This book offers 30 sample "intrinsic value per share" business valuations in the style that Warren Buffett and Charlie Munger may use. In each case the author tried to simulate an approach that they would take to valuing a business, based on what they have written and talked about. However, all of the growth assumptions used are the author's own. No consultation nor endorThis book offers 30 sample "intrinsic value per share" business valuations in the style that Warren Buffett and Charlie Munger may use. In each case the author tried to simulate an approach that they would take to valuing a business, based on what they have written and talked about. However, all of the growth assumptions used are the author's own. No consultation nor endorsement was sought with Mr. Buffett or his business partner Mr. Munger. The examples given are chosen for educational and illustrative purposes only. The valuation cases are estimations written in a style that emphasizes a focus on free cash flow and the number of shares outstanding. Readers are also repeatedly encouraged to think about the business' competitive position. In reality, these businesses may outperform or they may underperform any of the author's projections....more
Paperback, 188 pages
May 24th 2010
(first published May 23rd 2010)
This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for invBeyond Valuations... Discover several ways to build Competitive Advantages and an Economic Moat. The MOATS book is finally on Amazon.com !
This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for investors, managers, students of business. Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. MOATS also looks at the sustainability of these competitive advantages in each of the 70 chapters.
The author extends a special thanks to Professor Phani Tej Adidam, Ph.D. Chair of the Department of Marketing and Management and Director of the CBA International Initiatives at University of Nebraska at Omaha. Thanks are extended to Richard Konrad, CFA, Dr. Maulik Suthar, and Scott Thompson, MBA for sharing their thoughts, analysis, and feedback. The 70 Businesses covered in MOATS:
Acme Brick Company, w Adam Ward American Express Co. (AXP), Dr. Maulik Suthar Applied Underwriters, w Adam Ward Ben Bridge Jeweler, w Beryl Chavez Li Benjamin Moore & Co., w Mr. Jack Wang CPA Berkshire Hathaway Group, w Brian Greising & Rick Mayhew Berkshire Hathaway Homestate Companies, w Beryl Chavez Li BoatU.S., w Peter Chen Borsheims Fine Jewelry, w Tariq Khan. Buffalo News, Bud Labitan & Peter Stein Burlington Northern Santa Fe Corp. w David Leoy. Business Wire, w Larry Harmych. BYD, w Kevin Walsh. Central States Indemnity Company, w Azalia Khousnoutdinova, Clayton Homes, w Erin Sestak. Coca Cola (KO) w Sebastian Jung, ConocoPhillips (COP), w Adam D. Studts, PE. CORT Business Services, w Erin Sestak. Costco Wholesale (COST), w Jubin Jacob, AUC-SOM CTB Inc., w Todd Sullivan. Fechheimer Brothers Company, w Ben Albaitis. FlightSafety, w Peter Stein Forest River, w Richard Konrad, CFA Fruit of the Loom®, Dr. Maulik Suthar Garan Incorporated, w Dr. Edwin Fuentes Gateway Underwriters Agency, assigned Daniel Rudewicz, CFA GEICO Auto Insurance w Florian Beil, General Re, w Raghu Dasari, & Theodor Tonca H.H. Brown Shoe Group, w Mervyn H. Teo Helzberg Diamonds, w Natalja Callahan HomeServices of America, w Sebastian Jung IBM, w Tim Bishop & Peter Stein International Dairy Queen, Inc., w Tariq Khan Iscar Metalworking Companies, w Kevin Walsh Johns Manville, w Manpreet Singh Saran Johnson & Johnson (JNJ), Beryl Chavez Li Jordan's Furniture, w Zehao Sun. Justin Brands, Dr. Maulik Suthar Kraft Foods (KFT), w Andrea Tagart. Larson-Juhl, w Tim Bishop Lubrizol, w Scott Thompson, MBA. M&T Bank Corp (MTB), w Cliff Orr & Richard Konrad, CFA Marmon Holdings, Inc., w David Lau & Theodor Tonca McLane Company, Dr. Maulik Suthar, Medical Protective, w Michael Murillo MidAmerican Energy Holdings Company, w Dr. Maulik Suthar & Brian Bernardino, JD MiTek Inc. w Mr. Jack Wang CPA Moody's (MCO), w Raghu Dasari National Indemnity Company, w Jen Iwanski & Rick Mayhew Nebraska Furniture Mart, w Julie Rosenbaugh, Theodor Tonca, & Shouryamoy Das NetJets®, w Christian Labitan PacifiCorp., w Beryl Chavez Li Precision Steel Warehouse, Inc., w Adam D. Studts, PE & J.T. Loudermilk, MBA Procter & Gamble (PG), w Beryl Chavez Li RC Willey Home Furnishings, w Azalia Khousnoutdinova Richline Group, Daniel Doyon Scott Fetzer Companies, Cliff Orr & Hoang Quoc Anh See's Candies, w Jen Iwanski Shaw Industries, w Daniel Doyon & Richard Konrad, CFA Star Furniture, w Pamela A. Quintero, MBA The Pampered Chef® w Julie Rosenbaugh TTI, Inc., w Peter Chen United States Liability Insurance Group, w Stephen Chan & Colin Farrier US Bancorp (USB), w Richard Konrad, CFA USG Corp (USG), w Richard Konrad, CFA Wal-Mart (WMT) w Florian Beil Washington Post (WPO), w Andrea Tagart & Richard Konrad, CFA Wells Fargo (WFC), w Natalja Callahan. Wesco Financial Corporation, w Stephen Chan XTRA Corporation, Bud Labitan ...more