巴菲特简介ppt.pptVIP

Warren Buffett- “the Sage of Omaha” Agenda Bio Management style Investment approach Methodology Biography/History Bought first stock at age 11 Invested savings into farmland Had pinball machine business and sold for a profit Attended Columbia Universitywhere Ben Graham was a professor at the time Worked for Ben Graham for $12,000 a year Biography/History Opened his own partnership in Omaha By 1961, he had 5 partnerships In 1962, he merged partnerships to make Buffett Partnerships, Ltd. Bought stock for Berkshire Hathaway at $8 Bought Amex stock after fraud scandal Took control of Berkshire in 1965 Biography/History Closed partnership in 1969 and worth millions personally In 1974 lost over 50% of wealth In 1981 Buffett and Munger create Berkshire Charitable Contribution plan Crash of ‘87 lost $342 million personally Biography/History Buffett worth $44 billion today Berkshire has $248 billion in assets CEO Charles Munger, vice-chairman Met in 1959 Goal to increase 15% a year philanthropy 85% of wealth given to philanthropy Bill and Melinda Gates Foundation Health and learning $1.5 billion annually The rest to foundations run by his children and founded by late wife Management Tenets Buffett’s three management tenets concern the evaluation of management quality Is management rational? Is?management candid? Does management resist the institutional imperative? Rationality If a company generates high returns on equity, the duty of management is to reinvest those earnings back into the company, for the benefit of shareholders If the earnings cannot be reinvested at high rates, management has three options: ignore the problem and continue to reinvest at below-average rates buy growth return the money to the shareholders, who then might have a chance to reinvest the money elsewhere at higher rates In Buffett’s mind, only one choice is rational, that is option 3 Candor Buffett believes that a manager who confesses mistakes publicly is more likely to corre