I had the privilege to hear Joseph Calandro Jr. speak on value investing at a recent NYSSA event, sponsored by the Value Investing Committee (the committee is consulting with Joe and using his "Suggestions for Modern Security Analysts" paper as a blueprint when planning future events). Joe keeps a low profile, but he is the author of a fantastic book on value investing, "Applied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett’s Valuation Principles to Acquisitions, Catastrophe Pricing and Business Execution."
The presentation focused on Warren Buffett’s acquisition of GEICO, and calculating intrinsic value for the company at the time.
I will not focus much on my notes as they do not do justice to the presentation. However, the presentation outline has been embedded below for readers’ viewing. It is highly recommended that readers see Joe’s guest post here and interview here. Special thanks to Chris Goulakos, Richard Ivey MBA Candidate, and NYSSA Committee member for chairing and helping to organize the event.
Warren Buffett’s 1995 GEICO acquisition