Mr. Buffett on the Stock Market (FORTUNE November 22, 1999)
Warren Buffett On The Stock Market (FORTUNE December 10, 2001)
The Warren Buffett You Don't Know (BusinessWeek 7/5/99)
Bill Gates letter of resignation from the ICOS board of directors. - Gates joins board of directors at Berkshire Hathaway. (SEC January 4, 2005)
Warren Buffett gives away his fortune (FORTUNE Carol J. Loomis June 25, 2006)
Charlie Rose - An Exclusive Hour with Warren Buffett and Bill and Melinda Gates
Bill & Melinda Gates Foundation
Dividend Voodoo - By Warren Buffett (Washington Post 5/20/2003)
Why I'm not buying the U.S. dollar - America's growing trade deficit is selling the nation out from under us. Here's a way to fix the problem -- and we need to do it now. By Warren Buffett (FORTUNE Oct. 26, 2003)
Material from the Securities Analysis and Investment Courses at The Graduate School of Business, Columbia University
The Best Investor You've Never Heard Of (Joseph Rosenfield - a longtime pal of Warren Buffett)
Interview With: Marc Perkins of Gunther International
Investor's Spring Pilgrimage to Omaha - By Janet Lowe
Are Seven Percent Returns Realistic? Some of the linkages that connect GDP growth, market capitalization growth, and stock portfolio growth are not well known. Yet these hidden linkages play a vital role in shaping long run return rates for index fund investors.
How Do Stock Options Work?
Gross predicts Dow 5,000
Are We Looking at Dow 5000? Fund Manager Bill Gross Says Maybe (BW Online 9/23/2002)
Bigger Than Enron: Why The Largest Business Scandal In American History Is Just The Tip Of The Iceberg - And Why Investors Should Care
Accounting Lessons: Harvey Pitt, Arthur Levitt, Paul Volcker, Joseph Berardino, and others, on lessons learned from Enron and Andersen
Congress And The Accounting Wars: During the 90s, the Big Five flexed its political muscle as never before. Here's a look at three major battles of the decade
Who Dropped The Ball? A primer on corporate watchdogs, conflicts of interest, and new reforms on the table
What's Driving Return On Equity
Benjamin Franklin: "The Way to Wealth"
Staggering Bequests by Unassuming Couple: Donald and Mildred Othmer (7/13/98)
The Earnings Cult. "While The Bull Market sizzled, Wall Street's focus on profits seemed logical, even commendable. But then the bubble burst, and the 15-percent-growth phase was exposed for what it always was: a destructive, sometimes fatal obsession."
The Year 2000: Lessons and Reminders for Investors
Honoring Benjamin Graham: The Father of Value Investing A slightly edited version of this work was published in the May 9, 1994 issue of Barron’s under the title, “Happy Birthday, Benjamin Graham: A Century after His Birth, His Legacy lives On"
Counting What Counts - Cash Flow as a Universal Language (Michael Mauboussin CSFB 2/4/2000)
Cash Flow Cycle of the Firm: Understanding the cash flow cycle of a business firm is critical to successful financial management. Since finance students often do not have any managerial business experience in the finance area, misunderstandings about how cash moves through a business can make all topics appear mysterious. This tutorial is provided to give this basic knowledge about the lifeblood flow in a business.
Defining Free Cash Flow - Lack of a Consensus Calculation
By John Mills, Lynn Bible, and Richard Mason (CPA Journal)
Internal Rate of Return - Economics Interactive Lecture
Discounting Future Income and Present Value
Buffett, Screaming Value and the Discounted Cash Flow Maynard Paton 2/26/2001
Michael Porter's Five Forces: A Model For Industry Analysis
Accounting: Focus on the Red Flags - by Richard Rockwood (5/2002)
Burgundy Asset Management: PERFORMANCE KILLERS
Burgundy Asset Management: MARGIN OF SAFETY
Burgundy Asset Management: Capital Allocation "The problem is that most CEOs are not paid according to the return to shareholders but in the growth of the business."
JOHN MAYNARD KEYNES ON "INVESTING"
The Compounding Success Theory: Behavioral Finance Factors that Contribute
to the Successful Investment Decisions made by Warren Buffett and Charlie Munger - By Bud Labitan (12/2002)
Trailer King: James Lee Clayton (9/30/2002)
My Favorite Buffettism (look-through earnings) - By Zeke Ashton (4/24/2003)
The Returns Fairy. . . Explained
NetJets founder buys Celine Dion's house ($20 Million) 11/5/2002
Real World Investing - By James Glassman (4/23/03)
A ROUTINE GUY LEAVES ESTATE OF MILLIONS "Jacob Leeder"(7/20/1997)
An Examination of the "Sustainable Competitive Advantage" Concept:
Past, Present, and Future
Are Investors Reluctant to Realize Their Losses?
Boys will be Boys: Gender, Overconfidence, and Common Stock Investment
Lessons from the Great Bubble Jeremy Grantham (April 2003)
The Superinvestors Of Graham-and-Doddsville - By Warren E. Buffett (This Is A Reprint from "Hermes", The Columbia Business School Magazine)
Equity Premia as Low as 3%? Evidence From Analysts Earnings Forecasts for Domestic and International Stock Markets James Claus and Jacob Thomas (3/17/03)
THE PERILS OF INVESTING TOO CLOSE TO HOME
Not long ago, the investment world was startled by stark evidence that do-it-yourself investors are terrible traders. Terry Odean, then a grad student at the University of California at Berkeley, unveiled his study of trading in 10,000 discount-brokerage accounts from 1987 to 1993. The stocks these investors sold beat the market, he found, while those they bought did worse. One year after the trades, the average investor wound up more than 9% poorer than if had he done nothing. Two years later, the results were even worse. (BusinessWeek 9/29/97)
Delusions of Accuracy In my three years as a free-lance fact-checker for the Columbia Journalism Review, I have never checked a story that had no mistakes, whether five pages long or two paragraphs
Interview With Peter Lynch (PBS Interview)
PETER LYNCH'S INVESTOR TEST (BusinessWeek 11/9/98)
Peter Lynch: Why he's buying now (Money Magazine 1/24/2003)
Use Your Edge By Peter Lynch (1996)
The Peter Lynch Approach to Investing in "Understandable" Stocks (AAII Journal - January 1997)
Great Company, Bad Stock - It's not a hard-and-fast rule that a great company will always make a great stock (By Brian Graney TMF 10/10/2000)
The Dollar Machine The goal of the Dollar Machine is to make readers think about a business as a dollar machine for just a few minutes after driving home the realization that the dollar machine is really only worth all of the future dollars it can generate discounted back to the present value based on your assumed rate of return. (By Randy Befumo TMF 6/20/2000)
Sequoia Fund Shareholders’ Meeting May 9th 2003
Valuations and Interest Rates "In my essay this week, I would like to take a brief look at the philosophical underpinnings of the Fed Model family of valuation theories in light of modern market history." (by Adam Hamilton - SafeHaven)
Investing: Profession or Business? Thoughts on Beating the Market Index (CSFB July 15, 2003 Volume 2, Issue 14)
Misleading Accounting Exposed - Articles about accounting manipulations that legally misrepresent income statement and balance sheet items.
10 WAYS TO BEAT AN INDEX How Tweedy, Browne Strives to Provide Value Above the Index Return "Is Underperforming an Index 30% to 40% of the Time A Normal Part of Long-Term Investment Success? What We Learned from an Examination of the Year-by-Year Results for Nine Value-Oriented Investment Managers with Index Beating Long-Term Records."
U.S. Consumer Debt Grows at Alarming Rate - Debt Burden Will Intensify When Interest Rates Rise (Washington Post 1/12/2004)
How to Read Footnotes - Part One Part Two Part Three
How to Evaluate Pension Risk by Analyzing Annual Costs
OUR LOVE AFFAIR WITH STOCKS - The promise--and perils--of putting faith in Wall Street (BusinessWeek June 3, 1996)
At Costco, "Good Jobs and Good Wages" - CEO James Sinegal disputes Wal-Mart's low-pay model and says in the long run, "it doesn't pay the right dividends" (BW May 31, 2004)
Earnings Yield: A Tool for Investors (Warren Gump December 22, 1998)
Importance of Enterprise Value - (Randy Befumo February 21, 2002)
When a buyback isn’t a buyback: Open market repurchases and
employee options (Kathleen M. Kahle Journal of Financial Economics 2002)
What Poker Can Teach You About Investing (David Nelson Senior Vice President, Legg Mason Funds Management)
Interview with Steven Check of "Check Capital Management" (The Wall Street Transcript)
Theory of free cash flow
Taking Book Value off the Shelf - The measure, lately out of fashion, is a deft way to gauge earnings quality. (BW Online 9/1/2003)
Dr. John S. Pemberton (inventor of Coca-Cola) (Nation's Restaurant News, 30 (February 1996)
Bruce Greenwald Interview - Greenwald teaches the value investing course at Columbia. (TMF August 9, 2004)
Off the Charts: Quarterly snapshot of market values The market value of the nation's stocks as a percentage of gross domestic product (Vanguard 1/28/2005)
Bill Gates and his cash The most amazing admission is that Mr Gates, the doyen of the computer industry, has chosen to steer clear of Internet and technology shares - apart, of course, from his huge holding in Microsoft. (BBC News 2/24/1999)
How Bill Gates Invests His Money His name is Michael Larson. And BGI stands for Bill Gates Investments. Larson is Bill Gates' private money manager. He runs the entirety of Gates' fortune not invested in Microsoft stock. (Fortune 3/15/1999)
Still a Great Job: Making Sure Bill Gates Stays Rich
In 1999, Larson was managing a mere $11.5 billion. Now he runs $44 billion. (Fortune 5/3/2004)
'You've got to find what you love,' Jobs says (Stanford Report, June 14, 2005)
Off the Charts: Quarterly snapshot of market values On the heels of a decline during the first quarter, stocks continued on a downward slide in April only to bounce back in May and June. As a result, the market value of stocks ($17.8 trillion) as a percentage of gross domestic product, or the value of the nation's total output of goods and services, rose to 149.0% as of June 30, 2005, from 145.5% as of March 31. The market-value gauge was also significantly higher than the 139.5% reported for a year earlier (when equity valuation was $15.9 trillion).
