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Legendary value investors' secrets

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October 4, 2022


Book value as proxy for intrinsic value

In his annual letter (February 26, 2011) to Berkshire Hathaway shareholders for Year 2010, chairman Warren Buffett shared his and Charlie Munger’s thoughts on intrinsic value as a measurement of performance: “Charlie and I believe that those entrusted with handling the funds of others should establish performance goals at the onset of their stewardship. Lacking

Warren Buffett on partnership

When it comes to owning shares in Berkshire Hathaway, Warren Buffett’s hope, as spelt out in one of Berkshire Hathaway’s business-related principles in its owner’s manual, is that “you do not think of yourself as merely owning a piece of paper whose price wiggles around daily and that is a candidate for sale when some

How Warren Buffett handles management succession

Warren Buffett is a great believer in succession planning. In his chairman’s letter (28 February 2006) to Berkshire Hathaway shareholders for Year 2005, he said: “As owners, you are naturally concerned about whether I will insist on continuing as CEO after I begin to fade and, if so, how the board will handle that problem.

Berkshire Hathaway principles on manager-owner relationship

Among Warren Buffett’s letters to Berkshire Hathaway stakeholders, one that gave shareholders a good summary of Berkshire Hathaway’s major business principles pertaining to the manager-owner relationship is that of March 14, 1984 for Year 1983. Here is a gist of the summary: * Although Berkshire Hathaway’s form is corporate, its attitude is partnership, treating shareholders as

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