Options as a Tool for the Value Investor: An Elementary Perspective (Part 1)

Options as a Tool for the Value Investor: An Elementary Perspective (Part 1)
By Humberto Fosado. Derivatives have been called “financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal” (Buffett). Option trading is no exception. The buyer of an option could find his investment rendered worthless in a relatively short time. By the same token, an option writer (if uncovered) finds herself in an extremely risky position and might …
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Friday Morning Constitutional
In Friday’s morning roundup: a brief look at another frustrating Giants loss, a mysterious film crew in the Mission, the Nx-Judah Express starts monday, U2 caused a mess of a traffic jam in Oakland and bidding on lunch with Warren Buffet to benefit Glide breaks $ 2.3 million. [ more › ]
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U.S. Steel’s Management Is Creating Value
What EVA momentum shows us about the folks running this company.
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Daily Value Review: June 9, 2011

Daily Value Review: June 9, 2011
By Steven Kiel. Stocks finally heated up on a sweltering day outside. The markets broke a six day losing streak to finish the day with comfortable gains. The S&P 500 is still down nearly 5% since the latest highs, so far proving the oft-talked about 10% correction elusive. Read more » »
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Hometownstations.com-WLIO- Lima, OH News Weather SportsLubrizol shareholders approve Berkshire deal
OMAHA, Neb. (AP) – A majority of Lubrizol shareholders support Berkshire Hathaway Inc.’s $ 9 billion offer to buy the specialty chemical company for $ 135 cash per share.
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Bernanke Speech: Pregame Market Levels
It’s a sad state of affairs when the most exciting thing going on today is a Ben Bernanke speech, but there you have it. Here’s the landscape ahead of the eagerly awaited event, which I will bet you one lunch with Warren Buffett will be completely news-free:
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GeoEye’s Management Is Creating Value

GeoEye’s Management Is Creating Value
What EVA momentum shows us about the folks running GeoEye.
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Cumbre puts small caps in its crosshairs
Nearly all money managers say they want to be like Warren Buffett. Who wouldn’t want to emulate the Oracle of…
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SanDisk’s Management Is Creating Value
What EVA momentum shows us about the folks running SanDisk.
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Chuck Jaffe: Don’t link in to social-networking IPOs
When in doubt, side with Warren Buffett. No, it’s not cool and not current. Sure, he qualifies as an old fuddy-duddy. But the average investor would make a lot more money siding with Buffett and following his ideas through the years than they would have made betting against him.
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Is Enterprise Products Partners’ Management Creating Value?

Is Enterprise Products Partners’ Management Creating Value?
What EVA momentum shows us about the folks running Enterprise Products Partners.
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Is AES’ Management Creating Value?
What EVA momentum shows us about the folks running AES.
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Get Palm Oil Out of Our Thin Mints: Girl Scout Cookie Campaign Update
Earlier this month, I wrote about Madison Vorva and Rhiannon Tomtishen, the amazing Girl Scouts who are taking on the Girl Scouts USA organization for their continued use of rainforest destroying palm oil in their beloved cookies. Their campaign seems to be picking up steam, and earlier this week Vorva and Tomtishen were featured on CBS’ The Early Show . Here’s the clip:   Their diligence should …
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Tesoro’s Management Is Creating Value

Tesoro’s Management Is Creating Value
What EVA momentum shows us about the folks running Tesoro.
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Advanced Micro Devices’ Management Is Creating Value
What EVA momentum shows us about the folks running Advanced Micro Devices.
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Applied Materials’ Management Is Creating Value
What EVA momentum shows us about the folks running Applied Materials.
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Chapter Excerpt from Of Permanent Value: The Story of Warren Buffett / 2008 Cosmic Edition by Andy Kilpatrick – Highlights from the Berkshire Hathaway Annual Meetings

Chapter Excerpt from Of Permanent Value: The Story of Warren Buffett / 2008 Cosmic Edition by Andy Kilpatrick – Highlights from the Berkshire Hathaway Annual Meetings











BIRMINGHAM, Ala. (PRWEB) April 24, 2008

    Cosmic Sitcom

At 8:30 on the morning of each annual meeting, the company movie is shown –a collection of highlights and comedy routines and the latest commercials for company products. The film, updated every year, may open with Buffett strumming a ukulele, singing a welcoming song to the tune of “I’d Like to Buy the World a Coke.” “When NASDAQ’s down, you’ll never frown. Berkshire’s here to stay,” he sings.

The sitcom once included a cartoon featuring the Oracle of Omaha as Agent 008 battling the terrorist Has Been Rotten. The Oracle prevails by firing exploding Berkshire products.

The premeeting video featured skits of Buffett in various soap opera and Omaha Press Club appearances. One segment has a takeoff of “The Graduate” where Dustin Hoffman is told, “The future is in plastics.” In this video, the word “plastics” was substituted with “GEICO.”

One clip in the 1997 video showed Washington Post’s Katharine Graham complaining that Berkshire-related businesses were so cheap they didn’t offer dental programs until you were 90 and that she was being forced to continue working and had decided on a discount furniture business: “Mrs. G’s.” Her talk was accompanied by an ad: “Mrs. G’s blowout discount on furniture.”

One popular segment over the years has featured Buffett and Gates appearing before Judge Judy to sort out a fuss over a bridge game. When Gates argues his side, Judge Judy tells him to go to “shutup.com” and orders Gates to give Buffett a break so he can amount to something.

Other clips showed joking tributes from Bill Gates and Tom Brokaw, or even highlights of Nebraska’s greatest football plays. In 2007, the skit was a sequence of shots of Buffett and LeBron James making impossible shots on a basketball court with Buffet making a final full court swish to defeat James.

For several years, the low-budget movie was created by Berkshire’s Treasurer Marc Hamburg. Now Buffett’s daughter, Susie, heads the effort. The video is not given out because of possible copyright issues. Susie Buffett has said, “It’s one thing to get permission to use things that are in one item that never gets distributed. It’s one entirely different thing if we start selling copies.”

The movie now includes cameos from celebrities like Tiger Woods (with Buffett as his caddy), Bono during a photo shoot with Bill and Melinda Gates as Persons of the Year for Time magazine, Jimmy Buffett, Jamie Lee Curtis, and Governor Arnold Schwarzenegger.

The 2006 movie was a great hit; based on “American Idol,” it was called “Omaha Idol,” if you will. The three idol judges were Buffett, Munger, and Mrs. See.

The cartoon portion of the movie was created (for free) by Andy Heyward, CEO of DIC Entertainment of Burbank, California. The cartoons, which open the film, have included “Omaha Idol” and spoofs on Batman and Robin, James Bond, and Survivor.

One skit spoofed Bill Gates’ Windows product, as an actual window.

Arnold Schwarzenegger was made fun of for his new voting machine that allowed votes only for him. At one point, Arnold held up two books; one about him and one about Buffett, saying, “mine is bigger.” Then he turned the book about Buffett sideways for viewers to see it was an earlier version of this book. Arnold then proclaimed, “Yours is thicker.”

Donald Trump and Snoop Dogg were lampooned.

One clip featured Buffett and Munger with Dick Cheney, who was dressed as Elmer Fudd. Buffett said, “Hunting with Dick Cheney? Then you need insurance now!” Cheney then shot Munger in the rear, and Munger said, “Any closer shave would have to be by Gillette!”

A See’s Candy clip featured Ellen DeGeneres getting factory workers to look away while she stuffed candy down her dress.

Another skit involved Buffett suddenly falling in love with hi-tech stocks but having difficulty persuading Munger about the idea. So Buffett called Jamie Lee Curtis, who was lying suggestively in bed, and asked her if she’d call Munger, a fan of hers.

Munger took a call from Curtis asking, “Is this really Jamie Lee Curtis?” She replied, “Is this really Mr. Hunger, I mean Munger?” Munger promised he’d speak to Buffett about the hi-tech stocks.

A skit with Tiger Woods showed Tiger having trouble with a shot and Buffett suggesting to him that he was “putting too much arm into it.” Woods then hit a perfect shot and declared Buffett his new coach.

A “Desperate Housewives” skit featured the actual actresses discussing the sexual prowess of old men. When the movie ended, Buffett and Munger walked on stage to huge applause. Then, like a bolt from the blue, Buffett said, “I’m Warren. He’s Charlie. You may wonder why Charlie gets the girls (Jamie Lee Curtis) in these things. It has to do with what I call the Anna Nicole Smith rule. When choosing between two old, rich guys, pick the older.”

Woodstock was underway.





















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Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing

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