The company manufactures structural investment castings, forged components and airfoil castings for aircraft jet engines and power turbines.


    Despite having a website that looks straight out of 1999, doing the brand zero justice, the underlying company is rock solid. It has large customers like General Electric (NYSE:GE), Rolls-Royce (RR.), Airbus (NYSE:AIR) and Boeing (NYSE:BA) that have all bought from the company for decades.

      


  • A Safe Dividend Investment

    In this article, I will analyze the sustainability of dividends (using coverage ratios) of Wells Fargo (NYSE:WFC), which is Warren Buffett (Trades, Portfolio)’s favorite finance stock.


    Warren Buffett (Trades, Portfolio)´s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) disclosed an equity portfolio valued at $107.13 billion at the end of the first quarter of 2015. The equity portfolio is mainly invested in Finance (45%), Consumer Staples (25%) and Information Technology (14%) stocks.

      


  • 4 Healthcare REITs For A Healthier Retirement Portfolio

    To be considered prudent investors we must recognize and accept the undeniable reality that all true investing is done in future time. Consequently, the key to long-term investment success is to forecast the future as accurately as we possibly can. Of course, we must simultaneously recognize and accept that forecasting the future can only be accomplished within a reasonable degree of accuracy. Forecasting the future, and investing for that matter, can never be perfect. Nevertheless, our investing success will ultimately be achieved based on how good our forecasts turn out to be.


    With those realities in mind, there are multiple degrees of difficulty associated with the process of forecasting. In other words, even though all forecasting is dealing with unknowns, there are certain things that are more knowable than others. Once again, nothing about the future is perfectly clear, but there are certain future trends that are more unmistakably defined, and therefore, easier to make reasonably accurate forecasts upon. The aging of our population, also referred to as the graying of America, is one important demographic that lends itself to reasonably accurate forecasts.

      


  • Emotions in Motion: Data, Sentiment, and Investing

    Emotions are jolted by too much information and the wrong type of information. That’s the problem today – too much information that has nothing to do with value.” - Goldman Sachs


    There are three emotions that will really do you in as an investor – hope, greed, and fear. The first two will lock you in making you think you are a real genius, while the third eviscerates your investment return. You can never fully avoid these, but strengthen yourself to take advantage of them.” – John Rutherford

      


  • Hiding From The Stock Price

    In the past, Warren Buffett (Trades, Portfolio) has said that he prefers to complete his analysis of a company before knowing where the stock is trading; the rationale for doing so is clear. However, despite my efforts, our connected world has won every time: I don’t think I’ve ever even made it through my initial analysis on a company without checking the stock price less than 10 times, let alone once.


    If I do ultimately decide to make an investment, I find myself quibbling over a few percentage points higher or lower when the impact on my expected returns (time horizon of 5+ years) is immaterial – and I know I can’t guess the short-term moves anyway. It’s clearly not the most intelligent use of my time or effort, but it’s still something I find myself thinking about.

      


  • Starting With GAAP

    Warren Buffett (Trades, Portfolio) has famously said that GAAP earnings should be an investor’s beginning point when it comes to analyze a company’s earnings power. I know most of us will agree with Buffett on this point. However, many investors shiver when thinking about Non-GAAP owners’ earnings because of either unfamiliarity with accounting or the perceived complexity in figuring out the true earnings’ power of a business just by looking at the often 100 page plus SEC filings.


    Although there are a few books such as Quality of Earnings by Thornton L. O'glove and Creative Cash Flow Reporting by Charles Mulford and Eugene Comiskey, in reality, it is not very practical to go through all the things discussed in those books, especially for part-time retail investors.

      


  • Warren Buffett's Hour-Long Interview With Office Hours

    Wouldn't you be interested in knowing how many hours of his time Warren Buffett (Trades, Portfolio) has shared with us over the years?


    Of course, this isn't a chore for Buffett; he enjoys sharing his wisdom. As chronicled in his biography Buffett was known to be surrounded at college parties by young men and women interested in hearing his perspective on a wide array of issues.

      


  • Warren Buffett Interview With Dan Gilbert

    Warren Buffett (Trades, Portfolio) did an interview in Detroit with Dan Gilbert where they discussed a variety of issue. One of the topics was Detroit and the potential turnaround in the city. It's a great interview with a lot of information about the Detroit turnaroud and what Warren Buffett (Trades, Portfolio) thinks about Detroit.


    Interview With Dan Gilbert:

      


  • How Warren Buffett Interprets Financial Statements - Part 2

    Overview


    In part one, I went through how Warren Buffett (Trades, Portfolio) interprets the Income Statements and the Balance Sheet. Now in part two, I'll show you how he goes through Retained Earnings, Treasury Stock and the Cash Flow Statements.

      


  • Read, And Then Read Some More

    Someone recently asked at a meeting of prominent individual investors about millennials and investing to help newly minted college graduates. My recommendation was Patrick O'Shaughnessy and his excellent book for millennial investors. Also referenced was O'Shaughnessy's father and all his works.


    The crowd stared blankly.

      


  • How Warren Buffett Interprets Financial Statements Part 1

    Warren Buffett (Trades, Portfolio)'s former daughter-in-law Mary Buffett wrote the best seller " Warren Buffett and the Interpretation of Financial Statements". The book went through how Warren Buffett (Trades, Portfolio) interprets financial statements. Mary Buffett takes you through how Warren Buffett (Trades, Portfolio) analyzes financial statements to find wonderful companies selling at fair value. The book is a must-have for every value investor or any one who want to better understand how to interpret financial statements.


    How Warren goes through income statements

      


  • 20 Quotes from Investing Greats to Make You a Better Dividend Investor

    Individual investors benefit when investing greats share their wisdom. Warren Buffett (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Peter Lynch, and Joel Greenblatt (Trades, Portfolio) are all investing greats who have written books and/or shared their wisdom in annual reports. See their thoughts on investing applied to dividend stocks.

    Warren Buffett (Trades, Portfolio)

      


  • 26 Investing Tips From A Classic AAII Discussion With Bruce Berkowitz

    Bruce is a well-known value investor with concentrated portfolios. He labeled his fund as "Focused and Value Based." The following are my notes to this wonderful meeting. John O'Shaughnessy and I were very appreciative of the discussion.


    1. "Doesn't make sense to have greater than 10 or 20 positions. Diversification is insurance against ignorance."

      


  • Is Warren Buffett A Value Investor?

    Summary



    • Warren Buffett is no longer a bargain hunter, but Benjamin Graham's framework never was about bargain hunting in the first place.
    •   


  • Warren Buffett Deals in Existing Stakes in First Quarter

    As one of the most admired investors of all time, Warren Buffett (Trades, Portfolio)’s actions are followed closely, but those who were looking for clues as to which companies would make good new buys or were prime candidates for selling off were disappointed in the first quarter. Buffett had no new buys nor did he sell any of his stakes in full.


    He did add to some stakes in his portfolio and sold portions of others.

      


  • Intelligent (and Unintelligent) Investing: Part 1

    This article represents the first part of a series of articles, and will set out to explore what intelligent investing is, and more specifically, what it is not.


    I do so, in order to use Charlie Munger (Trades, Portfolio)’s famous mental tool of inversion:
      



  • Bill Gates Sells Part of Stake in Berkshire Hathaway in First Quarter

    When you are the co-founder of the world’s largest personal computer company – Microsoft (NASDAQ:MSFT) – and one of the world’s wealthiest people, it is not necessary for you to make many stock moves in a quarter unless you feel compelled to do so. Apparently, Gates did not feel so compelled in the first quarter. He made only three transactions, and two of them were sales.


    Gates’ sale of 5,000,000 shares of Berkshire Hathaway Inc (NYSE:BRK.B), Warren Buffett (Trades, Portfolio)’s Nebraska-based multinational holding company, was easily his largest transaction of the quarter. Gates received an average price of $147.14 per share, and Berkshire Hathaway remains both the largest and the most valuable stake in his portfolio – again, easily. The deal had a -3.75% impact on his portfolio.

      


  • Buffett's Favorite Banker Discusses The Absurd Amount Of Money He Has To Invest In Compliance

    Warren Buffett (Trades, Portfolio)'s favorite bank is Wells Fargo (NYSE:WFC), which he has held for decades and continues to buy.


    CEO Kovacevich explains how banks like his are being forced to spend absurd amounts of money on compliance. He cites JPMorgan (NYSE:JPM) as an example of a company that has gone from having 1,000 staff dedicated to compliance to 20,000.

      


  • A Rare Hour-Long Interview With Hedge Fund Wizard Jim Simons

    There is more than one way to skin a cat.


    Warren Buffett (Trades, Portfolio) became a billionaire by doing fundamental analysis on businesses and making concentrated bets when the stock market undervalued those businesses.

      


  • Kraft Heinz Turns Into Hedge Fund Favorite As Buffett And 3G Mix Ketchup With Macaroni

    Hedge funds are eyeing Kraft Foods ahead of the close of its planned merger with 3G Capital and Berkshire Hathaway-backed ketchup maker Heinz, a deal that will give current shareholders a 49% stake in what could become a global foods powerhouse and an industry consolidator.


    When the mostly-stock deal was announced in late March, Kraft surged over 30% amid optimism about potential synergies from the merger and calculations on the combined company’s valuation. However, a growing crowd of value oriented investors appear comfortable owning Kraft Foods even after its initial stock pop, expecting that the company’s new owners will be able to improve profits and also find areas of growth, either through geographic and product expansion, or merger and acquisition activity.

      


  • The Latest Investing Moves by Seven Masters of the Universe

    45 days after quarter end, large institutional investors have to report their holdings to the SEC, which are then made available to the investing public. So as of late last week, we now have updated visibility into the trading machinations of the masters of the universe.


    Of course, the usual caveats apply. No matter how successful a manager is, it’s never a good idea to blindly follow their investment moves. By the time you or I get access to their trading moves, the data is as much as 45 days old. And for all we know, they may be selling it by the time we buy. Plus, as managers are not required to report short positions or options and derivatives positions, we also have no insight as to whether a stock might be a part of a long/short pair trade or some broader strategy.

      


  • Credit Market Guru Michael Lewitt On Navigating The Current Madness In Money Markets

    Charlie Munger (Trades, Portfolio) has said that, even at age 80-plus, Warren Buffett (Trades, Portfolio) is getting better as an investor.


    In investing experience matters. It is a huge advantage.

      


  • False Knowledge Fields

    Over the past several months, we have received many great questions from our readers. Some have been about specific companies, some about valuation processes, and some about general market trends. It's these last that produce the most conversation around the proverbial water cooler. With the market making all-time highs on a near daily basis, we are asked to opine on where we think prices and markets are headed in the future. We think this – along with other areas we categorize as "prognosticating mumbo jumbo" (that's a technical term) – can be highly expensive to investors who rely on our (or anyone else’s) judgments.


    False knowledge fields: A definition

      


  • This Warren Buffett Bargain Stock Is Good For A Double

    Chicago Bridge & Iron Company (NYSE:CBI) is an energy infrastructure-focused company that provides a whole list of services including design, engineering, procurement, fabrication, construction and commissioning services.


      


  • Warren Buffett And Walmart

    A reader of my recent article about Walmart (WMT) made a comment about Warren Buffett (Trades, Portfolio)’s (BRK.B) original purchase of the company’s shares back in 2005 (or at least in large enough size that it started being disclosed in Berkshire’s annual letter to shareholders). As I looked back at the data over the past decade, I found it quite interesting – and thought it would be worth discussing.


    Berkshire Hathaway and Walmart

      


  • Economic Indicators Worth Watching: Trends in GNP

    The Gross National Product has been growing without any slowdown except for a single major interruption in 2009. An unprecedented single 3.9% decline in GNP that year suggested that something could be amiss with the U.S. economic engine. Such a large annual decrease has never occurred before. Was it merely a temporary break that should in no way diminish the confidence of investors in better stock market returns in the future?


    Market cap to GDP is a long-term valuation indicator that has become popular in recent years, thanks to Warren Buffett (Trades, Portfolio). Back in 2001 he remarked in a Fortune magazine interview that the GDP “…is probably the best single measure of where share valuations stand at any given moment."

      


  • Berkshire Hathaway: Business Value Exceeds Market Value

    Ticker: (NYSE:BRK.A)


    Market Price: $219,270/share

      


  • How A Young Warren Buffett Started His Fortune

    Warren Buffett (Trades, Portfolio) is legendary.

    At 72.3 billion dollars, he’s currently the third richest man in the world. He’s been called a wizard, an oracle, and a sage, as if his value investing and wealth came from magic, psychic powers, or rubbing a lamp and getting stock picks from a genie.  


  • Warren Buffett Keeps Buying IBM

    Warren Buffett (Trades, Portfolio) is one of the most respected value investors of all times. He seeks to acquire great companies trading at a discount to their intrinsic value, and to hold them for a long time. Buffett only invest in businesses that he understands. This is the reason why he avoided technology stocks for a long period. He made his first investment in tech sector in the second quarter of 2012 by buying International Business Machines (NYSE:IBM). While, the company has underperformed the broader markets since then, he has used it as an opportunity to increase his holdings in the company. Last quarter he bought 2,593,298 shares of the company and his total holdings as of March 31, 2015 was 79,565,115 shares (or 8.08% of outstanding shares). The following chart shows his holding history in the company.


      


  • Buy CBI Cheaper Than Warren Buffett Did

    Warren Buffett (Trades, Portfolio) is one of the most respected value investors of all times. He seeks to acquire great companies trading at a discount to their intrinsic value, and to hold them for a long time. Chicago Bridge and Iron (NYSE:CBI) is one of his holdings which investors can now buy at a cheaper price than what Buffett paid. Buffett initiated a position in the company first quarter of 2013, and then added more second quarter of 2013 and second quarter of 2014. As of last quarter, he was holding a total of 10,701,110 shares bought at an average price of $63.97 (as per Gurufocus estimates).


      


  • Warren Buffett Bought These 8 Dividend Stocks

    Warren Buffett (Trades, Portfolio) is one of the most respected investors on the market today. He created a massive portfolio during his career, which is worth around $107 billion. Recently, Warren announced his latest stock buys and sells during the past quarter.


    His moves are watched closely because value and dividend growth investors try to catch a new idea from his thoughts and strategic buys and sells.

      


  • Spotting Hidden 'Cockroaches' In Investing

    “There’s seldom just one cockroach in the kitchen. You turn on the light and all those others start scurrying around. I couldn’t find the light switch, but I’d seen one.”


    That’s what Warren Buffett (Trades, Portfolio) told the Federal Crisis Inquiry Commission when they asked about his decision to begin liquidating his stake in Freddie Mac in the late 1990’s. Warren has warned about cockroaches many times over the years, and it’s something that I’ve taken to heart. As an investor, I feel that I have very few meaningful chances to judge the character of the managers that are entrusted to run the companies I invest in. As a result, I try to operate under the philosophy that red flags should not be overlooked.

      


  • On Focus Level and How You Spend Your Day

    One of my biggest takeaways from this year’s Daily Journal meeting is that Charlie Munger (Trades, Portfolio) has a very very long attention span he can stay focused for an extended period of time. Then I read another quote from Warren Buffett (Trades, Portfolio) that goes something like this – one of the biggest changes that happened during the past few decades is how people spend their time.


    The more I think about it, the more intrigued I become. Therefore, I decided to intentionally observe my focus level and how I typically spend a day. The goal was to get some insight and narrow the gap between me and the great Buffett and Munger of Berkshire Hathaway (NYSE:BRK.A).

      


  • Berkshire Hathaway Buys More IBM, Wells Fargo, Precision Castparts, Sells National Oilwell Varco, Bank Of New York Mellon, Charter Communications

    Warren Buffett (Trades, Portfolio)’s investment company just released his first quarter portfolio. Warren Buffett (Trades, Portfolio) and his CIOs buys IBM, Wells Fargo, Precision Castparts, U.S. Bancorp, Phillips 66, Twenty-First Century Fox Inc, Deere & Co, sells National Oilwell Varco Inc, Bank of New York Mellon Corp, Charter Communications Inc, Viacom Inc, Liberty Global PLC, Wabco Holdings Inc, MasterCard Inc, Visa Inc during the 3-months ended , according to the most recent filings of his investment company, Berkshire Hathaway. As of 2015-03-31, Berkshire Hathaway owns 47 stocks with a total value of $107.1 billion. These are the details of the buys and sells.




  • Munger, Klarman and Buffett on EBITDA

    I was reviewing some of my notes and ran across some of the quotes that I have highlighted regarding commonly used metrics, such as EBITDA, for valuation purposes.


    Before going into the direct quotes, here are the main takeaways that are relevant for us as investors.

      


  • Prem Watsa Sells 2 Education Loan Companies

    During the first quarter, the “Canadian Warren Buffett (Trades, Portfolio)” Prem Watsa (Trades, Portfolio) sold off three of his holdings, two of which are in the education loan industry.


    Watsa founded Fairfax Financial Holdings in 1985; the firm is engaged in property and casualty insurance and reinsurance and investment management.

      


  • Starboard Value's Jeff Smith Discusses Activist Investing

    Warren Buffett (Trades, Portfolio) can identify stocks that are attractively priced. What he can't do, and won't do, is predict when that undervaluation will be remedied.


    Activist investors have more control over when they might realize a profit on an investment. They can force a sale of the company or a change in corporate policy that the market rewards.

      


  • The Self-Made Billionaire Banker Ready To Bet On Oil

    The past few years have been unsettling for Andrew Beal, the publicity-shy billionaire banker from Plano, Texas, who has a penchant for high-stakes poker. Like other smart money men, Beal is leery of asset prices fueled by central bank intervention. So Beal hasn’t been making many loans recently and instead has built up a sizable war chest of capital – enough to make more than $20 billion in fresh loans.


    “There has not been anything to invest in. It’s the craziest environment, a world flooded with money,” says Beal. “It’s hard to sit by and pick your nose when you want to be doing deals.”

      


  • 13 Priceless Warren and Charlie Quotes From the 50th Anniversary Berkshire Meeting

    This year’s event offered numerous gems.


    I made the trip to Omaha recently to glean investing wisdom from two of the greatest investors of all-time — Warren Buffett (Trades, Portfolio) and his second-in-command, Charlie Munger (Trades, Portfolio) — but I left with much more. Here are 13 of the most memorable life lessons from Berkshire Hathaway’s (NYSE:BRK.A)(NYSE:BRK.B) 2015 annual meeting.

      


  • Guru Stocks at 52-Week Lows: PG, DEO, PHI, LVS, SO

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Procter & Gamble Co reached the 52-week low of $80.27

      


  • Berkshire Hathaway's Recent Performance

    Berkshire Hathaway (BRK.A) (BRK.B), the company owned by Warren Buffett (Trades, Portfolio) reported net profit increase by 10% in the first quarter 2015, mainly due to gains in investment income in its insurance division and significantly improved performance in its railroad business. The company reported its Burlington Northern Santa Fe railroad, which functions as one of the largest freight networks in the country, benefitted from the investments to upgrade its system, expansion in lines and hire more employees. Moreover, lower fuel costs and a less severe winter also benefitted the company.


    Last year, BNSF struggled with substandard performance mainly due to severe harsh weather and consumer demand. Demand for railroad services was growing faster than the railroad would handle and the public was buying into it.

      


  • CNN To Use Drone Aviation Holding's Products For FAA Research

    One of the most followed gurus on this site, Dr. Phillip Frost's connections are paying off again. His biggest drone investment, Drone Aviation Holding Corp. (DRNE), received a big nod of approval yesterday. Mega TV network CNN is going to buy and use its just-launched drone model for a new FAA program.



    On May 6, 2015, Administrator of the U.S. Federal Aviation Administration (FAA) Michael Huerta selected CNN and two other companies for the FAA's brand-new Pathfinder program. Speaking in Atlanta at the Unmanned Aircraft Systems Pathfinder Program Announcement Press Conference, Huerta explained that CNN "will be researching how visual line-of-sight operations might be used for newsgathering in urban areas." The FAA selected only two other companies for the program: Warren Buffett (Trades, Portfolio)'s BNSF Railroad and drone manufacturer PrecisionHawk.
      


  • The Shocking Truth About Share Buybacks

    Introduction


    The value and benefits, or lack thereof, of share buybacks to the future fortunes of a company and their shareholders is one of the most hotly debated subjects on popular financial blogs such as Seeking Alpha. Unfortunately, at least based on my own personal experience, most of the arguments are predicated on opinions and beliefs in lieu of the facts.

      


  • Detailed Notes From Berkshire Shareholder Meeting 2015 - Part II

    This is Part II of the Berkshire shareholder meeting 2015. Part I is here.


    Question regarding consumer staples firms being undermanaged: Is there potential for further consolidation in the industry like Kraft-Heinz, or are factors like Nestle's recent squawking about the deal enough to keep further consolidation at bay?

      


  • Detailed Notes from Berkshire Shareholder Meeting 2015 - Part I

    This is the detailed notes from last weekend’s Berkshire (NYSE:BRK.A)(NYSE:BRK.B) shareholder meeting. Hope you enjoy it.


    Like every year, Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio) were on stage answering questions from shareholders for five and half hours. There were more than 40,000 attendees and it was hard to find a seat in the arena. Everyone was amazed by their knowledge and wisdom. In the meantime, you have to admire their energy at the ages of 85 and 91. Here are the notes from the Q&A session.

      


  • Value Investing Professor Aswath Damodaran Looks At Acquistion Valuation

    Warren Buffett (Trades, Portfolio) makes a lot of deals. He makes a lot of good deals.


    In this, as usual, Buffett is the exception rather than the rule.

      


  • Warren Buffett Explains The Key To The Great Success Of His Partners 3G Capital

    At this year's annual shareholder meeting Warren Buffett faced some tough questions about the way his partners at 3G Capital go about their business.


    3G's success is attributed to the fact that they are extremely aggressive cost cutters.

      


  • Charlie Munger – I'm Not The Only Wise Ass In The World

    When asked how long the Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) annual meeting phenomenon can continue Charlie Munger (Trades, Portfolio) says it will persist as long as Warren Buffett (Trades, Portfolio) continues.


    I know what you are thinking; Munger's short and to-the-point remarks are a key part of the show.

      


  • Warren Buffett Joins Mr. and Mrs. Gates For A Discussion On Their Greatest Achievements

    Can it really be nine years since Warren Buffett (Trades, Portfolio) announced that he was giving all of his money to the Gates Foundation?

    Time flies. When asked how satisfied he is with how his money is being used Buffett answers "it has gone perfectly".  


  • Efficient Inefficiency – The Oxymoron That Explains The Investing World – Cliff Assness

    In writing the foreword to a very good book by Antti Ilmanen (before he joined our firm) I mentioned that I had two options: I could kill Antti to prevent him giving so much good stuff away, or I could praise his book. I chose to praise. Now another outstanding Nordic researcher (and AQR partner), Lasse Heje Pedersen, presents me with the same dilemma: His new book,Efficiently Inefficient (Princeton University Press), is fantastic  almost too good at laying out how successful professional asset managers think and act. Lasse is Danish, Antti is Finnish. I’m not saying there’s a connection. But I’m not saying there isn’t, either. Anyway, I have decided to continue my policy of nonviolence and hope I don’t regret it. We actually have one other Danish partner; if he writes a similarly too-good-reveal-too-much book, all bets are off…


    For me, a good book is one that speaks to something important and that causes me to think differently and more clearly about the chosen topic. Lasse has written just such a book.

      


  • Sugar and Spice And Everything Nice - Smead Capital Looks At Berkshire Hathaway's 50th Anniversary Meeting

    The 50th annual meeting of Berkshire Hathaway (NYSE:BRK.A) with Warren Buffett (Trades, Portfolio) as Chairman was filled with sugar and spice and everything nice. We at Smead Capital Management always look for three key takeaways from the annual meeting of Berkshire Hathaway. This year we think we can sum it up by using the 19th Century nursery rhyme.


    We want to learn whatever we can from the investment wisdom (sugar) of the most successful stock pickers and asset allocators of all time. Second, we seek to understand their limitations and human fallibility (spice), with an eye on improving our own. Finally, we try to glean whatever vision (everything nice) these two experienced business owners will share of the next five to ten years for comparison sake.

      


  • Bestinfond Adds Four New Positions During 1Q2015

    International firm Bestinfond (Trades, Portfolio) recently increased its portfolio by adding four new positions. Francisco Garcia Parames, who previously ran the firm, has been called the Warren Buffett (Trades, Portfolio) or George Soros (Trades, Portfolio) of Spain. He is one of the few successful Spanish investors.


    Here's a look at Bestinfond (Trades, Portfolio)'s new postions, which can be found on the firm's home page if you click here:

      


  • Berkshire Hathaway Reports Spectacular Q1 Numbers

    The business conglomerate Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) marks the 50 years of billionaire business tycoon, Warren Buffett, at its helm. But the conglomerate has other reasons to celebrate as well. The Delaware-based business house earned $5.16 billion, or $3,143 per Class A share, in the first three months of the financial year 2015. These figures are up from earnings of $4.71 billion or $2,862 per share, from the first three months of 2014. Adjusted for one off expenses, the company made $2,583 in operating earnings per share. This marks a 20% increase from earnings posted last year which stood at $2,149 per share.


    Analysts had predicted operating earnings per share of $2,373 per Class A share.

      


  • Tata Motors: A Ken Fisher Bargain Stock

    Tata Motors Ltd. (NYSE:TTM) is India’s largest automobile manufacturer and the world’s fifth-largest medium and heavy commercial vehicle manufacturer and second-largest medium- and heavy-bus manufacturer. It also generates close to 40% of the revenue for the Tata Group.


    On paper, Tata motors looks great.

      


  • Guru Stocks at 52-Week Lows: PG, BABA, AXP, DEO, RBS

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Procter & Gamble Co reached the 52-week low of $80.35

      


  • Charlie Munger – I'm More Worred About Running Out Of Hydrocarbons Than I Am Of Climate Change

    The common thinking is that America needs to become energy independent as soon as possible.


    T. Boone Pickens is a big proponent of trying to make the country self-sufficient.

      


  • U.S. Financial Bigwigs Dissent The SIFI Label

    On May 2, 2015, Warren Buffett (Trades, Portfolio), founder of the conglomerate Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), denied its status as a possible too-big-to-fail risk to the U.S. economy joining GE Capital (NYSE:GE) and MetLife (NYSE:MET) in their dissidence against the SIFI label. On April 10, 2015, General Electric Co., one of the best known and highly respected American companies, announced the sale of the majority of its $500 billion banking assets in GE Capital, in a deliberate effort to unshackle from restrictive regulations, streamline the conglomerate and refocus on the best-performing segments in industrial operations.


    Analysts predict that GE‘s poignant withdrawal from the banking business and subsequent consolidation may pose as a prelude for MetLife Inc., the largest life insurance company by assets in the U.S., to take similar action. Post recovery from the financial crisis of 2008-09, large non-banks like GE Capital and MetLife were branded SIFI – i.e. Systemically Important Financial Institutions – by U.S. regulators with supervised restrictions to ensure they do not fail. Like GE, MetLife has also expressed angst over these potentially burdensome regulations.

      


  • Destination: 2015 Berkshire Hathaway Annual Shareholders Meeting

    Well, I’m back in Sarasota fresh off of the trip to Omaha for the 2015 Berkshire Hathaway annual shareholders meeting.


    What a time it was. It was an incredible and surreal weekend, and one I’ll never forget.

      


  • Warren Buffett Makes A Guest Appearance At The 2015 Coca-Cola Annual Shareholder Meeting

    "If you are looking for a wonderful business, it is hard to beat Coca-Cola". Those were the words of Warren Buffett (Trades, Portfolio) at this year's Coca-Cola shareholder meeting.


    Buffett, through Berkshire Hathaway, is Coca-Cola's single largest shareholder. He started buying shares of Coke back in the late 1980s and at the same time switched his own beverage of preference from Cherry Pepsi to Cherry Coke.

      


  • Arquitos Capital Management Q1 2015 Investor Letter


    What we learn from experience depends on the kind of philosophy we bring to experience. – C.S. Lewis

      


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