Slide Presentation – Value Investing & Warren Buffett At Concordia University, Montreal – Oct. 19, 2017

The Value Investing Approaches of Warren Buffett, Charlie Munger, Todd Combs, and Ted Weschler at Berkshire Hathaway At Concordia University, Montreal – Oct. 19, 2017

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These 5 holdings comprise 63% of Berkshire Hathaway’s Common Stock Holdings

Lecture On Value Investing & Warren Buffett

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)

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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

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  • 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

 

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David I Kass Clinical Associate Professor, Department of Finance Ph.D., Harvard University Robert H. Smith School of Business 4412 Van Munching Hall University of Maryland College Park, MD 20742-1815 Phone: 301-405-9683 Email: [email protected] (link sends e-mail) Dr. David Kass has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Accelerated Finance Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), Fox TV, American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.