Beware of geeks bearing formulas.
Chains of habit are too light to be felt until they are too heavy to be broken.–Warren Buffett
Buffett on an INVESTMENT PHILOSOPHY and the Four Filters in finding investments. He discusses search strategy, valuation and moats. 10 minutes: http://www.youtube.com/watch?v=JUba8FGvriM This will get you started.
A great review of his life and investing principles–Buffett Lecture to UGA Students on July 2011 (1 hour and 20 minutes): http://www.youtube.com/watch?v=2a9Lx9J8uSs&feature=related
Buffett lectures on Valuation, Moats, and You to Graduate Business School Students in INDIA (101 minutes): http://www.youtube.com/watch?v=4xinbuOPt7c&feature=related
Repeats some of what he said to the University of Georgia students but the interaction with the Indian Students is educational.
If you are hearing Buffett’s lectures for the first time, I STRONGLY suggest you read his writings (The Essays and Lessons of Warren Buffett) FREE here: http://www.monitorinvestimentos.com.br/download/The%20Essays%20Of%20Warren%20Buffett%20-%20Lessons%20For%20Corporate%20America.pdf then go back and hear the lectures again. Repeat as necessary.
For example, his attack on Beta is instructive for our discussion of skill vs. luck (Yachtman) that we will continue later. See his quote: The fashion of beta, according to Buffett, suffers from inattention to “a fundamental principle: Itis better to be approximately right than precisely wrong.” Long-term investment success depends not on studying betas and maintaining a diversified portfolio, but on recognizing that as an investor, one is the owner of a business. Reconfiguring a portfolio by buying and selling stocks to accommodate the desired beta-risk profile defeats long-term investment success. Such “flitting from flower to flower” imposes huge transaction costs in the forms of spreads, fees and commissions, not to mention taxes.
Charlie Munger (2 hour) interview: http://www.youtube.com/watch?v=K6RS_PqudxU&feature=related
Joel Greenblatt interviewed by Steve Forbes on investing–the problems with traditional mutual funds and indexing: http://www.youtube.com/watch?v=3PShSES5nBc
James Grant’s 2010 Lecture to Darden Students (90 minutes): http://www.youtube.com/watch?v=W-uMM0j2LOc
The Best of Past Value Investing Videos (2 hours and 45 minutes)
Clips from interviews with Walter Schloss, Munger, Buffett, Klarman, and others. A good review and reinforcement of principles.
Part 1 (41 minutes) The best of Value Investing http://www.youtube.com/watch?v=jGlvLXE82ug
Part 2: (42 minutes) The best of Value Investing: Walter Schloss: http://www.youtube.com/watch?v=xLvEn_tnNIE&feature=relmfu
Part 3: (37 minutes) http://www.youtube.com/watch?v=e0kXOy8LFU8&feature=relmfu
Part 4: (30 minutes): http://www.youtube.com/watch?v=35u8hoVIguM&feature=relmfu
Part 5: (35 minutes) http://www.youtube.com/watch?v=v-7e_97icWY&feature=relmfu
The Danger of Gurus and Mentors
Beware of your Guru or Mentor; choose wisely (3.5 minutes): http://www.youtube.com/watch?v=1bBe7EwydgA&feature=related
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