1300 Miles From Wall Street – Warren Buffett, Todd Combs, and Ted Weschler

1300 Miles From Wall Street – Warren Buffett, Todd Combs, and Ted Weschler
By USA White House [Public domain], via Wikimedia Commons

Warren Buffet, Todd Combs and Ted Weschler of Berkshire Hathaway recently did an interview in Omaha, 1300 Miles from the hustle and bustle of Wall Street.

In this interview Buffett discusses why he and Munger chose Combs and Weschler for their positions at Berkshire. The three also discuss what it’s like to work at in Omaha, miles away from Wall Street, and the advantages that working at Berkshire provides. What’s glaringly obvious is just how calm and laid-back they guys appear to be even though they’re incredibly smart. It’s a great insight into the Berkshire culture.

Here’s a link to the video

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This article was originally posted by Johnny Hopkins at The Acquirer’s Multiple.

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The Acquirer’s Multiple® is the valuation ratio used to find attractive takeover candidates. It examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings* It is based on the investment strategy described in the book Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations, written by Tobias Carlisle, founder of acquirersmultiple.com. The Acquirer’s Multiple® differs from The Magic Formula® Earnings Yield because The Acquirer’s Multiple® uses operating earnings in place of EBIT. Operating earnings is constructed from the top of the income statement down, where EBIT is constructed from the bottom up. Calculating operating earnings from the top down standardizes the metric, making a comparison across companies, industries and sectors possible, and, by excluding special items–earnings that a company does not expect to recur in future years–ensures that these earnings are related only to operations. Similarly, The Acquirer’s Multiple® differs from the ordinary enterprise multiple because it uses operating earnings in place of EBITDA, which is also constructed from the bottom up. Tobias Carlisle is also the Chief Investment Officer of Carbon Beach Asset Management LLC. He's best known as the author of the well regarded Deep Value website Greenbackd, the book Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Articles written for Seeking Alpha are provided by the team of analysts at acquirersmultiple.com, home of The Acquirer's Multiple Deep Value Stock Screener. All metrics use trailing twelve month or most recent quarter data. * The screener uses the CRSP/Compustat merged database “OIADP” line item defined as “Operating Income After Depreciation.”

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