Para los seguidores de Warren Buffet ...(Entrevista en Ingles)
Es una Universidad la que una vez al año, se reune con Warren Buffet y les explica su filosofia de vida y de la inversión, no habla de valores concretos, sino de sectores y como distingue unos sectores de otros. Es altalmente recomendable su lectura, tanto de la entrevista que tuvo en el 2005 como en el 2004 por las ideas que se pueden sacar.
Os dejo un simple extracto, por si os motiva, os dejo el enlace abajo.
Saludos
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Q&A Session with Buffett:
One of the few rules for our meeting was no laptops, so all notes were taken using pen and paper. Below is what I was able to transcribe from scribbled notes and memory, they should not be read as direct quotes from Mr. Buffett.
Intro
"When you checked into your hotel they gave you a pamphlet that said 'Things to do in Omaha…you're doing it'. At Notre Dame they have a sign in their locker room that says Play Like a Champion, at Berkshire we're putting one up that says Remember Your Helmet. Both are important for business. When the scientist Max Planck was touring Europe giving speeches about his theories, he gave the same lecture so many times that eventually his chauffer memorized the speech. For fun one day Max and his driver swapped clothes, and the driver delivered the speech flawlessly while Max looked on from the side of the stage in a chauffer's uniform. To open the Q&A the driver received an extremely complicated technical question from an audience member, shook his head, and said replied in an exasperated tone: 'that is such a simple question I'm going to let my chauffer answer it.' On that note, please ask me anything you want, simple or complicated, anything except for what I'm investing in." [Mr. Buffett also congratulated us on being named the #1 business school by WSJ.]
Q: In one of your letters to shareholders you reference Byron Trott grudgingly as "an investment banker who earns his fee". What do you feel Wall St. does well and doesn't do well?
A: Wall St. makes money well. Per incremental unit of energy and IQ, you will make more money on Wall St. than anywhere else. Wall St. is very good at selling things and at auctions, they're good if you're selling a business. On the other hand, there are so many products that Wall St. has created and not all of them are good. There's a pervasive sense of 'if you don't do it someone else will'. There's an HBO movie coming out in October called Last Best Chance, it's about a nuclear crisis precipitated by a Russian soldier who is bribed by terrorists stealing a weapon. He almost didn't go through with it but they told him 'if you don't do it someone else will, so you may as well be the one to get the money'. This type of thinking has gotten people into trouble, like CEOs managing earnings. In 1985 a Cleveland firm, Scott & Fetzer [a conglomerate that included World Book encyclopedias] was selling their business, First Boston was their advisor and they sent pitches to twenty buyers without anyone biting. Berkshire didn't get a pitch, but I sent the seller, Mr. [Ralph] Schey, a letter saying we were interested and did the deal. Since First Boston was due a fee from any transaction, at a closing dinner they offered Charlie [Munger] their pitch book with pages of analysis, Charlie replied 'no thanks'. We only buy companies where the seller cares about where the business goes.
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http://mba.tuck.dartmouth.edu/pages/clubs/investment/WarrenBuffett.html
