Warren Buffett @ The University Of Florida

Tuesday, January 27, 2009

Another treasure trove of investment wisdom.  This talk was delivered in 1998 to Business School students at the University of Florida –

03:10  :  Mr. Buffett starts speaking
05:00  :  Integrity, Intelligence, Energy
10:15  :  Question – Japan. Good companies with low ROEs (4-5%)
13:02  :  Question – Long-Term Capital Mgt.  “To make money that they didn’t have and didn’t need, they risked what they did have and did need.”
21:05  :  “Not much difference between you and me except the way we travel.”
22:00  :  “…Do what you love…”
24:40  :  Question – Stock-picking “…I want a very valuable castle with a moat around it…”
26:30  :  Kodak’s “moat”
32:00  :  Question – Fair value (See’s Candies)
55:15  :  Question – Out-of-towner vs. being on Wall Street. “The disadvantage to being in a market type environment is that you get overstimulated. You get up everyday feeling like you have to do something…Wall St. makes its money on activity. You make your money on inactivity…”

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