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Value Investing Conference - West


mhdousa
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I would spend $100 of the $2100 on the "Intelligent Investor" and "Securities Analysis" if you don't have them already, and then put the other $2000 away for investing.  Cheers!

 

I was hoping someone would say that!  It seems like a ridiculous amount of money, but I had seen a few on this board were planning to go, and the notes looked interesting enough, so just thought I would check.

 

Thanks!

-M

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Well for something like $60 you can see this other value investing conference online..  Going on right now. They'll also have archives for watching the session later.  Their stocks include Biglari, FFH and BAM.  Someone else posted this earlier. I was there at the last one 2 years ago and it was quite good.

 

http://www.completegrowth.com/index.php?option=com_content&view=article&id=98&catid=97&Itemid=22

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I'd rather purchase $2100 in call options in...anything. Unless that amount of money is somewhat immaterial, or you want to go for potential contacts, then I think it would be better invested or spent on something you will enjoy more. Besides, the companies that are referenced at the gathering by the more well known investors always turn up on the Internet and other media. Personally, i think a more entertaining and informative conference might be the Berkshire annual meeting. I've always wanted to go but never have for some reason or another.

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It's hard to tell, but I would say don't be so quick to discount the value of the $2100 tuition. There is a world of difference between great value investors and bad value investors because there is a huge divergence between practice and theory. Maybe there will be people there who are successful and you can get one good idea worth the entrance fee alone.

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It's hard to tell, but I would say don't be so quick to discount the value of the $2100 tuition. There is a world of difference between great value investors and bad value investors because there is a huge divergence between practice and theory. Maybe there will be people there who are successful and you can get one good idea worth the entrance fee alone.

 

I think that is the general idea people have when they attend.  I equate it to the same perspective people use when buying a higher probability lottery ticket. 

 

You would have more luck on this board, or attending the Berkshire or Fairfax AGM's.  Why?  Because you are asking questions and having them answered, rather than simply listening to prepared speeches.  Cheers! 

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Having been to the most recent congress (on a free ticket, nontheless) I will say that it was a good experience. In fact, there is a very good Q&A, plus, you can talk to most of the speakers during the breaks. There are a bunch of good ideas that you get, and if you are managing a bunch of money, could be worth it. Every speaker gives you a few ideas by the time that they are done talking.

 

There is certainly a lot that you miss from not being there; most notably, David Einhorn's gold position has been blown WAY out of proportion in the news and the blogosphere. he really downplayed it in the Q&A.

 

I compare the congress to Margin of Safety; is it a good book? Yes. Is it worth $4K? Not to me... But I did really enjoy it.

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I would spend $100 of the $2100 on the "Intelligent Investor" and "Securities Analysis" if you don't have them already, and then put the other $2000 away for investing.  Cheers!

 

It's hard to tell, but I would say don't be so quick to discount the value of the $2100 tuition.

 

You would have more luck on this board, or attending the Berkshire or Fairfax AGM's.  Why?  Because you are asking questions and having them answered, rather than simply listening to prepared speeches.  Cheers! 

 

Scorpion makes a valid point. Sanjeev, you give the impression that these are mutually exclusive choices, which they are not. There's nothing to stop one from buying the books, attending the AGMs, lurking around this board AND also attending the VIC.

 

The decision should be an independent one - based on a "price is what you pay, value is what you get" criterion. Value, after all, is in the eyes of the beholder. Not many people here would agree but some people clearly think lunch with Warren Buffett is well worth a million or two. Even Mohnish thought it was worth at least $600K.

 

It seems to me that $2,000 is not a lot to pay if one can learn something useful from the VIC. For anyone with a decent sized portfolio (and I'm not even talking mega millions), one good idea would easily cover the $2,000. To put things in perspective, my BRK AGM trip cost me $1,500. It was a great experience BUT.........I did not get to ask WB any questions, I didn't hear anything that I could not have learned from this board or from the CNBC coverage of the event. (I did get a picture with the Man, which is worth a million $ to me, but that's another story!)

 

So, let's hear from those who have been to past VICs - tell us whether the benefits outweigh the cost. (Ragnar suggests that while it was enjoyable he did not get that much benefit from it.)

 

(I haven't been to any but Bill Ackman's presentation on mortgage insurers from the VIC website helped me understand the scale of the problem and certainly played a role in my avoiding the biggest landmines last year.)

 

 

 

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I would be amazed if Mohnish would buy that lunch were it not going to charity.  This was a convenient means of giving back to society while also securing a meeting his mentor.  Now, if Buffett tried to sell lunch for $50k and pocket the profit, I doubt anyone would pay (out of self respect).

 

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I would be amazed if Mohnish would buy that lunch were it not going to charity.  This was a convenient means of giving back to society while also securing a meeting his mentor.  Now, if Buffett tried to sell lunch for $50k and pocket the profit, I doubt anyone would pay (out of self respect).

 

 

Say, Buffett retires from BRK and devotes his time to teaching a finance course. He charges $50K. Any problem with paying him the $50K?

 

If Buffett wants to charge $50K for lunch, some might think him greedy and decide they are not willing to pay him. But, if I were running a $100m fund and I felt that I owed my investors a duty to do the best I could for them, would I be wrong in paying for the $50K lunch so that I could become a better investor?

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