Masters In Business: Robert Johnson’s Financial Education Advocacy by Barry Ritholtz
On this week’s Masters in Business radio podcast, I speak with Dr. Robert Johnson, President of the American College of Financial Services, and previously a senior member of the CFA Institute, where he made the CFA Level 1-3 Exams what they are today. You may not be familiar with this week’s guest, but his work likely influences the world of modern finance tremendously. Johnson has been involved with the accreditation process of various financial participants for many years.
Seth Klarman Tells His Investors: Central Banks Are Treating Investors Like “Foolish Children”
"Surreal doesn't even begin to describe this moment," Seth Klarman noted in his second-quarter letter to the Baupost Group investors. Commenting on the market developments over the past six months, the value investor stated that events, which would typically occur over an extended time frame, had been compressed into just a few months. He noted Read More
Johnson tells how many years ago, Warren Buffett showed up to speak to his class at Creighton University. When the conversation turned to books, Buffett recommended Seth Clarman’s Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. All of the students in class purchased it. Years later, the book went out of print, and was soon selling for $2000 on eBay. Johnson calculated that if the book was an investment, it would have compounded at 27% annually, noting that even Buffett’s book recommendations are money makers.
At the annual Berkshire Hathaway’s shareholder meeting, Buffett always included a list of favorite books, (which of course does bang up business at the only bookstore in town). He added Johnson’s own book Strategic Value Investing, to the list of recommended works for the annual meeting.
Download the full podcast at iTunes and SoundCloud and Bloomberg.com. Earlier podcasts can be found on iTunes, Soundcloud and at Bloombergview. You can also listen to Masters in Business on Bloomberg Radio Friday at 9pm, Saturday at 4am, 10am, 6pm, and 11pm, and Sunday at 3am.
Next week, we speak with Kelly Coffey, CEO of the $650B JPM Private Bank.