Contemporary Authors

https://lccn.loc.gov/2015048094 Lu, Yefei, author. Inside the investments of Warren Buffett : twenty cases / Yefei Lu. New York : Columbia University Press, 2016. pages cm HG172.B84 L8 2016 ISBN: 9780231164627 (cloth : alk. paper)

• Inside Buffet - http://insidebuffett.com/yefei-lu/

  The author, Yefei Lu, grew up in Germany to Chinese parents until the age of 12, when he moved to the United States. He is a father of two and lives with his family in Germany.

  As of December 31st, 2015, Mr. Lu was a portfolio manager at Shareholder Value Management AG, an investment company in Frankfurt, Germany that follows the principles of value investing. His main responsibility at the firm is for their international investments, where he has a particular expertise with European and Scandinavian companies. Prior to Shareholder Value Management AG, Mr. Lu worked for a single family investment office in Munich, Germany and for McKinsey & Company in Berlin, Germany.

  Mr. Lu holds a B.A. with Honors from Stanford University in Palo Alto, USA and an MBA from London Business School in London, UK.

• Colombia University Press - https://cup.columbia.edu/book/inside-the-investments-of-warren-buffett/9780231164627

  ABOUT THE AUTHOR
  Yefei Lu is a portfolio manager at Shareholder Value Management AG, a value-investment company based in Frankfurt, Germany. Previously, he worked for a single-family investment office in Munich and for McKinsey & Company in Berlin. He holds an MBA from the London Business School and a Bachelor of Science in Economics from Stanford University.

Lu Yefei. Inside the Investments of Warren Buffett: Twenty
Cases
Adesh Rampat
Library Journal.
141.13 (Aug. 1, 2016): p105.
COPYRIGHT 2016 Library Journals, LLC. A wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
http://www.libraryjournal.com/
Full Text: 
Lu Yefei. Inside the Investments of Warren Buffett: Twenty Cases. Columbia Univ. Aug. 2016.312p. photos, maps, notes, bibliog. index. ISBN
9780231164627. $35; ebk. ISBN 9780231541688. BUS
Portfolio manager Lu's book answers the questions readers may have about making potential investments into a company. Containing 20 cases
that span Warren Buffett's early investments into recent years, it should not be considered as another document of Buffett's works, but is to be
used as an investment guide. Each of the cases contains all relevant financials, which readers can apply to understand what factors were behind
Buffett's investment decisions as well as tools to use when deciding to invest. These include examining the financials and analyzing the operating
segments of the company and the competitive environment in which any subbusinesses operate. It can be read alongside titles such as Benjamin
Graham's The Intelligent Investor. Lu's book presents actual situations that investors would face when grappling with whether to make an
investment and lessons learned from each choice. VERDICT Recommended for any investor or student seeking financial expertise.--Adesh
Rampat, Port of Spain, Trinidad and Tobago
Rampat, Adesh
Source Citation   (MLA 8th
Edition)
Rampat, Adesh. "Lu Yefei. Inside the Investments of Warren Buffett: Twenty Cases." Library Journal, 1 Aug. 2016, p. 105. General OneFile,
go.galegroup.com/ps/i.do?
p=ITOF&sw=w&u=schlager&v=2.1&id=GALE%7CA459805070&it=r&asid=0bcb25762c41765379904b0e6ef67ab0. Accessed 6 Mar.
2017.
3/6/2017 General OneFile - Saved Articles
http://go.galegroup.com/ps/marklist.do?actionCmd=GET_MARK_LIST&userGroupName=schlager&inPS=true&prodId=ITOF&ts=1488859236727 2/3
Gale Document Number: GALE|A459805070

---

3/6/2017 General OneFile - Saved Articles
http://go.galegroup.com/ps/marklist.do?actionCmd=GET_MARK_LIST&userGroupName=schlager&inPS=true&prodId=ITOF&ts=1488859236727 3/3
Inside the Investments of Warren Buffett: Twenty Cases
Publishers Weekly.
263.24 (June 13, 2016): p91.
COPYRIGHT 2016 PWxyz, LLC
http://www.publishersweekly.com/
Full Text: 
Inside the Investments of Warren Buffett: Twenty Cases
Yefei Lu. Columbia Business School, $35 (336p) ISBN 978-0-231-16462-7
Warren Buffett's investment acumen is frequently celebrated but less often analyzed, and those analyses are rarely as thorough or dispassionate as
this one from debut author Lu, a portfolio manager at Shareholder Value Management. Lu has selected 20 companies--some obscure (the Sanborn
Map Company), some household names (IBM, Coca-Cola)--in which Buffett obtained an interest between 1958 and 2011. Through historical
research and financial statement analysis, Lu has attempted to divine what Buffett saw in them. Some common themes emerge. Buffett preferred,
as he quipped, to buy a wonderful company at a fair price rather than a fair company at a wonderful price. He also looked for transparency;
consistent earnings growth or compounded returns; good management; and opportunities to outperform the stock market through undervalued
securities, "workouts," or "control situations." One of Lu's conclusions is that it is indeed possible for ordinary investors to replicate Buffett. She
reveals a cautious, methodical investor who sought businesses with structural advantages that grew over time and who also, in demanding a
"margin of safety," seldom risked capital. For serious investors and analysts eager to transcend the cult of personality around Buffett and discern
what actually makes him great, this study comes highly recommended. (Aug.)
Source Citation   (MLA 8th
Edition)
"Inside the Investments of Warren Buffett: Twenty Cases." Publishers Weekly, 13 June 2016, p. 91. General OneFile, go.galegroup.com/ps/i.do?
p=ITOF&sw=w&u=schlager&v=2.1&id=GALE%7CA458871766&it=r&asid=2f993e2e29dc6adc17d93f755d02bbab. Accessed 6 Mar.
2017.
Gale Document Number: GALE|A458871766

Rampat, Adesh. "Lu Yefei. Inside the Investments of Warren Buffett: Twenty Cases." Library Journal, 1 Aug. 2016, p. 105. General OneFile, go.galegroup.com/ps/i.do?p=ITOF&sw=w&u=schlager&v=2.1&id=GALE%7CA459805070&it=r. Accessed 6 Mar. 2017. "Inside the Investments of Warren Buffett: Twenty Cases." Publishers Weekly, 13 June 2016, p. 91. General OneFile, go.galegroup.com/ps/i.do? p=ITOF&sw=w&u=schlager&v=2.1&id=GALE%7CA458871766&it=r. Accessed 6 Mar. 2017.

• Value Walk
  http://www.valuewalk.com/2016/07/yefei-lu-buffett/
  Word count: 788

  Yefei Lu, Inside the Investments of Warren Buffett
  By Brenda Jubin on July 31, 2016 9:25 am in Book Reviews, Value Investing

  Share
  Tweet
  Post
  Flip
  Inside the Investments of Warren Buffett: Twenty Cases

  Get The Full Warren Buffett Series in PDF
  Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

  email address
  GET THE PDF
  We respect your email privacy
  Warren Buffett
  I have no idea how many books have been written about Warren Buffett, but sometimes I have the feeling that he is giving George Washington a run for his money. The latest addition to the literature is Yefei Lu’s Inside the Investments of Warren Buffett: Twenty Cases (Columbia Business School Publishing, 2016).

  Lu examines 20 investments Buffett made over the course of his career that, in Lu’s opinion, “had the largest material impact on his trajectory.” He puts himself in the shoes of imaginary investment analysts “studying the businesses at the same time … Buffett did.” Why would an ordinary analyst either recommend or, as would often have been the case, argue against investing in a company to which Buffett eventually opted to commit funds?Inside the Investments of Warren Buffett Twenty Cases

  The book is divided chronologically: five investments between 1957 and 1968 (the years of Buffett Partnership Limited ), nine investments between 1968 and 1990, and six after 1990. I found the first section the most interesting, both because it was the period I knew the least about and because it shows Buffett’s willingness to pursue a variety of analytical and risk management strategies, perhaps even some long-short pairs trades. Here I will limit myself to Buffett’s activities when he was running BPL.

  The five investments Lu chooses as illustrative of Buffett’s investing during this period are Sanborn Map Company, Dempster Mill Manufacturing Company, Texas National Petroleum Company, American Express, and (of course) the ill-fated Berkshire Hathaway.

  Sanborn Maps produced maps primarily for fire insurance companies. Its maps “included details of not only streets and houses of a city but also such items as diameter of water mains underlying streets, number of windows, elevator shafts, the material of construction for buildings, and production lines for industrial facilities. The commercial product sold to its customers would typically be a large volume of maps that weighed approximately fifty or so pounds….” Sanborn was a successful company, with steady revenues, until the 1950s, when a new technology, “carding,” threatened to undermine its existence. By 1958, when Buffett began investing in Sanborn, the company was struggling. Between 1950 and 1958 net income had declined approximately 10% per annum. Why, then, would Buffett have been interested in it? First, it had a securities portfolio worth more than the value of the entire company and, second, Buffett believed it could be turned around. Buffett was an activist investor in this instance. Over the course of three years he acquired a controlling interest and separated the company into two separate entities. Sanborn Maps exists to this day.

  Dempster Mill, a Nebraska-based company, sold windmills and assorted agricultural equipment such as seed drills and fertilizer applicators. In the 1950s windmills were anything but a growing business. Buffett wrote that Dempster Mill’s “operations for the past decade have been characterized by static sales, low inventory turnover and virtually no profits in relation to invested capital.” But Buffett could buy the company’s stock at a significant discount (on average 63%) to book value, the bulk of its assets could be readily sold and turned into cash, and with better management it could be revitalized. Once again, Buffett played the role of activist investor, a role it turned out he didn’t enjoy and came to abandon.

  The next two investments were different. Texas National Petroleum was a special situation. It had an offer to be acquired but had not yet accepted the offer. American Express, a growing business then best known for its travelers cheques, was reeling from the “salad oil swindle” and faced “unknown and potentially enormous liabilities.” Judging the ramifications of the scandal to be temporary, Buffett was willing to forgo the “cigar butt” strategy and pay a fair price for a really good business. As for Berkshire Hathaway, although it is often viewed as a mistake, “the shrinking business actually provided the capital with which Buffett would invest in many other businesses starting in 1967 with the purchase of National Indemnity.” And so, Lu concludes, “it likely did not actually lose money for Buffett in absolute terms.” And it provided Buffett with an iconic name.

• CFA Institute Enterprising Investor
  https://blogs.cfainstitute.org/investor/2017/02/02/book-review-inside-the-investments-of-warren-buffett/
  Word count: 1258

  Inside the Investments of Warren Buffett: Twenty Cases. 2016. Yefei Lu.

  Reviewed by Todd Wenning, CFA

  What makes Warren Buffett a hero to many ambitious investors is that he makes success seem achievable. In testimony to his gifts as a writer and teacher, Buffett’s annual letters to Berkshire Hathaway’s shareholders read with the ease of a dime-store novel yet pack the wisdom of a philosophy textbook. Additionally, Buffett did not accumulate his wealth perched in a Lower Manhattan skyscraper. He did it from a modest office in the unassuming Midwestern city of Omaha; sipping Cokes and chomping on hamburgers, he amassed a fortune.

  The Oracle of Omaha’s ability to relate to the “common investor” can be both inspiring and misleading. We should not forget, for instance, that behind Buffett’s folksy writing style and approachable demeanor lies an unparalleled investment mind. The two most notable Buffett biographies, Roger Lowenstein’s Buffett: The Making of an American Capitalist and Alice Schroeder’s The Snowball: Warren Buffett and the Business of Life, reveal that Buffett is fueled by a (likely) photographic memory, an encyclopedic knowledge, and an ability to quickly distill complex business problems into logical and actionable solutions. Few investors possess all of these skills, yet a disproportionate number believe they can replicate or mimic Buffett’s approach with comparable results. Perhaps in acknowledgment of this widespread mismatch of aspiration and skill, Buffett has in his recent shareholder letters become an advocate of low-cost index funds, much as his mentor, Benjamin Graham, did late in his life.

  In contrast, the inside jacket cover of Inside the Investments of Warren Buffett: Twenty Cases by the Germany-based portfolio manager Yefei Lu calls the book “a gift to Buffett followers who have long sought a pattern to the investor’s success.” It is a bold claim, particularly because Buffett’s “patterns” are not rigid and have at times morphed to seize opportunities or adapt to new realities. Examples include the transitioning of his activities from a partnership to a corporate business structure, moving from a deep-value to a growth-at-a-reasonable-price mindset, and managing increasing amounts of assets.

  Undeterred, Lu, in an attempt to “understand from a third-party perspective what rationales [Buffett] or any investor was likely to have seen in each situation,” examines a cross section of 20 formative investments that Buffett has made. The author deserves credit for tremendous effort, even though the outcome turns out to be meager. His book is a positive contribution but falls short of its goal.

  The book is in four parts, the first three of which analyze specific periods of Buffett’s career—“The Partnership Years (1957–1968),” “The Middle Years (1968–1990),” and “The Late Years (1990–2014).” Section Four summarizes the lessons learned from researching the 20 investments. Buffett followers will particularly enjoy the case studies of See’s Candies, GEICO, and Nebraska Furniture Mart, which are widely regarded as some of his best investment decisions. The case studies vary widely in depth. Some (Capital Cities, General Reinsurance Corporation) are more than 15 pages long; others (National Indemnity and The Buffalo Evening News) run to around five pages.

  Lu is at his best in “The Partnership Years,” where he examines five investments Buffett made while running his partnership for a close group of friends and family. The investments are Sanborn Maps, Dempster Mill, Texas National Petroleum, American Express, and Berkshire Hathaway, the struggling textile company that eventually became today’s well-known conglomerate. Considering the difficulty of obtaining financial data from the 1950s, compared with the situation today, Lu conducts impressive financial research in this section. He digs through old annual reports, Moody’s Investors Service manuals, and partnership letters to provide the reader with the key data points and metrics that Buffett would have seen when he first researched the businesses. These analyses are in themselves worth the price of the book. This section also reveals Buffett’s wide-ranging abilities and confidence as an investor, even early in his career. Buffett variously assumed the role of activist investor (in Dempster Mill and Sanborn Maps), merger arbitrage investor (in Texas National Petroleum), opportunistic quality investor (in American Express), and classic deep-value investor (in Berkshire Hathaway). Furthermore, Buffett was willing — and had a loyal investor base that allowed him — to concentrate more than 30% of the partnership’s net worth in a single opportunity. Most money managers today focus on only one type of strategy and are reasonably cautious about making such large bets in their portfolios lest they lose both their investment value and their business if things fail to go according to plan.

  The book falls short in two important ways. First, it is not tough enough in assessing Buffett’s decisions and soft-pedals his mistakes, even those Buffett himself readily admits to, such as US Air. For example, at the conclusion of the US Air case study, Lu writes, “Despite going through huge fundamental issues, and becoming the most infamous Buffett mistake, US Air was, in fact, a profitable investment.” Also, some of Buffett’s major early mistakes, such as Dexter Shoe and the Baltimore department store chain Hochschild Kohn’s, were regrettably not included in the 20 case studies, nor was the recent investment in Tesco, the British multinational grocery and general merchandise retailer, which amounted to a $444 million after-tax loss for Berkshire Hathaway. Each of these investments was probably just as formative as the 20 selected for the book and could have yielded important lessons for investors to consider.

  Second, with the benefit of hindsight, readers can easily conclude that many of Buffett’s investment decisions were masterstrokes. The outcomes, however, were not always obvious at the outset. In some of the case studies, Lu makes a respectable attempt at valuing the companies with such metrics as enterprise value (EV) to EBITA (earnings before interest, taxes, and amortization). He considers what might have constituted an attractive multiple based on the company’s profitability and growth characteristics. In the Coca-Cola case study, for instance, Lu writes, “The price of 10.0× EV/EBITA is not dirt cheap, but it seems to be a very good price given the quality of the business.” To be most useful, however, this sort of valuation requires a comparison with multiples for similar companies at the time. In some cases, Lu overuses the words “clear” and “clearly” to describe what Buffett might have seen when he studied companies 30 or more years ago. Without seeing journal entries outlining what Buffett viewed prior to making the decisions, to be so certain is problematic.

  To the author’s credit, he admits in the conclusion that “demystifying Warren Buffett is no easy task,” and yet he makes a laudable effort to do so in this book. Lowenstein’s and Schroeder’s biographies provide readers with plenty of qualitative insights for understanding how and why Buffett acquired the companies he did. Inside the Investments of Warren Buffett, however, fills in the financial gaps and valuation work, which might be of greater interest to equity analysts and value-minded portfolio managers.

  More book reviews are available on the CFA Institute website or in the CFA Institute Financial Analysts Journal®.

  If you liked this post, don’t forget to subscribe to the Enterprising Investor.

  All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.

• Rational Walk
  http://www.rationalwalk.com/?p=14916
  Word count: 1005

  “We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, ‘How can I become like you, except faster?’”

  — Charlie Munger in response to a question from a young Berkshire Hathaway shareholder

  One of the observations that many people make when they first hear Warren Buffett or Charlie Munger discuss investing is that the process seems far too simple and obvious. There are no esoteric formulas or flowcharts of processes to follow. Mr. Buffett, in particular, makes the investing process sound so simple and it even might be for those who share his intelligence and temperament. However, the investing world is full of people with very high IQs. Many of them have the right mindset to succeed. Yet few have come anywhere close to replicating Mr. Buffett’s record.

  There really is no way to understand Warren Buffett’s success without taking a careful look at the key investments he has made over the past sixty years. A number of books, including two excellent biographies, chose to focus more on Mr. Buffett’s personal story which is also very interesting and perhaps necessary to fully understand his track record. More recently, a book was published that examined his partnership years in detail. It is likely that more books will appear in the future that study Mr. Buffett’s investing record in much more detail.

  Inside the Investments of Warren BuffettInside the Investments of Warren Buffett, written by Yefei Lu, is a collection of twenty case studies representing important investments over the course of Mr. Buffett’s long career. Mr. Lu found many of the biographical books written in recent years to be lacking in terms of delving into the details of specific investment decisions. He decided to focus on telling the story of Warren Buffett only as it relates to key investments. Mr. Lu approached the project by analyzing the investments from a third-party perspective of an analyst studying the business at the same time as Mr. Buffett’s investment. According to the author: “My overall aim is to give readers a realistic analysis of the key investments that Buffett made and then have them draw their own insights and conclusions.” Mr. Lu also gives us his opinion based mostly on using normalized earnings and evaluating value based on enterprise value to earnings before interest and taxes (EV/EBIT).

  The book is divided into three parts: The Partnership Years (1957-1968); The Middle Years (1968-1990); and The Late Years (1990-2014). Here is a listing of the investments that are covered in the book:

  1958: Sanborn Map Company
  1961: Dempster Mill Manufacturing Company
  1964: Texas National Petroleum Company
  1964: American Express
  1965: Berkshire Hathaway
  1967: National Indemnity Company
  1972: See’s Candies
  1973: Washington Post
  1976: GEICO
  1977: The Buffalo Evening News
  1983: Nebraska Furniture Mart
  1985: Capital Cities/ABC
  1987: Salomon Inc.
  1988: Coca-Cola
  1989: U.S. Air Group
  1990: Wells Fargo
  1998: General Re
  1999: MidAmerican Energy Holdings Company
  2007-2009: Burlington Northern Santa Fe
  2011: IBM

  The general format for each of the cases involves some background on the nature of the business and how Mr. Buffett became involved. For the early investments, the author was able to find financial data that provides a better understanding of the characteristics of the business and puts it into an overall context that is understandable to modern readers. The Dempster Mill chapter, for example, provides early financial data and then goes into some detail regarding how Mr. Buffett hired Harry Bottle to address the inventory problems plaguing the company. Other chapters are much less detailed. For example, the Texas Petroleum chapter is just a few pages and lacks the level of detail of the Dempster and Sanborn Maps cases.

  Most of the case studies, especially the more contemporary cases, include detailed financials for the investments in question which can help readers seeking that level of detail form a better independent understanding. In a 262 page book aiming to cover twenty investments in depth, plus provide introductory and concluding thoughts, it is perhaps inevitable that certain details will be left out. However, it was somewhat jarring to arrive at the end of the chapter on National Indemnity after less than three pages were devoted to covering what could arguably be considered the most transformative investment of Mr. Buffett’s career. The chapter on See’s Candies is not much more detailed although the author makes more of an effort at arriving at a valuation and then looking at the success of the purchase based on data from the 2010 annual report.

  It is difficult to fairly evaluate a book of this nature without thinking about who the typical reader might be. If the reader is someone who has read nearly everything there is to read on Mr. Buffett’s career, all of the Berkshire Hathaway annual reports, and the partnership letters, the book might seem lacking in detail and somewhat frustrating in certain areas. On the other hand, someone who is unfamiliar with Mr. Buffett’s career could very well find the content fascinating and the book might prompt further study.

  Perhaps it would have been better to focus on only ten investments given the length of this book, or possibly expand the length of the book to more thoroughly cover twenty companies to the point where those who are already familiar with Mr. Buffett could derive even more value. Nevertheless, Mr. Lu has added to the resources available to investors seeking to emulate Warren Buffett’s success. The approach of looking at case studies to better understand Mr. Buffett’s track record is certainly the right way to go.

  Disclosure: The Rational Walk received a review copy of this book from Columbia Business School Publishing. We were not obligated to review the book or to make any specific recommendation.

• Aleph Blog
  http://thealephblog.tumblr.com/
  Word count: 752

  David J. Merkel

  Oct 27, 2016 at 7:43 AM
  Source: alephblog.com
  Book Review: Inside the Investments of Warren Buffett

  inside-the-investments-of-warren-buffett

  Writing books about Warren Buffett is a bit of a cottage industry, and one that is getting scarce for new ideas. This book takes a new approach because the author takes 20 companies that Buffett bought, and analyzes them himself using principles derived from things Buffett has written.

  That brings me to my first critique of the book. You are getting the author’s point of view for analysis, which is somewhat similar to Buffett’s, but is usually not Buffett’s view. In a minority of cases he references something Buffett wrote at the time. He did not interview Buffett for this book, which is normal for most books about Buffett.

  Buffett didn’t typically do simple analyses, though by the end, he could simplify them to make it understandable to average people. I’m not saying Buffett’s math wasn’t simple; I am saying that he took great account of qualitative aspects of a business — honest & competent management, owner earnings (free cash flow), moats (sustainable competitive advantages), ability to reinvest excess earnings profitably, etc. The author takes account of many of these things much of the time, but my view is that Buffett did more still. Also, Buffett spent more time on margin of safety issues than the author did.

  My second critique is that the book is a lot shorter than it looks. Many of the pages are filled with the financials of the companies being analyzed, and only a tiny portion of the data there is referenced by any analysis in the book. The book of 260 pages is more like 200 in total length. For some readers that will be a plus, for others a minus.

  The book does well in picking a range of investments by Buffett in terms of success. Some of his less successful decisions are here — Berkshire Hathaway itself, US Air, Salomon Brothers, Gen Re, and IBM. It also looks at investments where Buffett bought it all, and where Buffett bought part of a company. Additionally, it covers investments initiated over a long time, ranging from the partnership years to the present.

  My third critique is that in addition to the financial data, there is occasionally more padding in the book than needed — an interview of Buffett by Matt Rose of BNSF stands out, though many of the descriptions of the businesses involved could have been tighter.

  On the whole, it is a good book, giving the opinions of another value investor on twenty asset purchase decisions by Buffett. Those familiar with Buffett will probably want to pass by the book; better to read Buffett himself. Never investors could benefit from the author’s viewpoint, as it gives a consistent way to build a value investing philosophy in a single book.

  Quibbles

  Already mentioned.

  Summary / Who Would Benefit from this Book

  Those more experienced with Buffett’s own writings could ignore this book. Those who are newer to value investing could benefit. If you want to buy it, you can buy it here: Inside the Investments of Warren Buffett: Twenty Cases.

  Full disclosure: The publisher asked me if I wanted a free copy and I assented.

  If you enter Amazon through my site, and you buy anything, including books, I get a small commission. This is my main source of blog revenue. I prefer this to a “tip jar” because I want you to get something you want, rather than merely giving me a tip. Book reviews take time, particularly with the reading, which most book reviewers don’t do in full, and I typically do. (When I don’t, I mention that I scanned the book. Also, I never use the data that the PR flacks send out.)

  Most people buying at Amazon do not enter via a referring website. Thus Amazon builds an extra 1-3% into the prices to all buyers to compensate for the commissions given to the minority that come through referring sites. Whether you buy at Amazon directly or enter via my site, your prices don’t change.

  Fuller disclosure: long BRK/B for myself and clients

  Book Review: Inside the Investments of Warren Buffett was originally published on The Aleph Blog

Word Count