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Warren Buffett’s 1995 GEICO acquisition

Warren Buffett’s 1995 GEICO acquisition

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Published by VALUEWALK LLC
Warren Buffett’s 1995 GEICO acquisition
Warren Buffett’s 1995 GEICO acquisition

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Categories:Business/Law, Finance
Published by: VALUEWALK LLC on Jan 16, 2012
Copyright:Attribution Non-commercial

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05/13/2014

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Graham&DoddandModern FinancialAnalysis
Joseph Calandro, Jr.
 PwC 
& the University of ConnecticutDecember13, 2011
www.pwc.com
 
 Agenda
Benjamin Graham
Warren Buffett’s 1995 GEICO acquisition – DDM
Modern Graham & Dodd Valuation – Overview 
Warren Buffett’s 1995 GEICO acquisition – Graham & Dodd
“Critical valuation errors to avoid”
PwC
Forecast-related errors
Growth-related errors
How to avoid errors
The Graham & Dodd valuation process
Graham & Dodd and avoiding “Critical valuation errors”
Recommended reading
About the presenter
2December 2011
 
 BenjaminGraham
BenjaminGrahamfounded“valueinvestinginthe1920s-1930s
- Heavily influenced by the “
newera
” boom of the 20s & the subsequent bust/Great Depression- Price arbitrage-based strategy: buying firms < liquidation value resulted
PwC
, , what differentiates an “investment” from a “speculation” for Graham & hisstudents- Bottom-up, investment-by-investment approach- Value investors opposed modern financial economic theory (i.e., efficientmarkets, portfolio theory, capital structure doesn’t matter, asset pricingmodels, option pricing models) from the beginning & thus tend toapproach valuation & investment differently 
3December 2011

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