tag:blogger.com,1999:blog-202361302023-03-21T04:06:55.352-07:00This is my bookmarks-and-reviews collection of interesting and/or valuable material on Value Investing, available free of charge online. I will dump here links to all interesting material(articles, blogs, interviews, book extracts/reviews, ...) that I find so that I don't lose track of the wealth of good material online, and then write reviews/snapshots of each of these as and when I get around to reading them.Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-20236130.post-1136243705860931272006-01-02T15:11:00.000-08:002006-01-03T11:54:29.156-08:00<ul><li><a href="http://www.tilsonfunds.com/BuffettWhartonspeech.pdf">URL</a> (PDF)</li><li>Warren Buffett replies to 17 questions, on a variety of things, put forth by Wharton students in Nov 2004. Looks like much (all?) of it was taken down from memory after the actual session(s). The replies have the usual Buffettesque ring to them, with wit and wisdom thrown in in his typical fashion. Plus the occasional surprising revelation about his way of thinking about investing.</li><li> Take-homes(first reading):</li></ul><ul><ul><li><span style="font-weight: bold;">Quick changes in business are an enemy of investment.</span> Predicting the future of a company that is changing quickly is risky, and investment decisions based on such predictions have historically gone hugely wrong . Therefore, it is better to look for the absence of (quick) change in companies,and to go for companies that have been stable over time. <span style="font-weight: bold;">Instead of looking to predict change, look for predictable demand.</span><br /></li></ul></ul><br /> "<span style="font-style: italic;">If you can identify change, that is great, but it is a lot more risky and so is the chance of your strategy not working.</span>"<br /><br /><ul><ul><li><span style="font-weight: bold;">The idea is to be able to recognize extremes of valuation.</span> Small mismatches in value and price are not significant, nor is the ability to spot these.</li></ul></ul> "<span style="font-style: italic;">I can recognize a 98 or a 6, not a 63. This rule is good enough in life and investment.</span>"<br /><br /><ul><ul><li><span style="font-weight: bold;">Once in a while the stock market does not price companies rationally, and at these times wonderful businesses can be bought at ridiculous prices.</span> He quotes the example of Berkshire Hathaway(BH)'s 1973 purchase of Washington Post shares. The entire company, in the form of its shares, was available in the market at that time for $80M, <span style="font-style: italic;">while most analysts would have agreed that the company's assets were worth $400M to $500M</span>. The institutional investors from whom BH bought shares of the company <span style="font-style: italic;">wouldn't have argued this valuation</span>, but at the same time they couldn't sell the shares fast enough <span style="font-style: italic;">because they thought the share prices would keep falling</span>.</li></ul></ul> "<span style="font-style: italic;">Great businesses have been sold for ridiculously low prices in the past.</span>"<br /><br /> "<span style="font-style: italic;">The market is like an auction, and stocks traded on it are not perceived as ownership shares in business.</span>"Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-20236130.post-1136135629105509602006-01-01T09:13:00.000-08:002006-01-03T11:46:45.226-08:00<div xmlns="http://www.w3.org/1999/xhtml"><ul><li><a href="http://valuestockplus.blogspot.com/2005/12/little-essay-that-beats-market.html">URL</a> (Note to myself: find a more permanent link for this.)</li><li>A simple (and simplistic?) explanation of the more elementary tenets of value investing. Gives a "formula" to follow, and stresses on the importance of following it through bad times as well as good.<br /></li></ul></div>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-20236130.post-1135795532856510052005-12-30T14:34:00.000-08:002006-01-03T11:57:39.283-08:00<div xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml">Links to follow up and write reviews on:<br /><ul><li><a href="http://www.kiplinger.com/personalfinance/features/archives/2005/11/munger.html">Charlie Munger interview.</a><br /></li><li><a href="http://www.tilsonfunds.com/BuffettNotreDame.pdf">Warren Buffet lecture at Notre Dame.</a><br /></li><li><a href="http://www.oquirrhinstitute.org/about-buffett-transcripts.html">From a meeting with Warren Buffet.</a><br /></li><li><a href="http://www.tilsonfunds.com/superinvestors.html">The SuperInvestors of Graham-and-Doddsville.</a><br /></li><li><a href="http://www.maoxian.com/archive/20030108.html">An old Warren Buffet interview.</a><br /></li><li><a href="http://www.tilsonfunds.com/MungerUCSBspeech.pdf">A Charlie Munger speech.</a><br /></li><li><a href="http://www.tilsonfunds.com/Mungerwritings2001.pdf">Writings from Charlie Munger.</a><br /></li><li><a href="http://www.kiplinger.com/personalfinance/features/archives/2005/11/munger.html">An interview with Charlie Munger.</a><br /></li><li><a href="http://sanjbak.com/A_Question_of_Priorities.HTM">Sanjay Bakshi on the opportunity cost of tax saving schemes.</a></li><li><a href="http://www.poorcharliesalmanack.com/intro3.html">"Poor" Charlie's Almanack - The wit and wisdom of Charles T. Munger<br /></a><br /><br /></li><br /><br /><br /></ul><br /></div></div>Anonymousnoreply@blogger.com1