kiwing100
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Posts posted by kiwing100
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FYI, headline on CNBC.
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Liberty,
Thank you very much for sharing this.
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Reminder of another perspective on valuations - https://www.gurufocus.com/stock-market-valuations.php
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For those of you who follow Howard Marks of Oaktree Capital
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Another link to a clip of the interview on Fox - http://video.foxbusiness.com/v/5558175682001/?#sp=show-clips
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Link to interview with Bloomberg - https://www.bloomberg.com/news/videos/2017-08-30/warren-buffett-on-investments-and-income-inequality-video
Link to interview with CNBC - https://www.cnbc.com/video/2017/08/30/warren-buffett-speaks-to-cnbc.html
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Jobyts - many thanks to you for sharing.
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FYI, WEB on CNBC on Monday 27 Feb from 6.00am to 9.00am ET after release of BRK annual letter.
Also there is an opportunity to submit your questions.
To submit questions, use the hashtag #AskWarren on Twitter and Facebook. Viewers can also submit video questions by tweeting clips to @CNBC or sharing videos on Facebook using the #AskWarren.
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While now in retirement, I hope he keeps offering up his opinions:
FEBRUARY 13, 2017
Bob Rodriguez: Trump Might Be Acting; Huge Financial Crisis Still Looming
The legendary money manager, recently retired, is as candid as ever in an interview with ThinkAdvisor
"...
In 2009, you said that if nothing was done about the fiscal situation, we’d be facing a huge crisis with total debt outstanding of about $20 trillion to $24 trillion by 2018. Still think so?
Well, we’re at $20 trillion right now; and by the time the presidential election of 2020 occurs, current budget estimates say the U.S. debt is going to be at least $23 trillion — without anything that Trump does. Over the next five to 10 years, if deficits continue to rise and the debt continues to expand, will that lead to the 4% GDP growth that he envisions? I think it’s a low-odds outcome. This is a ticking time bomb.
The president says he wants to spend money on upgrading the nation’s infrastructure. If he does, how can he keep the deficit down?
If you don’t have sufficient money in your family budget, you make choices about what you’re going to spend and not spend on. That’s what’s going to happen [regarding the U.S. deficit]. If not, the debt will explode beyond what it already is.
What’s your take on the Federal Reserve?
I wouldn’t give [chair] Janet Yellen the responsibility of managing a hot dog stand! She’s as clueless as [chairs Ben Bernanke and Alan Greenspan] were. With the Fed’s insane monetary policy and distortion of the financial system for the last eight years, they haven’t accomplished any real economic growth.
What have they done?
Repression of interest rates has helped the budget in the sense that it’s keeping rates low and has driven the financial markets. But it’s going to end with many unintended consequences. Is this a sustainable outcome as you’re quadrupling the debt of the United States? The odds are..."
Is anyone else having difficulty accessing the full article?
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what were the books or documents he gave to everyone who attended?
See link for handout: https://www.dropbox.com/s/tfwhsgo6n45iasv/DJCO%202017.pdf?dl=0
Also, I came in late and wasn't able to grab the annual report. If someone has it, would you mind posting Munger's Chairman's Letter? Thanks.
Poor Charlie,
Thank you for posting the link to the document.
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Thank you Schwab711 for sharing the links.
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FYI, looks like it was streamed live by CNBC.com - available to CNBC.com pro subscribers only. Full replay available later - not sure if free to all or only available to CNBC.com pro subscribers.
NOTE: The live stream has now ended...check back shortly for a full replay of this exclusive event.
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Thank you for sharing the link to the video.
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Links to Dear Fellow Shareholders - collection of letters by Martin Whitman
https://mjwhitman.pressbooks.com/
https://mjwhitman.pressbooks.com/front-matter/introduction/
Table of contents
o Important Information
o Foreword
o Introduction
• The Roots
o Equity Strategies Fund Proxy Vote
o Equity Strategies Fund Investment Philosophy
o Equity Strategies Fund Launches Third Avenue Funds
o Inaugural Third Avenue Funds Letter to Shareholders
• Investment Philosophy
o Third Avenue Value Investment Philosophy
o Third Avenue is Different
o Consistent Performance and Averaging Down
o Value Investing at Third Avenue
o The Concept of Net-Nets
o The Third Avenue Formula for Investing
o Net-Nets on Steroids
o Fundamental Finance
o Third Avenue and the Efficient Market Hypothesis
• Portfolio Management
o Portfolio Diversification
o Risk Arbitrage
o Index Funds and the General Market
o The Importance of Buying Cheap
o The Moral Hazard Question
o Third Avenue Value Fund Compared to Private Equity Funds
o Risk from a Third Avenue Point of View
o Securities Regulation, Disclosure and Third Avenue
o Characteristics of Long-Term Investing
o Thoughts on the Detroit Bailout
o On Creditworthiness
• Modern Security Analysis
o The Unimportance, and the Importance, of Book Value
o Third Avenue Approach to Valuation
o Corporate Valuation
o Role of Accounting in Security Analysis
o Fair Disclosure
o How Third Avenue uses Accounting Disclosures
o Proposed Elimination of Double Taxation on Corporate Dividends
o Reforming Generally Accepted Accounting Principles
o So What Are Earnings, Anyway?
o Conventional Security Analysts
o Corporate Uses of Cash
o Financial Accounting
• Graham and Dodd Fundamentals
o A Balanced Approach to Value Investing
o Third Avenue vs. Graham and Dodd
o Graham and Dodd and the Efficient Market
o Graham and Dodd Revisited
• Academic Finance
o Modern Capital Theory and Fundamental Investing
o The Third Avenue Approach vs. The Conventional Academic Approach
o Third Avenue and the Efficient Market
o Generally Accepted Accounting Principles and the Enron Mess
o Reconciling Modern Capital Theory and Value Investing
o Characteristics in Modern Capital Theory
o Going Concerns and Investment Type Companies
o Value Investing
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Links to Dear Fellow Shareholders - collection of letters by Martin Whitman
https://mjwhitman.pressbooks.com/
https://mjwhitman.pressbooks.com/front-matter/introduction/
Table of contents
o Important Information
o Foreword
o Introduction
• The Roots
o Equity Strategies Fund Proxy Vote
o Equity Strategies Fund Investment Philosophy
o Equity Strategies Fund Launches Third Avenue Funds
o Inaugural Third Avenue Funds Letter to Shareholders
• Investment Philosophy
o Third Avenue Value Investment Philosophy
o Third Avenue is Different
o Consistent Performance and Averaging Down
o Value Investing at Third Avenue
o The Concept of Net-Nets
o The Third Avenue Formula for Investing
o Net-Nets on Steroids
o Fundamental Finance
o Third Avenue and the Efficient Market Hypothesis
• Portfolio Management
o Portfolio Diversification
o Risk Arbitrage
o Index Funds and the General Market
o The Importance of Buying Cheap
o The Moral Hazard Question
o Third Avenue Value Fund Compared to Private Equity Funds
o Risk from a Third Avenue Point of View
o Securities Regulation, Disclosure and Third Avenue
o Characteristics of Long-Term Investing
o Thoughts on the Detroit Bailout
o On Creditworthiness
• Modern Security Analysis
o The Unimportance, and the Importance, of Book Value
o Third Avenue Approach to Valuation
o Corporate Valuation
o Role of Accounting in Security Analysis
o Fair Disclosure
o How Third Avenue uses Accounting Disclosures
o Proposed Elimination of Double Taxation on Corporate Dividends
o Reforming Generally Accepted Accounting Principles
o So What Are Earnings, Anyway?
o Conventional Security Analysts
o Corporate Uses of Cash
o Financial Accounting
• Graham and Dodd Fundamentals
o A Balanced Approach to Value Investing
o Third Avenue vs. Graham and Dodd
o Graham and Dodd and the Efficient Market
o Graham and Dodd Revisited
• Academic Finance
o Modern Capital Theory and Fundamental Investing
o The Third Avenue Approach vs. The Conventional Academic Approach
o Third Avenue and the Efficient Market
o Generally Accepted Accounting Principles and the Enron Mess
o Reconciling Modern Capital Theory and Value Investing
o Characteristics in Modern Capital Theory
o Going Concerns and Investment Type Companies
o Value Investing
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In case you're interested, here is the interview by John Stumpf on Mad Money that Buffett was referring to.
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The David Rubenstein Show: Warren Buffett http://bloom.bg/2fh8gYy
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Latest memo from Oaktree Capital's Howard Marks - Political Reality, 17 Aug 2016
https://www.oaktreecapital.com/docs/default-source/memos/political-reality.pdf
BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
in Berkshire Hathaway
Posted
FYI, Buffett going to be on CNBC at 0800 ET with Becky Quick.