Knowledge

Value Investing

• What is Value Investing?
• What Is a Moat?
  • Intangible Assets
  • Cost Advantage
  • Pricing Power
  • Network Effect
  • Switching Costs
  • Efficient Scale
• Intrinsic Value
• Margin of Safety
• Circle of Competence
• Mr. Market
• ROIC

Financial Statements

• Income Statement
  • High Gross Margins
  • R&D Spending
  • Sales & Marketing
  • Net Margin
• Balance Sheet
  • Long-Term Debt
  • Float
  • Receivables/Payables
  • Derivatives
• Cash Flow Statement
  • Free Cash Flow
  • Shareholder Returns
  • Cap Ex
  • Stock-Based Compensation

Berkshire Hathaway Lessons

The important passage and idea from each Berkshire Hathaway shareholder letter, in Warren Buffett’s own words where briefly quotable, and summarized in between.

• The Four Criteria — 1977
• Rare Fast-Moving Elephants — 1987
• Mr. Market — 1987
• Wonderful Companies at Fair Prices — 1989
• Risk Isn’t Volatility — 1993
• Circle of Competence — 1996
• Swimming Naked — 2001
• “Price Is What You Pay...” — 2008

Famous Value Investors

Who each investor is, a bit of their history, and the concepts they’re best known for coining or popularizing.

• Benjamin Graham
• Warren Buffett
• Charlie Munger
• Phil Fisher
• Peter Lynch
• Howard Marks