Warren Buffett Q&A – Ivey School

Warren Buffet

Notes from the Meeting Dr. George Athanassakos and Ivey MBA and HBA students had with Mr. Warren Buffett
Omaha, NB, March 30, 2012, 10:00 am – 12:00 pm

Q: Since you have been an investor for 60 years, how have your principles changed over time?

  • The principles of value investing have not changed from the teachings of Ben Graham until now.
  • Aesop, the Greek writer, once said that: “a bird in the hand is worth two in the bush”. I think that this is not always the case. When valuing a business we should think of it as “deferring consumption and laying money out now to get more money back at a later date”- i.e. the two birds in the bush. There are two major questions to be answered: 1). How much money will investors get back and 2). When will they get it back.