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Professor Glen Arnold

Charlie Munger, a 99-year old investor, getting wiser by the day

08 Mar 2023 @ 12:59
Charlie Munger, Warren Buffett’s business partner for over 50 years, still has a great deal of wisdom to offer us younger investors. As he says, we have to keep learning everyday whatever our age. So, here is one of his recent aphorisms, taken from one of his recent podcasts (Warren Buffett respects this idea so […]
 

Warren Buffett on manipulation of profit numbers

07 Mar 2023 @ 14:45
One of the golden rules for a value investor is to thoroughly understand the business you are investing your money into.  A part of that involves the examination of the integrity of the managers. And one of the indicators of their integrity is whether they have a penchant for manipulating profit numbers from one year […]
 

Dealing with some misunderstandings on share buybacks – Warren Buffett’s thoughts

06 Mar 2023 @ 15:38
Sometimes the continuing shareholders benefit from share buybacks; and sometimes they lose.  If the shares are bought by the company at a price low relative to their intrinsic value they are going to be value creating for continuing shareholders. If they are bought at a high price relative to intrinsic value per share then they […]
 

Warren Buffett on “baffling” market behaviour and the investor’s reliance on just a few good investment ideas

02 Mar 2023 @ 11:43
In his latest letter to Berkshire Hathaway shareholders Buffett wrote about Mr Market causing the stock market to frequently be inefficient in pricing shares. Mr Market throws up bafflingly high prices in some instances – way above intrinsic value – and in others baffling low prices, way below intrinsic value. We value investors do not […]
 

Warren Buffett on the importance of the economics of businesses

28 Feb 2023 @ 12:31
In Warren Buffett’s letter published over the weekend he noted the vital importance of identify companies with good or bad economics. He wrote, “Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, […]
 

Some highlights from Warren Buffett’s latest letter

27 Feb 2023 @ 12:26
Warren Buffett wrote a very short letter to Berkshire Hathaway shareholders this year, it was short because it was a distilled description of key things all us value investors need to keep in mind. First of all, we are not market-watchers, market-traders or stock-pickers, flitting from share to share because we think the stock market […]
 

High price and reputation means better value? Really?

23 Feb 2022 @ 15:18
It turns out that if you tell people that one painkiller costs 10p and the other £2 in tests they will, on average, say that the more expensive one is much better at getting rid of their pain. This is the case even if the compounds are identical (this has even been tested using sugar […]
 

Buffett and Munger - we are living in "the most interesting movie, by far, that we have ever seen in terms of economics", but it could end in "disaster"

16 Feb 2022 @ 11:58
I posted this account of Warren Buffett and Charlie Munger speaking at the May 2021 Berkshire Hathaway AGM last May. What they said 9 months ago has even more resonance today, now that inflation has arrived and the central banks are in quandary.  So it’s worth re-reading. Buffett “The Fed moved with speed and a […]
 

THE ECONOMY AND FINANCIAL MARKETS WILL (PROBABLY) BE HIT HARD

15 Feb 2022 @ 15:11
Pimco’s former CEO and chief investment analyst, Mohamed El-Erian (now president of Queens Cambridge and adviser to Allianz) is someone I admire for his ability to observe and synthesise data relating to the complex system that is the world economy.  I’ve taken excepts from an article he published in the FT last week in which he […]
 

The economy may damage your portfolio

14 Feb 2022 @ 14:29
I’m not, as a rule, a big fan of articles on macroeconomics. But there are historical turning points when I’m fascinated by them. We are at an historical turning point as inflation tops 7% in many western countries. As night follows day central banks will respond to reduce demand in those economies. They are likely […]
 
 
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