101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway

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Overview

PRAISE FOR101 Reasons to Own The World's Greatest Investment

"Robert Miles clearly understands the company well."-Warren Buffett

"Every Berkshire follower should be interested in this book."-Alice Schroeder, insurance analyst Morgan Stanley

". . . a great learning tool for investors will inspire you to learn about great companies and become engaged in your own financial future."-From the Foreword by David and Tom Gardner Co-Founders of The Motley Fool, Fool.com

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Overview

PRAISE FOR101 Reasons to Own The World's Greatest Investment

"Robert Miles clearly understands the company well."-Warren Buffett

"Every Berkshire follower should be interested in this book."-Alice Schroeder, insurance analyst Morgan Stanley

". . . a great learning tool for investors will inspire you to learn about great companies and become engaged in your own financial future."-From the Foreword by David and Tom Gardner Co-Founders of The Motley Fool, Fool.com

Product Details

  • ISBN-13: 9780471411239
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 3/28/2001
  • Edition number: 1
  • Pages: 272
  • Sales rank: 1,174,949
  • Product dimensions: 146.00 (w) x 225.50 (h) x 24.70 (d)

Meet the Author

ROBERT P. MILES is an entrepreneur, investor, and small business owner based in Tampa, Florida. He is a graduate of the University of Michigan Business School and has been an active shareholder of Berkshire Hathaway for many years. Mr. Miles is an acknowledged expert on the Warren Buffett way.

Table of Contents

Foreword xvii
Introduction 1
1. Historical Outperformance 4
2. No Losses for Shareholders 5
3. Low Cost, Almost No Cost 8
4. Proven Public Record 8
5. Owner's Manual 9
6. Unique Annual Meeting 9
7. No Dividend 10
8. No Taxes 11
9. Chairman's Age 11
10. Acts Like a Mutual Fund 12
11. Unique Charity Program 13
12. Chairman's Letter and Plain Annual Report 14
13. Bridge over Troubled Water or Buffett's Theory of Relativity 16
14. Buffett Discount 19
15. Loyal Shareholders 21
16. Owner Managed 21
17. Stable Portfolio 22
18. No Tech Exposure 28
19. Asset Protection 29
20. Reduces Investing Mistakes 29
21. Easy Gift/Estate Transfer 31
22. Small Shareholder Group 32
23. Business Ownership and Time 33
24. International Exposure 35
25. No Stock Splits 36
26. Shareholder Discounts 37
27. Ownership Defined 38
28. Merger/Acquisition Incentives 40
29. Investing with a Higher Purpose 42
30. Book Value per Share 43
31. Equal Opportunity Investment 44
32. Joining a Winner 45
33. Billionaire Maker 46
34. Preserves Family Wealth 47
35. Salary and Ownership Disclosure 48
36. Highest Price 49
37. Lowers Shareholder Expectations but Delivers Higher Returns 50
38. Omaha Based 51
39. Berkshire's Relative Results as Compared to the NASDAQ 52
40. Low Institutional Ownership 55
41. Trumpets Investment Errors 56
42. Not Included in S&P 500 Index 58
43. No Tax Return 59
44. Welcomes Small Shareholder 60
45. Buy I Stock Get 100 Companies 61
46. Wealth Measurement Index Member 62
47. Indefensible Becomes Defensible 63
48. Largest Acquisition Its Best 63
49. Free Use of Money 66
50. Truth in Advertising 67
51. A New Retirement Perspective 68
52. Unknown, Misunderstood Corporation 71
53. Chairman's Minimalist Life-style 72
54. Rich Balance Sheet 73
55. Lazy Investor Approach 74
56. Berkshire Post Buffett 75
57. Never Broker Recommended 81
58. Life Lessons 84
59. Add Zero Every Eight and One-half Years 86
60. Bear Market Tank 87
61. Creative Trust Management 88
62. Margin for Life-style 90
63. Acquirer of Choice 91
64. Despised 93
65. Deferred Taxes 96
66. No Earnings Dilution 97
67. Chairman's Character 99
68. Six Sigma 100
69. Decade Trader 102
70. Small Headquarters 103
71. Concentration 104
72. Eliminates Choices 106
73. Undervalued Stock 108
74. Chairman's Mortality 110
75. Competence 112
76. Quick Inoculation 114
77. Attracts Like Minds 116
78. Classic 117
79. It's More Than What You Read 119
80. Misunderstood 122
81. Value Investing 124
82. Very Rare Talent 125
83. Inefficient Market Theory 128
84. Turn Off the Noise 129
85. Capital Allocation 131
86. Intelligent Investing 133
87. Peaceful Night's Sleep 136
88. Independent Thought 138
89. World's Largest Foundation 139
90. Active Mind 141
91. Always Good Surprises 142
92. For Owners Only 144
93. Creative Tax-free Dividends 147
94. Perpetual Gift 150
95. No Gimmicks 152
96. Value Added 153
97. Financial Education 156
97. Financial Education (Part 2) 159
98. Investment Model 162
98. Investment Model (Part 2) 164
99. For All Seasons 169
100. State of Mind 171
101. Simplicity 174
Conclusion 177
Appendix I Twenty-five Questions Every Wise Investor Should Ask 181
Appendix II Twenty Investment Punches 183
Appendix III Eight Ways We Become Investment Victims 185
Appendix IV Investment Beliefs and Philosophies 191
Appendix V Recommended Free Web Sites 193
Appendix VI Recommended Berkshire Hathaway-Related Books and Web Sites 196
Appendix VII Copyright Notice 201
Appendix VIII Berkshire Hathaway's Owner's Manual 202
Appendix IX Business Activities 219
Appendix X Common Stock 221
Appendix XI Shareholder-designated Contributions 224
Appendix XII Contributions Program Commonly Asked Questions 229
Appendix XIII Acquisition Criteria 233
Appendix XIV Other Information about Berkshire 235
Appendix XV Answers To #45, Buy 1 Stock Get 100 Companies 236
Appendix XVI Berkshire (Class A) Year-end Closing Prices 238
Appendix XVII A Very Personal Experience 239
About the Author 243
Index 245
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