Portfolio

October 9, 2008: Andrew Jackson et al

October 6, 2008: Compliments of Colin J. Seymour... 1927-1933 Chart of Pompous Prognosticators

December 6, 2007: Compliments of Portfolio.com...The Evolution of an Investor by Michael Lewis

March 4, 2006

Berkshire Hathaway Inc. 2005 Annual Report

Compliments of the Wall Street Journal.... Highlights From Buffett's Letter

October 28, 2005

I thought you might be interested in this paper that was just recently released

Imitation Is The Sincerest Form Of Flattery: Warren Buffett and Berkshire Hathaway

“The mean (median) annualized returns for the stock investments in Berkshire’s portfolio from 1980 to 2003 are an extraordinary 39.38% (19.92%).”

For the life of me I can’t understand why more institutional investors don’t emulate the Buffett/Munger methodology/philosophy.
The numbers are unbelievable. Not to say that one could match such a performance but the ODDS of beating the benchmark by a significant margin are that much higher (obviously).
I guess it boils down to the “interpretation” of risk and volatility as well as the “institutional imperative”.

In the paper they try to question whether it was luck or skill by using statistical analyses…..
reminds me of Buffett’s “Graham and Doddsville” essay which I try to read every so often (and which I’m sure you’ve read):

The Superinvestors of Graham-and-Doddsville by Warren E. Buffett

August 19, 2005

Compliments of our friend Mark Hugh Sam with Sellers Capital in Chicago...

Very instructive how Bill Gates runs his personal portfolio--about 50% in top 2 holdings (ex MSFT).

June 11, 2005

Compliments of Welling@Weeden

ADHD... Time Horizons & Underperformance By James Montier

June 9, 2005

An Interview with Warren Buffett in 1974

May 9, 2005

More great stuff from Dr Bob...John, some good comments and quotes here:

Compliments of Morningstar... Gems from the Berkshire Hathaway Meeting

Compliments of Dr Bob...John, 82.5% of this fund is in cash. Here’s a good quote:

“Long term investment success requires discipline and patience. While these principals of
investing are difficult for most to exercise, those that do can reap tremendous rewards. Our
approach to money management is simple. We look to achieve the highest total return with the
least amount of risk. Our first preference is to buy stocks at deep discounts relative to their private
market (intrinsic) values, as this offers us the greatest potential return over the long run.
However, when stocks are expensive, we look toward bonds to increase total return. If neither
stocks nor bonds offer favorable return potential, cash becomes the investment of choice until
better opportunities arise. Simply put, we invest where we find the greatest value.”