University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

Value is what a business is worth. Price is what you have to pay to get it.

Value and Price

“what a company would bring if sold to a knowledgeable buyer.”

Intrinsic Business Value

Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

it is a terrible mistake to think that things out of a computer are precise.

Buffett

“I would rather be vaguely right than precisely wrong.”

Keynes

buy great businesses with excellent management at a fair to bargain price and leave them alone.

“make friends among the eminent dead.” Buffett quipped, “And they don’t talk back.”

Buffett