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TFEXClub trader challenger

Warren Buffett MBA Talk

 Warren Buffett MBA Talk - Part 1

Short note:

Look for 3 things people should have:

1. Intregrity

2. Intelegent

3. Energetic


Think about buy 10% of his/her rest of live time.

Which one will you choose? Think about quality.

Which quality will you buy?

Which quality will you shot?


I won't do anything for currency risk?

It doesn't earn a lot when overall business din't do well.


Time is a friend of a wonderful business.

And Time is an enmy of a lousy business.

If you hold the lousy business for a long time, you're gonna get a lousy result. 

even you buy it cheap.

If you in a wonderful business for a long time, even you pay a little too much going in.

You're gonna get a wonderful result if you stay in a long time. 


But cigar but it work for situation. Found a cigar but on the street and it has one puff letf. It's free, and then throw away. 


Warren Buffett MBA Talk - Part 2



Short note:

If you hand me a gun with 1000 chambers or million chambers and 

one bullet in one chamber. you have to put up on your temple.

How much do you want to be payed to pull at once?

I am not gonna pull it!


History does not tell you the probabilities of a future financial things happeing.

Blind spot about something that is crutial.


I never borrow money.

We are not different. 

But I work on the job that I love even on that time that may a thousand bucks.



You out of you mind if you are taking job that you don't like.

Warren Buffett MBA Talk - Part 3


Short note:

He try to work for Graham for nothing, but he said it's overprice!555

 You should take a job that you independently whealthy.

Because you're gonna have fun, you'll learn something and excited about it.


I do thing that I hapier. If you thing about 2x instent of x, you probably making mistake.


I like bussiness that I understand. 

That narraw it down about 90% 555


It is a simple business but not an easy business.

I don't want business that easy for competitor. 

I want a business that has moat on it.


Compare business to a castle.

I want a valuable castle in the middle that I understand 

The duke who incharge of that castle honestly hard-working

and have a big moat around the castle.

The moat can be various things.


Coke I can understand.basically it hasn't change much.

Geico I can understand. every one has to buy an auto insurance.

Low cost is geico moat. 


30 years ago, kodak moat is as wide as coca-cola moat.

Kodak has share of mind that people thing a yellow box, kodak is the best.

It's priceless.They lot some of that.

Kodak let's moat narrow. They let's Fuji come and start narrow that moat in a various ways.

They let's Fuji to Olympic and take a picture, that only Kodak fit the Olympic.


While Coke's moat is wider now compare to 30 years ago.


Into the moat you may need to throw shark crocodile in order to

keep away from the competitors.

That come thru service, quality,product, cost, location.

That's a business I am looking for.


Moat that you know what it's gonna look like 10 years from now.

And know that the competitors are gonna looklike 10 years from now.


Simple business

Easy to understand

Great economic now

and on stable management.


Then I can see about 10 years from now.

I won't buy any stock that if they close stock exchange 5 years and I am not happy owner.

I buy a farm and no quote for 5 years, I am happy if the farm does ok.

I buy an apartment and no quote for 5 years, I am happy if the apartment get return that I expect.


Graham touch me "Buy a part of Business."

Buy business that understand.


Warren Buffett MBA Talk - Part 4


Short note:

How do you determine the fair price?


We dont' have huge return in mind, 

but we have in mind that we will not lossing.


Sample See's Candy: 

See's Candy: buy $25 M 1972

Business sell 60M lbs of candy

1.95 lb it was making too bits a lb for million pre tax

if sell for 2.25$/lb no talk about capital.

UnCap pricing power.

We know there have share mind in CA


Every year I raise pice by 26 Dec.

Woman buy on Chrismas.

Mem buy for Valentine's day.

It's not price depended. 


Sample Disney:

Disney has something in mind, Universal Studio doesn't has something in their mind.

VDO cost $16.95 compare with 17.95$ you know it's gonna be ok. 

So you buy it.

How to try to create a brand.

Sample Coca-Cola:

Initiate with a happy around the world. 


It's a moat.





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Warren Buffett - How to Identify a Good Investment
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