The Value Investing Approaches of Warren Buffett, Charlie Munger, Todd Combs, and Ted Weschler at Berkshire Hathaway At Concordia University, Montreal – Oct. 19, 2017
15 Largest Common Stock Investments (12/31/2016)
Case Study: How 3G Capital Squeezed More Out Of Heinz
5 Largest Common Stock Investments (6/30/2017)
These 5 holdings comprise 63% of Berkshire Hathaway’s Common Stock Holdings
Berkshire Hathaway vs S&P 500 (1965-2017)
In dollar terms, $1,000 invested in Berkshire Hathaway 52 years ago is now worth $18.5 million. The same amount invested in the S&P 500 would be worth $123,000.
(Values were calculated using the compounded annual gain of 20.8 percent from 1965-2017 for per-share market value of Berkshire, and the compounded annual gain of 9.7 percent from 1965-2017 in the S&P 500, with dividends included.)
Warren Buffett
- CEO and Chairman of Berkshire Hathaway
- 1965-present
Forbes 400 (2017)
Lessons From Charlie Munger's Partnership
Forbes World’s Largest Companies by Market Capitalization (2017)
Early Life
- Born August 30, 1930 (age 87)
- Enrolled in the University of Pennsylvania’s Wharton School
- Transferred to and graduated from the University of Nebraska-Lincoln
- Graduated from Columbia Business School in 1951
- Married Susan Buffett in 1952
- They had three children: Susie, Howard, and Peter
- That same year he began teaching “Investment Principles” night class at the University of Nebraska
Career Progression
- 1951 to 1954 – Buffett-Falk & Co as an investment salesman
- 1954 to 1956 – Graham-Newman Corp as a securities analyst
- 1956 to 1969 – Buffett Partnership, Ltd as general partner
- 1965 – Chairman and CEO of Berkshire Hathaway
Charlie Munger
- Vice Chairman of Berkshire Hathaway
- Munger and Buffett built an informal investing partnership in the 1960s and 1970s
- Buffett refers to him as “his partner”
Charlie Munger
- Born January 1, 1924 (93 years old)
- Born and raised in Omaha, Nebraska
- Worked at Buffett & Son as a teenager
- Studied Mathematics at the University of Michigan
- Dropped out to join the Air Force during World War II
- He continued his education at Caltech
- Studied Meteorology
- Graduated from Harvard Law School in 1948
- Graduated magna cum laude with a J.D.
Charlie Munger Career
- Moved to California and joined the law firm Wright & Garrett
- In 1962 he created the law firm Munger, Tolles & Olson working as a real estate attorney
- Also ran his own investment firm from 1962-1975
- Generated compound annual returns of 24.3%
- Compared to just 6.4% annual appreciation for the Dow Jones Industrial Average
See the full presentation below.
