tailieunhanh - Lecture Finance - Topic 6: Buffettology

This chapter presents the following content: How to look at the stock market the warren buffett way, concepts every investor should know, a brief introduction to financial statements. | Buffettology Chapter 1: How to Look at the Stock Market the Warren Buffett Way As far as I am concerned, the stock market doesn’t exist. It is there only as a reference to see if anybody is offering to do anything foolish. Buffettology 101 The Wisdom of Warren Buffett 5 10/21/2015 Professor Kuhle 6 “Investing is often described as the process of laying out money now in the expectation of receiving more money in the future. At Berkshire we take a more demanding approach, defining investing as the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power – after taxes have been paid on nominal gains – in the future.” -Warren Buffett (2011 Annual Report) Buffettology 101 The Wisdom of Warren Buffett 10/21/2015 Professor Kuhle 7 All we want is to be in businesses that we understand, run by people whom we like, and priced attractively relative to their future prospects. I buy businesses, not stocks, businesses I would be willing to own . | Buffettology Chapter 1: How to Look at the Stock Market the Warren Buffett Way As far as I am concerned, the stock market doesn’t exist. It is there only as a reference to see if anybody is offering to do anything foolish. Buffettology 101 The Wisdom of Warren Buffett 5 10/21/2015 Professor Kuhle 6 “Investing is often described as the process of laying out money now in the expectation of receiving more money in the future. At Berkshire we take a more demanding approach, defining investing as the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power – after taxes have been paid on nominal gains – in the future.” -Warren Buffett (2011 Annual Report) Buffettology 101 The Wisdom of Warren Buffett 10/21/2015 Professor Kuhle 7 All we want is to be in businesses that we understand, run by people whom we like, and priced attractively relative to their future prospects. I buy businesses, not stocks, businesses I would be willing to own forever. Invest within your circle of competence. It’s not how big the circle is that counts, it’s how well you define the parameters. When management with an excellent reputation meets a business with a poor reputation, it is usually the business’s reputation that remains intact. Buffettology 101 The Wisdom of Warren Buffett Understanding the Influence of Ben Graham on Warren Buffett Through the Story of Mr. Market Long ago Ben Graham described the mental attitude toward market fluctuations that I believe to be most conducive to investment success. He said that you should imagine market quotations coming from a remarkably accommodating fellow named Mr. Market who is your partner in a private business. Without fail, Mr. Market appears daily and names a price at which he will either buy your interest or sell you his. Even though the business that the two of you own may have economic characteristics that are stable, Mr. Market’s quotations will be anything but stable. For, it is sad to say,

• Tài chính doanh nghiệp
• Lecture Finance
• Financial management
• Financial statement analysis
• Stock market
• Warren buffett way
• Financial statements
• Business finance
• Lecture Business finance
• Capital market
• Sources of finance
• Leasing finance
• Sources of long term finance
• Long term finance
• Equipment finance
• Ordinary shares
• Long term debt
• Managerial finance
• Principles of managerial finance
• Lecture Principles of managerial finance
• Environment of managerial finance
• Financial services
• Career opportunities
• Financial analysis
• Cash flow
• Financial planning
• Time value of money
• Future calue
• Risk and Return Fundamentals
• Interest rates
• Bond valuation
• Stock valuation
• Equity capital
• International managerial finance
• Lecture Managerial finance
• Financial options
• Corporate finance
• Option terminology
• Public finance
• Lecture Public finance
• Public Economics
• Federal system
• Fiscal federalism
• Lecture Fundamentals of corporate finance
• Fundamentals of corporate finance
• Financial manager
• Financial markets
• Business organization
• Working with financial statements
• Statement of cash flows
• Public expenditure
• Tiebout model
• Dividend Policy
• Capital structure
• Capital structure decisions
• Capital market efficiency