By James Altucher
Very superficial therapy of such a lot subject matters however the ebook does make you think that! (especially the interview with Pabrai)...
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Additional resources for Trade Like Warren Buffett
He simply states that he had a hard time valuing these companies simply because he was not a computer expert. He had no way of determining what the future cash flows of these companies would be or which companies would be the winners. Nor does Buffett take a “VC-style” approach to his investing. Buffett likes to make as few bets as possible; with luck every bet pays off. A typical venture capitalist portfolio might have 20 investments, with 10 failures, eight break-even investments, and two home runs.
If the answer was “no,” then the assumption would be that the shares would go back to where they were before the stock started to fall—about a 50 percent return. If the answer was “yes,” then one had to assess how far the stock had yet to fall. If the stock had another 10 percent to go, but you felt there was more than a 20 percent chance that the market had already discounted enough the effects of mad cow disease, then the buying was certainly worth it. The risks of investing go on and, in each specific case, are usually fairly straightforward.
In another case (GEICO), Buffett bought into a business that to all outward appearances was completely falling apart, but he had a belief in the underlying fundamentals of both the business and the industry. The lesson we can take from all this is that there is no one formula for success. CHAPTER 4 Current Holdings T his chapter provides a list of Buffett’s current known holdings, along with some statistics and background about each one. AUTOMATIC DATA PROCESSING Symbol: ADP (NYSE) Date Purchased: 2003 ADP is the world’s largest provider of outsourced payroll processing services.