Money and Finance
- Giverny Capital – 2013 Letter To Partners
Link to letter: Giverny Capital – 2013 Letter to PartnersSince 1993, the cornerstone of our investment philosophy is based on Benjamin Graham’s book “The Intelligent Investor”, first published in 1949. In it, Graham wrote: “In the short...
- Hussman Weekly Market Comment: Reported Earnings Versus "owner Earnings"
Over the years, I have frequently emphasized that stocks are not a claim on "forward operating earnings." They are not even a claim on reported net earnings (and should not be valued as a blind multiple to a single year's results in any event). They...
- So, What's Berkshire Worth Anyway?
It seems to be pretty clear to most value investors that Berkshire Hathaway is a bargain. But, how big of a bargain is it and how much can we expect to make over the next few years by purchasing a stake in Warren Buffett's masterpiece today? I view...
- The Evidence For Dividend Growth Investing
This following post is written by Ben Reynolds, who runs the Sure Dividend site. Sure Dividend focuses on high quality dividend growth stocks suitable for long-term investing. Dividend growth stocks are an excellent vehicle to build passive income over...
- Dividend Growth Checkup
A little over a year ago I wrote a post discussing how to properly calculate the dividend growth rate of your portfolio. Most likely each company you own makes up a different weight in your portfolio so just using a straight average won't suffice....
Money and Finance
Giverny Capital – 2007 Letter to Partners
It is not easy to have the right temperament toward market quotes. The vast majority of investors perceive the daily market quotes as an ultimate judge of value. At Giverny Capital, we do not evaluate the quality of an investment this way. In our mind, we are owners of the businesses we invest in. Consequently, we study the growth in underlying earnings of our companies and their long-term perspectives. Every year, we submit a table showing the growth of the intrinsic value of our businesses that we measure using the term invented by Warren Buffett: owner’s earnings.
-
We therefore come to an estimate of the intrinsic value increase of our portfolio by adding to the growth in owner’s earnings, our average dividend rate (which is around 1% presently).
We therefore come to an estimate of the intrinsic value increase of our portfolio by adding to the growth in owner’s earnings, our average dividend rate (which is around 1% presently).
- Giverny Capital – 2013 Letter To Partners
Link to letter: Giverny Capital – 2013 Letter to PartnersSince 1993, the cornerstone of our investment philosophy is based on Benjamin Graham’s book “The Intelligent Investor”, first published in 1949. In it, Graham wrote: “In the short...
- Hussman Weekly Market Comment: Reported Earnings Versus "owner Earnings"
Over the years, I have frequently emphasized that stocks are not a claim on "forward operating earnings." They are not even a claim on reported net earnings (and should not be valued as a blind multiple to a single year's results in any event). They...
- So, What's Berkshire Worth Anyway?
It seems to be pretty clear to most value investors that Berkshire Hathaway is a bargain. But, how big of a bargain is it and how much can we expect to make over the next few years by purchasing a stake in Warren Buffett's masterpiece today? I view...
- The Evidence For Dividend Growth Investing
This following post is written by Ben Reynolds, who runs the Sure Dividend site. Sure Dividend focuses on high quality dividend growth stocks suitable for long-term investing. Dividend growth stocks are an excellent vehicle to build passive income over...
- Dividend Growth Checkup
A little over a year ago I wrote a post discussing how to properly calculate the dividend growth rate of your portfolio. Most likely each company you own makes up a different weight in your portfolio so just using a straight average won't suffice....