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Margin of Safety: Seth Klarman on a Range of Value

Margin of Safety

Below is an excerpt from Seth Klarman’s Margin of Safety, and a discussion of the art of business valuation. When valuing a business, Klarman emphasizes the importance of understanding that “…business value cannot be precisely determined”, instead you have to grasp “…the concept of a range of value.” 1,077 more words

Books

The Education of Warren Buffett’s protégé

Just after graduating from Harvard Business School in 2009, Tracy Britt Cool showed up on Berkshire Hathaway’s door. In her arms: a bushel of sweet corn and tomatoes from her family’s farm in Manhattan, Kansas. 1,777 more words

Leadership

Warren Pieces: Buffett On Professional Investors, And The Path To Hell

A periodic look through the archives of the greatest investor in history

In Berkshire Hathaway’s 1985 Letter to Shareholders, Warren Buffett offered his thoughts on why professional investors create instability in financial markets.  37 more words

Gurus

Margin of Safety: Seth Klarman on EBITDA

What Adjustments to Reported Earnings Do You Make?

“ we ignored amortization of goodwill and told our owners to ignore it, even though it was in GAAP . 2,007 more words

Business Analysis

Warren Pieces: Why Buffett Wants His Stocks To Fall

A periodic look through the archives of the greatest investor in history

In Berkshire Hathaway’s 2011 Letter to Shareholders, Warren Buffett offered his thoughts on why he sometimes hopes that his holdings will decline in value, using IBM as an example.  38 more words

Gurus

Is this the best stock on the ASX?

What if I told you that you could have growth and defensive characteristics in one stock? It is possible, and every now and then you come across a rare business that can offer both. 815 more words

Stocks

It's the perfect time for Warren Buffett to roll out the Berkshire Hathaway brand

Warren Buffett has started rolling out his widely successful investment company, Berkshire Hathaway, into a consumer brand. Starting earlier this year, the famed investor began rebranding the energy companies, real estate brokerages and certain insurance holdings with the Berkshire Hathaway name. 625 more words