Buffett FAQA compendium of Q As with Warren Buffett. Sections. Investing Approach. Valuation. How to Think About Businesses. Alternatives to Common Stock. Warren G Take A Look Over Your Shoulder' title='Warren G Take A Look Over Your Shoulder' />Accounting, Corporate Finance Investing. Foreign Investments. The Investment Industry. WarrenG-SmokingMeOut.jpg?resize=459%2C456' alt='Warren G Take A Look Over Your Shoulder' title='Warren G Take A Look Over Your Shoulder' />Industries. Specific Businesses. Berkshire. The Market. Management. Technology. Education. Personal. Advice. The Big Picture. Thanks and Credits Investing Approach. Have you ever bought a company where the numbers told you not toBack to the questions. What is it that really piques your interest in a stock What tells you that it could be interesting Were so limited now because we can only. Your 2016 record 97. In those seven losses, the Bucs gave up nearly five touchdowns a game. Derek Carr hung 500 yards on them in a game where the Raiders committed. How much is quantitative and how much is qualitative What is it that really piques your interest in a stock What tells you that it could be interestingWhat is your investment process Whats your acquisition criteria What has made you successful in this area where most others have failed Whats your acquisition strategyHow do you get deals Deal flow What sources of investment ideas are available today Do you have any investing tips How do you build your investment knowledge Is there an organizational model that allows you to deal with all the informationDo you have advice for the individual investor to help them narrow the stock universe What advice would you give to new investors Advice for getting into investing Where is a good place for new investors to invest right now What advice would you give to non professional investorsAre investors more or less knowledgeable today compared to ten years ago How to approach index funds If you were today 2. Situations reminiscent of 1. Daehan Flour Mills, or b Situations reminiscent of 1. Moodys Corporation Whats your opinion of cigar butts vs quality businessesIf you were starting out again today, what would you do the same or differently First, would you say I could make you 5. Second, what else would you do differently Do you believe that well have significant mispricings again And if you were 2. Where Can I Find 5. Returns Could you describe the capital allocation process you followHow do you determine the charges for capital to your different managers What filters do you use when looking at companies How would you recommend an individual investor who follows the Graham and Dodd philosophy to allocate their capital today What impacts have GrahamDodd and Phil Fisher had on your investment philosophy What percentage of your investment philosophy would you attribute to each of them Since Ben Graham isnt around anymore, what money managers do you respect today Is there a Ben Graham todayIf you were to teach an investment course, besides works by Ben Graham and Phil Fisher and your book on the instalment basis, what would be on the syllabus. Whats the temperament of successful investors Do you agree with Philip Fishers two reasons to sell What tells you when an investment has reached its full potentialCould you explain more about the circle of competence What two industries are the first you should learn when developing your circle of competence Is there a moral connection to who you invest inWho do you think will be one of the next greatest investors and are you partial to favoring someone with a similar investment style as yours What do you think of discounted cash flow DCF models Could you explain your opportunity cost decisions of the past year What are your views on diversificationWould you consider spinning off some companies to realize value Why would you hold stocks forever, if the fundamentals change permanently Buy and holdWhy do you think more people dont follow your adviceWhy do you think that despite making your methods publicly available, that relatively few people have been able to emulate your success What have been your best investments ever Could you give us your definition of stock market risk How much and how does risk factor into your investment decisions Would you invest in emerging marketsWhat do you think of setting an asset allocation How often do you review each position in your portfolio What are your expectations for future returns on stocks Do you expect the stock market premium to continue to be 6. You have espoused a constant ROE on the stock market of about 1. Do you think that such an expectation is reasonable if you factor into equity and ROE the effect of stock options granted to managements When option programs are present in a company, what do you think is a realistic way of valuing them on a cash basis Do you think investors expect too muchWhats your investment hurdle rate Do you prefer public or private investmentsInvestors eventually repeat their mistakes. How can you prevent this through fast growth or safetyWhy do large caps outperform small caps What is the definition of Value vs. Growth stocks From the partnership letters in 1. We have recently begun to implement a technique where we buy something at 1. Comps go to 1. 0x. Is this pair tradingImportance of filtering out the noise What is the benefit of being an out of towner as opposed to being on Wall Street There is always mention that some of your success could be attributed to not buying in to the Wall Street mania bc you are in Omahawhat importance do you give to balance as it pertains to work and life and what do you do to maintain your appropriate balance There are a record number of value investors here this year. Are there fewer 1. Should I go to run a business instead of being a value fund manager Do you ever change your investing standards Have there been instances in your career where you have been tempted to deviate from your strategy and if so, how did you handle that When did you know you were rich How important is conviction in investingHow do you avoid misjudgement How do you improve independent thinkingWhat are the key traits needed to correct the crowd mentality Dont you have a lot of competition to buy great businesses For example, from private equity funds How do you learn who to trust and who not to trust Whats your philosophy on partnering with othersWe know that you are a big bridge player. Do you think that bridge correlates to investingAre there any traits or characteristics that might carry over from one to the other back to the top. Valuation. How do you think about value How do you calculate intrinsic value What do you believe to be the most important tools in determining intrinsic value  What rules or standards do you apply when using these tools Could you comment on the matter of intrinsic value as it applies to some of the Inevitables When you estimate intrinsic value in capital intensive companies like Mc. Donalds and Walgreens where a very healthy and growing operating cash flow is largely offset by expenditures for new stores, restaurants, etc how do you estimate future free cash flowAnd at what rate do you discount those cash flows Is the skill of judging risk just as important as calculating intrinsic valueWhat valuation metrics do you use What do you think of the use of book values in making investment decisionsIf you cant talk with management, and cant read the annual report, and didnt know the price, but could only look at the financial statements, what metric would you look at How do you think about growth rates when you value businesses back to the top. Guitar World Play Acoustic Rock Guitar Pdf on this page. How to Think About Businesses.