Download an ebook on Warren buffett partnership letters
An ebook capturing Learnings from Warren buffett partnership letters
Jim Rohn famously said,
You are the average of the five people you spend the most time with
As a young investor starting out it would serve you well if you can spent time with Warren Buffet (vicariously) by reading his fantastic letters
At Tankrich - We have taken an initiative to share his learnings through our video channel
This week having finished the partnership letters I thought it would be good if I could document those learnings in a single place
After few weeks of editing here is the final copy for you on Learnings from Warren buffett partnership letters
Below is Table of content of this ebook [l2g name="Learnings From Warren Buffet partnership letters" id="1148"]
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Building blocks
What should be focus of long term investor
Surest means of profit is value investing
Think long term to evaluate performance
Beating index is very tough
True conservatism
Magic of Compounding
Price is everything aka Margin of Safety
Cigar butt as a group works out to be a good investment
Evaluate money manager even if it’s you
Public opinion is not a substitute for though
Investing edge
Role of luck in Investing
Types of Investment
What is a work-out Investment ?
What are Generals ?
Security’s price movements
No movement is best for long term investors
Dividend and impact on price of securities
Illiquidity and prices
Playing volatility is a loser’s game
Past price behaviour is of no relevance
In short term demand and supply drive prices, In long term earnings power
Asset Allocation
Asymmetric allocation
Use mathematical expectation and it’s wideness to allocation
Qualities to look for in business
Monopoly, recession proof
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Buy the right Company
Buy the right Price
Moat building activities
Expenditure on sales and promotion
When to Sell
When a security reaches Fair Value
Sell when valuations catch up
Use of Leverage
Utilise leverage in portfolio
Valuations
What is not value
Book value a better measure than next year PE
Buy out of favour stock at bargain price to a private owner
What drives value – assets, Earnings power and industry conditions
Selling below Value to a Private owner
Management is key to investing
Management is important in spite of good numbers
How a business turnarounds
Reduce Inventory
Free up Capital, reduce working capital and capex
Cut overhead
Closed inappropriate franchise
Improve Earnings power
Diversification
Bet hard when things are in your favour
Consequences of wide diversification
Why Typical money managers fail
What businesses to avoid
Business dependent on trickle of ideas
Business with a human issue
Book Recommendations
The depth of coverage itself indicates that these letters are a must read for any serious investor
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