Warren Buffett

Warren Buffett On Moats And Millions [Slides]

H/T Value Investing World via CapitalIdeasOnline

Warren Buffett On Moats And Millions

Warren Buffett

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  • Serenity Stocks

    Benjamin Graham was a scholar and financial analyst who mentored legendary investors such as Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss.

    Warren Buffett describes Graham’s book – The Intelligent Investor – as “by far the best book about investing ever written” (in its preface, which Buffett wrote).

    Buffett also writes in the preface:
    “To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must supply the emotional discipline.”

    Graham’s first recommended strategy – for casual investors – was to invest in Index stocks.
    For more serious investors, Graham recommended three different categories of stocks – Defensive, Enterprising and NCAV – with 17 precise qualitative and quantitative criteria for finding them.
    For advanced investors, Graham described various “special situations”.

    Benjamin Graham is rightly considered the father of value investing. But the term “Value” is often misunderstood to refer to only quantity, and not quality. Most of Graham’s actual stock selection rules were concerned with the qualitative assessment of a stock.

    Warren Buffett once wrote a lengthy article explaining how Graham’s principles are everlasting, and how Graham’s record of creating exceptional investors (such as Buffett himself) is unquestionable. The article is called “The Superinvestors of Graham-and-Doddsville”.

    Buffett concluded “The Superinvestors of Graham-and-Doddsville” writing:
    “Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper.”

    Serenity Stocks lets you assess 5000+ NYSE and NASDAQ stocks against Benjamin Graham’s 17 rules, for free.

    March 18, 2015 at 6:53 am

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