Value Investing and Growth Investing Stock Blog

Warren Buffet: His Secrets Revealed!

2008-03-03T15:55:00.001-08:00

Warren Buffet Biography and Warren Buffet's Secrets for making money.

Growth Investing 101 - Growth Stocks Provide Capital Appreciation

2007-11-04T16:43:00.023-08:00

by Ang Kok Heng

Capital appreciation is the ultimate objective of serious investors. To obtain consistent capital appreciation of a stock, the earnings must continue to grow over time. The growth in earnings is the only way to provide long-term sustainable price appreciation of a stock. There are many excellent examples of stocks listed on Bursa Malaysia which have demonstrated strong capital gain.

Grow with the economy

As an emerging economy, Malaysia does have attractive investment opportunities in equities. Being a developing country, the growth of our economy is higher than that of many developed countries. As such, companies operating here should have excellent growth prospects. That is the main attraction of Bursa Malaysia in the eyes of foreign investors.

As a general rule, if the economy grows at 6% per annum on real term, the nominal growth could be as high as 9% per annum, after being adjusted for inflation. This is the potential growth opportunities for companies operating in the country.

Theoretically if the nominal economic growth is 9% per annum, then the earnings of corporations should also grow by 9% per year. In reality, however, earnings growth may not equate business growth due to various factors.

Revenue Growth Not Equal To Profit Growth

2007-11-04T16:43:00.022-08:00

Even if a company’s revenue can grow in line with the nominal growth of the economy, its earnings may not increase at the same pace. Depending on the profit margin, the earnings of a company may not grow in tandem with the revenue growth.

It is possible that corporate earnings growth may lag behind revenue growth due to stages in the economic cycle, changes in raw materials cost, competition at that point in time, its ability to pass on higher cost to customers etc.

On the other hand, earnings of a company can also grow faster than revenue growth during certain period due to turning around from a low base, increase in economies of scale, improvement in productivity or the ability to reduce cost.

Smaller companies, higher growth?

Generally smaller companies have better growth opportunities. This is true provided the management knows how to grab the opportunities. There is no denial that there are many small capitalised stocks which fail to provide the expected growth but there are also many excellent examples of successful companies growing from a small base. Typical examples of small-cap stocks which have grown to noticeable size are KNM Group, Top Glove Corporation, SP Setia, WCT Engineering, Muhibbah Engineering (M) etc.

Growing By Increasing Market Share

2007-11-04T16:43:00.021-08:00

The easiest way for a small company to grow is to eat into the market share of bigger players. Small company usually secures a position from a niche market. From there, it grows by eating into the market shares of bigger competitors.

This is feasible if the industry is fragmented or if there is no strong competitors in the market. If the management is aggressive, the company can grow rapidly. Some of these successful growth companies were established by a group of young entrepreneurs who were previously employed by one of the more established players in the industry.

When a company reaches a higher level of market share, there is always a doubt whether it can continue to increase its market share at the previous pace. When a company has only 5% market share, it is rather easy to increase the market share to 10% or even 20% (but the management will tell you that every incremental increase in market share is through hard work and well-thought strategies).

If a company can increase its market share from 5% to 20%, the growth is four folds. If we include the increase in the industry base the company is operating in, the growth in monetary terms is even higher.

Growth Goes Beyond The Country

2007-11-04T16:43:00.020-08:00

No matter how much a company can increase its market share in the country, the limited domestic market will eventually check its growth. Unlike a large country like China, where the growth prospect is enormous, Malaysian companies will have to think of some way to maintain its earnings momentum when they have captured the bulk of local market share.

Structurally certain industry cannot grow beyond Malaysia or is difficult to expand outside the country. This could be due to physical constraints or licensing limitation.

Products produced solely for domestic consumption could be difficult or costly to be exported. Bulky items such as carton boxes, tin cans and furniture are generally for domestic consumption, unless there is a way to package the products such that the space between the products can be reduced to minimise shipment cost.

Low-value items can also be difficult to be exported and they are normally produced for local consumption. Examples are found in many forms of building material which are not competitive overseas and similar imported equivalents are also less competitive domestically. Some items may have short “shelf life” and must be used immediately. These constraints made them difficult to be transported over long distances, and examples include bitumen premix, ready-mixed concrete and life stocks.

Other than physical constraints, some companies are not given the “green light” to expand outside Malaysia or not able to secure the necessary licence to operate in foreign countries due to respective domestic protectionism.

Many foreign-controlled companies set up specifically for the Malaysian market generally only operate in Malaysia, as they are likely to have sister companies operating in the neighbouring countries. Examples are Carlsberg Brewery Malaysia, British-American Tobacco (M), Amway (M) Holdings etc.

On the other hand, certain companies cannot go beyond Malaysia due to licensing control by neighbouring countries. Some of the highly regulated industries include banks, insurance companies, stockbroking firms and companies in airline, telecommunications, power utilities, infrastructure etc.

In some of these industries we do see some liberalisation, but in most cases, the expanding companies will have to pay a premium to acquire a limited stake in the target companies.

Overseas Risk Is Higher

2007-11-04T16:43:00.019-08:00

If a company decides to go beyond Malaysian shore by expanding abroad, the investment risk is definitely higher.

Although the management may have the necessary expertise locally, operating in a foreign environment cannot be the same (worse if they cannot even compete domestically or are not even in that business in Malaysia).

The challenges in foreign countries include different consumer behaviour, employee attitude, language difference, local supplier network, governmental linkages etc.

We have seen many unsuccessful stories of Malaysian companies venturing abroad. Many gaming companies suffered millions of ringgit losses in their attempts to operate gaming business in China, Mongolia, the Philippines and Indonesia.

There were also bad experiences of construction companies which paid heavily for their lessons in India, the Middle East and Indo-China. Some of these companies gained their experience and are now starting to make some money.

Organic Growth Is Steady

2007-11-04T16:43:00.018-08:00

For companies which decided to stay domestically, their growth may come to the end of the road if they have captured the bulk of the market share. How much more they can grow domestically?

Many property companies face this challenge so long as they continue to operate in their familiar areas. How much more houses can they launch for the same group of customers?

They have to think of new products (terrace houses, condominiums, shops, offices, institutions, bungalow lots, golf courses, resorts homes, etc) or new locations (KL, Penang, Johor Bahru etc). Perhaps that is the reason why it is difficult to find a property stocks which provide 20 years of excellent growth.

To remain in the business and continue to provide decent earnings growth to their shareholders, companies can either grow organically or by way of acquisition — the former is steady while the latter is more aggressive.

Perhaps the best example of a company which grew successfully by organic expansion is the Perlis Plantations group of companies. From food-based sugar and flour milling, the group uses the cash flow generated to diversify laterally and vertically into other related business.

The group goes upstream into sugar plantation. It goes downstream into commodity trading, shipping transportation, edible oil refining, animal feed milling, poultry farming, trading, woven bags manufacturing, metal drum production etc. Most of the businesses of PPB Group revolve around its core business.

Organic expansion can still generate the desired growth provided the management stay focus on its core business related diversification.

Aggressive Companies Grow By Acquisition

2007-11-04T16:43:00.017-08:00

There are also many successful companies which grow by way of acquisitions, some of which expanded into new areas whenever opportunities arise. In the 80s, we saw Hong Leong group, MUI group and Multi-Purpose group grow into conglomerates.

In the 90s, UEM-Renong group expanded rapidly until they were hit by the 1997/98 Asian financial crisis. Since then, this strategy was not prevalent in this decade. The danger of companies expanding by acquisitions is the risk of execution which requires different sets of skill.

One of the main advantages of a listed company is its ability to issue paper to acquire another company or another business. This is especially suitable for companies whose share prices are high and trading at high PE. Issuing shares to acquire a lower PE company will help bring down the overall PE of the listed companies.

If the vendors of the acquiree company do not want the shares, arrangement can still be made to either place out the shares or issue other forms of instrument to raise the necessary cash.

Growing by M&A

2007-11-04T16:43:00.016-08:00

In developed countries, especially in the US and Europe where business growth opportunities are limited, many corporations turned to other methods of cost cutting to increase earnings.

One of the most common methods to reduce cost is via merger and acquisition. M&A is feasible in the West because the management and owners are different parties. M&A in Malaysia is difficult as most owners want management control after the merger. As a result, M&A in Malaysia normally means the acquirer company controls the acquiree company.

In cases where an industry is saturated, M&A allows better economies of scale and reduces cost by way of retrenchment and cutting off redundant outfits.

Growing By Outsourcing

2007-11-04T16:43:00.015-08:00

Another way to increase earnings in a saturated market condition is by way of outsourcing the less productive operations to someone else who can do it better and cheaper.

While outsourcing started from the matured economies, developing economies also found it effective in enhancing earnings. This new management approach has helped many companies to re-look at their operations to determine the possibility of completing a job in a more cost-effective manner.

Growth Limitation

2007-11-04T16:43:00.014-08:00

There are also many companies which cannot grow beyond a certain size. The main hindrance preventing the growth is management capability.

A small company is much easier to manage by family members but a big company requires more professionals to mend the different facets of the business.

To maintain the growth path, the management of a small company must take a drastic change in management style to propel forward. This includes delegation of power, having a team of middle management, engaging professional services, implementing comprehensive management system and control, demarcation of function, fair rewarding system etc.

Growth Investing - Summary

2007-11-04T16:43:00.013-08:00

Having put growth companies into the right perspective, it will be easier now to identify growth stocks. For long-term investors, it is important to pick the right growth stock for investment. In summary, the main criteria of selecting growth stocks are:

• Dynamic management
• Visionary management
• Smaller capitalisation
• Products or services in strong demand
• Has scope to diversify or expand abroad
• Business model is scalable
• Backed by financially strong shareholders

Value Investing 101

2007-11-04T16:43:00.012-08:00

Value investing is one of the best known stock-picking methods. In the 1930s, Benjamin Graham and David Dodd, finance professors at Columbia University, laid out what many consider to be the framework for value investing. The concept is actually very simple: find companies trading below their inherent worth.

The value investor looks for stocks with strong fundamentals - including earnings, dividends, book value, and cash flow - that are selling at a bargain price, given their quality. The value investor seeks companies that seem to be incorrectly valued (undervalued) by the market and therefore have the potential to increase in share price when the market corrects its error in valuation.

Value, Not Junk!

2007-11-04T16:43:00.011-08:00

Before we get too far into the discussion of value investing, let's get one thing straight. Value investing doesn't mean just buying any stock that declines and therefore seems "cheap" in price.

Value investors have to do their homework and be confident that they are picking a company that is cheap given its high quality.

It's important to distinguish the difference between a value company and a company that simply has a declining price. Say for the past year Company A has been trading at about $25 per share but suddenly drops to $10 per share.

This does not automatically mean that the company is selling at a bargain. All we know is that the company is less expensive now than it was last year. The drop in price could be a result of the market responding to a fundamental problem in the company.

To be a real bargain, this company must have fundamentals healthy enough to imply it is worth more than $10 - value investing always compares current share price to intrinsic value not to historic share prices.

Value Investing at Work

2007-11-04T16:43:00.010-08:00

One of the greatest investors of all time, Warren Buffett, has proven that value investing can work: his value strategy took the stock of Berkshire Hathaway, his holding company, from $12 a share in 1967 to $70,900 in 2002.

The company beat the S&P 500's performance by about 13.02% on average annually! Although Buffett does not strictly categorize himself as a value investor, many of his most successful investments were made on the basis of value investing principles.

Buying a Business, not a Stock

2007-11-04T16:43:00.009-08:00

We should emphasize that the value investing mentality sees a stock as the vehicle by which a person becomes an owner of a company - to a value investor profits are made by investing in quality companies, not by trading.

Because their method is about determining the worth of the underlying asset, value investors pay no mind to the external factors affecting a company, such as market volatility or day-to-day price fluctuations. These factors are not inherent to the company, and therefore are not seen to have any effect on the value of the business in the long run.

Contradictions

2007-11-04T16:43:00.008-08:00

While the Efficient Market Hypothesis (EMH) claims that prices are always reflecting all relevant information, and therefore are already showing the intrinsic worth of companies, value investing relies on a premise that opposes that theory.

Value investors bank on the EMH being true only in some academic wonderland. They look for times of inefficiency, when the market assigns an incorrect price to a stock.

Value investors also disagree with the principle that high beta (also known as volatility, or standard deviation) necessarily translates into a risky investment. A company with an intrinsic value of $20 per share but is trading at $15 would be, as we know, an attractive investment to value investors.

If the share price dropped to $10 per share, the company would experience an increase in beta, which conventionally represents an increase in risk. If, however, the value investor still maintained that the intrinsic value was $20 per share, s/he would see this declining price as an even better bargain. And the better the bargain, the lesser the risk.

A high beta does not scare off value investors. As long as they are confident in their intrinsic valuation, an increase in downside volatility may be a good thing.

Screening for Value Stocks

2007-11-04T16:43:00.007-08:00

Now that we have a solid understanding of what value investing is and what it is not, let's get into some of the qualities of value stocks.

Qualitative aspects of value stocks:

Where are value stocks found? - Everywhere. Value stocks can be found trading on the NYSE, Nasdaq, AMEX, over the counter, on the FTSE, Nikkei and so on.

a) In what industries are value stocks located? - Value stocks can be located in any industry, including energy, finance and even technology (contrary to popular belief).

b) In what industries are value stocks most often located? - Although value stocks can be located anywhere, they are often located in industries that have recently fallen on hard times, or are currently facing market overreaction to a piece of news affecting the industry in the short term. For example, the auto industry's cyclical nature allows for periods of undervaluation of companies such as Ford or GM.

Can value companies be those that have just reached new lows? - Definitely, although we must re-emphasize that the "cheapness" of a company is relative to intrinsic value. A company that has just hit a new 12-month low or is at half of a 12-month high may warrant further investigation.

Here is a breakdown of some of the numbers value investors use as rough guides for picking stocks. Keep in mind that these are guidelines, not hard-and-fast rules:

1. Share price should be no more than two-thirds of intrinsic worth.

2. Look at companies with P/E ratios at the lowest 10% of all equity securities.

3. PEG should be less than one.

4. Stock price should be no more than tangible book value.

5. There should be no more debt than equity (i.e. D/E ratio <>

6. Current assets should be two times current liabilities.

7. Dividend yield should be at least two-thirds of the long-term AAA bond yield.

8. Earnings growth should be at least 7% per annum compounded over the last 10 years.

The PE and PEG Ratios

2007-11-04T16:43:00.006-08:00

Contrary to popular belief, value investing is not simply about investing in low P/E stocks. It's just that stocks which are undervalued will often reflect this undervaluation through a low P/E ratio, which should simply provide a way to compare companies within the same industry. For example, if the average P/E of the technology consulting industry is 20, a company trading in that industry at 15 times earnings should sound some bells in the heads of value investors.

Another popular metric for valuing a company's intrinsic value is the PEG ratio, calculated as a stock's P/E ratio divided by its projected year-over-year earnings growth rate. In other words, the ratio measures how cheap the stock is while taking into account its earnings growth. If the company's PEG ratio is less than one, it is considered to be undervalued.

Narrowing It Down Even Further

One well-known and accepted method of picking value stocks is the net-net method. This method states that if a company is trading at two-thirds of its current assets, no other gauge of worth is necessary. The reasoning behind this is simple: if a company is trading at this level, the buyer is essentially getting all the permanent assets of the company (including property, equipment, etc) and the company's intangible assets (mainly goodwill, in most cases) for free! Unfortunately, companies trading this low are few and far between.

Value Investing - Pt. 5

2007-11-04T16:43:00.005-08:00

The Margin of Safety

A discussion of value investing would not be complete without mentioning the use of a margin of safety, a technique which is simple yet very effective. Consider a real-life example of a margin of safety. Say you're planning a pyrotechnics show, which will include flames and explosions. You have concluded with a high degree of certainty that it's perfectly safe to stand 100 feet from the center of the explosions. But to be absolutely sure no one gets hurt, you implement a margin of safety by setting up barriers 125 feet from the explosions.

This use of a margin of safety works similarly in value investing. It's simply the practice of leaving room for error in your calculations of intrinsic value. A value investor may be fairly confident that a company has an intrinsic value of $30 per share. But in case his or her calculations are a little too optimistic, he or she creates a margin of safety/error by using the $26 per share in their scenario analysis. The investor may find that at $15 the company is still an attractive investment, or he or she may find that at $24, the company is not attractive enough. If the stock's intrinsic value is lower than the investor estimated, the margin of safety would help prevent this investor from paying too much for the stock.

Conclusion

Value investing is not as sexy as some other styles of investing; it relies on a strict screening process. But just remember, there's nothing boring about outperforming the S&P by 13% over a 40-year span!

Stock Picking Strategy - Growth Investing Pt. 1

2007-11-04T16:43:00.004-08:00

In the late 1990s, when technology companies were flourishing, growth investing techniques yielded unprecedented returns for investors. But before any investor jumps onto the growth investing bandwagon, s/he should realize that this strategy comes with substantial risks and is not for everyone.

Value versus Growth

The best way to define growth investing is to contrast it to value investing. Value investors are strictly concerned with the here and now; they look for stocks that, at this moment, are trading for less than their apparent worth.

Growth investors, on the other hand, focus on the future potential of a company, with much less emphasis on its present price. Unlike value investors, growth investors buy companies that are trading higher than their current intrinsic worth - but this is done with the belief that the companies' intrinsic worth will grow and therefore exceed their current valuations.

As the name suggests, growth stocks are companies that grow substantially faster than others. Growth investors are therefore primarily concerned with young companies. The theory is that growth in earnings and/or revenues will directly translate into an increase in the stock price. Typically a growth investor looks for investments in rapidly expanding industries especially those related to new technology. Profits are realized through capital gains and not dividends as nearly all growth companies reinvest their earnings and do not pay a dividend.

No Automatic Formula

Growth investors are concerned with a company's future growth potential, but there is no absolute formula for evaluating this potential. Every method of picking growth stocks (or any other type of stock) requires some individual interpretation and judgment.

Growth investors use certain methods - or sets of guidelines or criteria - as a framework for their analysis, but these methods must be applied with a company's particular situation in mind.

More specifically, the investor must consider the company in relation to its past performance and its industry's performance. The application of any one guideline or criterion may therefore change from company to company and from industry to industry.

Stock Picking Strategy - Growth Investing Pt. 2

2007-11-04T16:43:00.003-08:00

The National Association of Investors Corporation (NAIC) is one of the best known organizations using and teaching the growth investing strategy. It is, as it says on its website, "one big investment club" whose goal is to teach investors how to invest wisely.

The NAIC has developed some basic "universal" guidelines for finding possible growth companies - here's a look at some of the questions the NAIC suggests you should ask when considering stocks.

1. Strong Historical Earnings Growth?

According to the NAIC, the first question a growth investor should ask is whether the company, based on annual revenue, has been growing in the past. Below are rough guidelines for the rate of EPS growth an investor should look for in companies of differing sizes, which would indicate their growth investing potential:

Although the NAIC suggests that companies display this type of EPS growth in at least the last five years, a 10-year period of this growth is even more attractive. The basic idea is that if a company has displayed good growth (as defined by the above chart) over the last five- or 10-year period, it is likely to continue doing so in the next five to 10 years.

2. Strong Forward Earnings Growth?

The second criterion set out by the NAIC is a projected five-year growth rate of at least 10-12%, although 15% or more is ideal. These projections are made by analysts, the company or other credible sources.

The big problem with forward estimates is that they are estimates. When a growth investor sees an ideal growth projection, he or she, before trusting this projection, must evaluate its credibility.

This requires knowledge of the typical growth rates for different sizes of companies. For example, an established large cap will not be able to grow as quickly as a younger small-cap tech company. Also, when evaluating analyst consensus estimates, an investor should learn about the company's industry - specifically, what its prospects are and what stage of growth it is at.

3. Is Management Controlling Costs and Revenues?

The third guideline set out by the NAIC focuses specifically on pre-tax profit margins. There are many examples of companies with astounding growth in sales but less than outstanding gains in earnings. High annual revenue growth is good, but if EPS has not increased proportionately, it's likely due to a decrease in profit margin.

By comparing a company's present profit margins to its past margins and its competition's profit margins, a growth investor is able to gauge fairly accurately whether or not management is controlling costs and revenues and maintaining margins. A good rule of thumb is that if company exceeds its previous five-year average of pre-tax profit margins as well as those of its industry, the company may be a good growth candidate.

4. Can Management Operate the Business Efficiently?

Efficiency can be quantified by using return on equity (ROE). Efficient use of assets should be reflected in a stable or increasing ROE. Again, analysis of this metric should be relative: a company's present ROE is best compared to the five-year average ROE of the company and the industry.

5. Can the Stock Price Double in Five Years?

If a stock cannot realistically double in five years, it's probably not a growth stock. That's the general consensus. This may seem like an overly high, unrealistic standard, but remember that with a growth rate of 10%, a stock's price would double in seven years. So the rate growth investors are seeking is 15% per annum, which yields a doubling in price in five years.

Case Study on Growth Investing

2007-11-04T16:43:00.002-08:00

~~ Adopted from Investopedia.com ~~

Now that we've outlined the NAIC's basic criteria for evaluating growth stocks, let's demonstrate how these criteria are used to analyze a company, using Microsoft's 2003 figures. For the sake of this demonstration, we'll discuss these numbers as though they were Microsoft's most current figures (that is, "today's figures").

1. Five-Year Earnings Figures

Both of these are strong figures. The annual EPS growth is well above the 5% standard the NAIC sets out for firms of Microsoft's size.

2. Strong Projected Earnings Growth

The projected growth figures are strong, but not exceptional.

3. Costs and Revenue Control

There are two ways to look at this. The trend is down 5.08% (50.88% - 45.80%) from the five-year average, which is negative. But notice that the industry's average margin is only 26.7%. So even though Microsoft's margins have dropped, they're still a great deal higher than those of its industry.

4. ROE

Again, it's a point of concern that the ROE figure is a little lower than the five-year average. However, like Microsoft's profit margin, the ROE is not drastically reduced - it's only down a few points and still well above the industry average.

5. Potential to Double in Five Years

The average analyst projections for Microsoft suggest that in five years the stock will not merely double in value, but it'll be worth 254.7% its current value.

Is Microsoft a Growth Stock?

2007-11-04T16:43:00.001-08:00

On paper, Microsoft meets many NAIC's criteria for a growth stock. But it also falls short of others. If, for instance, we were to dismiss Microsoft because of its decreased margins and not compare them to the industry's margins, we would be ignoring the industry conditions within which Microsoft functions. On the other hand, when comparing Microsoft to its industry, we must still decide how telling it is that Microsoft has higher-than-average margins. Is Microsoft a good growth stock even though its industry may be maturing and facing declining margins? Can a company of its size find enough new markets to keep expanding?

Clearly there are arguments on both sides and there is no "right" answer. What these criteria do, however, is open up doorways of analysis through which we can dig deeper into a company's condition. Because no single set of criteria is infallible, the growth investor may want to adjust a set of guidelines by adding (or omitting) criteria. So, although we've provided five basic questions, it's important to note that the purpose of the example is to provide a starting point from which you can build your own growth screens.

Conclusion

2007-11-04T16:43:00.000-08:00

It's not too complicated: growth investors are concerned with growth. The guiding principle of growth investing is to look for companies that keep reinvesting into themselves to produce new products and technology. Even though the stocks might be expensive in the present, growth investors believe that expanding top and bottom lines will ensure an investment pays off in the long run.

Value Investing Part 1

2007-11-04T16:07:00.001-08:00

Value Investing Part 2

2007-11-04T16:06:00.000-08:00

Mary Buffett - Warren Buffett and Value Investing

2007-11-04T16:05:00.000-08:00

Mary Buffett on "The Tao of Warren Buffet."

A collection of pithy and inspiring sayings from America's favorite businessman that reveal his secrets of success.

Like the sayings of the ancient Chinese philospher Lao-tzu, Warren Buffett's worldly wisdom is deceptively simple and enormously powerful in application.

In "The Tao of Warren Buffett," Mary Buffett - author of three books on Warren Buffett's investment methods - joins noted Buffettologist and international lecturer David Clark to bring you Warren Buffett's smartest, funniest, and most memorable sayings with an eye toward revealing the life philosophy and the investment strategies that have made Warren Buffett, and the shareholders of Berkshire Hathaway, so enormously wealthy.

Warren Buffett's investment achievements are unparalleled. He owes his success to hard work, integrity, and that most elusive commodity of all, common sense. The quotations in this book exemplify Warren's practical strategies and provide useful illustrations for every investor - large or small - and models everyone can follow. The quotes are culled from a variety of sources, including personal conversations, corporate reports, profiles, and interviews.

Warren Buffet on PetrolChina and his strategy

2007-11-04T16:04:00.001-08:00

Invest like Warren Buffett - World Famous Value Investor

2007-11-04T16:02:00.000-08:00

Warren Buffett MBA Talk - Part 1

2007-11-04T15:59:00.002-08:00

Warren Buffett MBA Talk - Part 2

2007-11-04T15:59:00.001-08:00

Warren Buffett MBA Talk - Part 3

2007-11-04T15:58:00.002-08:00

Warren Buffett MBA Talk - Part 4

2007-11-04T15:58:00.001-08:00

Warren Buffett MBA Talk - Part 5

2007-11-04T15:57:00.000-08:00

Warren Buffett MBA Talk - Part 6

2007-11-04T15:56:00.002-08:00

Warren Buffett MBA Talk - Part 7

2007-11-04T15:56:00.001-08:00

Warren Buffett MBA Talk - Part 8

2007-11-04T15:55:00.001-08:00

Warren Buffett MBA Talk - Part 9

2007-11-04T15:54:00.000-08:00

Warren Buffett MBA Talk - Part 10

2007-11-04T15:48:00.000-08:00