| What is investing about? | It is about Certainty |
| Where does our Certainty comes from in investing? | From understanding and research |
| How does Rulers hedge their investment (2 things)? | 1) Research
2) Patience |
| According to Warren Buffet, what is the Stock Marker? | The Stock Market is a device for transferring money from the impatient to the patient |
| What are the most important chapter in the intelligent investor book according to Warren Buffet? | 8 & 20 |
| What did Warren Buffet add to Ben Graham deep discount theory? | To make sure that the company has a Durable Competitive Advantage (Maot) in addition to a deep discount |
| Why to make sure that the company has a Durable Competitive Advantage (Maot) in addition to a deep discount is so important? | Otherwise the deep discount could indicate the company is going all the way down to bankrupcy |
| Which company is it far better to buy? | A wonderful company at a fair price (as opposed to a fair company at a wonderful price) |
| What is the difference between price and value? | Price is what you pay and value is what you get |
| According to Charlie Munger, where is the big money in investing? | The big money is not in the buying or the selling, but in the WAITING |
| What the Meaning is so important? | Because you vote on what you like and what you want to see more of by investing with your money |
| According to Warren Buffet, what is diversification in stocks? | Diversification is a protection against ignorance, it makes very little sense for those who know what they are doing |
| Why do we buy a business as a business and not as a speculation? | So that it becomes personal same as if we buy the business as a whole |
| Who is Prem Watsa? | The Warren Buffet of Canada |
| What is the 10 - 10 rule? | If I am not considering to own the company for 10 years, I should not even think owning it for 10 minutes |
| According to buffet, what is one of the initial conviction you should have in picking a stock? | That a company or a group of company are likely to make more money in 5, 10 or 20 years from now than they are earning now |
| What are the 2 main requirments to buy a company? | 1) It is a wonderful company (Meaning, Maot & Management)
2) It must be at an attractive price (MOS, 10 Cap, Payback time) |
| How do you analise a company? | By going through the story form |
| What are 5 initial screening point for meaning? | 1) Company public for 7 years of more
2) Company in China or not
3) Market Cap higher than $250M
4) Debt over than 3 years of earnings
5) Will the company still relevant in 20 years? |
| What are some source to see which service the company provide? | 10K (20F, 40F), Quick link |
| Where to start for meaning in teh Tool Box? | Company / Regulatory filing |
| Research starts with which document? | Annual report / 10K |
