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Warren Buffett answers question #2:
"We don't consider ourselves to be value investors....Discounted cash proceeds is the appropriate way to value any business...There is no such thing in our minds as value and growth investing."
Not earnings...cash. DCF but done in his head.
"We don't consider ourselves to be value investors....Discounted cash proceeds is the appropriate way to value any business...There is no such thing in our minds as value and growth investing."
Not earnings...cash. DCF but done in his head.
What do Buffett and Munger keep from Graham:
1. Margin of Safety
2. Circle of Competence
3. A share of stock is a partial interest in a business
4. Be rational.
Remaining cigar butt investments disappeared long ago. google.com/amp/s/25iq.com…
1. Margin of Safety
2. Circle of Competence
3. A share of stock is a partial interest in a business
4. Be rational.
Remaining cigar butt investments disappeared long ago. google.com/amp/s/25iq.com…
Munger: "We’re applying Graham’s basic ideas, but now we’re trying to find undervalued GREAT companies. That concept was foreign to Ben Graham. I learned that the best way to make money is to buy great businesses that earn high returns on capital over long periods of time."
