Knowledge grows through sharing! To be the best, learn from the best! May all your dreams come true! Collections of Value Investing articles, interviews and videos, especially on Warren Buffett and Charlie Munger and articles from various disciplines to build "Latticework of Mental Models"
Saturday, May 27, 2006
Top 20 Questions From The 2006 Berkshire Hathaway Annual Meeting
http://www.jvbruni.com/Berkshire2006annualmeeting.htm
Happy learning,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
Thursday, May 25, 2006
Sarbit Asset Management
According to Larry Sarbit, there are 4 pillars of successful business investing.
- Buy "wonderful" businesses.
- Paying a bargain price.
- Concentration: Own a few terrific companies.
- Have patience.
So, what is a "wonderful" business?
A "wonderful" business:
- A huge sustainable competitive advantage - a franchise.
- A growing stream of free cash flow.
- Simple, understandable.
- Stable - The basic business changes little over time.
- Predictable earnings.
- Consistent, repeated purchases of product or service.
- Not natural targets of regulations.
- Disaster proof - Most mistakes are forgiven.
- A royalty on the growth of others, requiring little capital itself.
- Good management.
To learn more of Larry Sarbit..... http://www.sarbit.com/welcome.php
Happy Investing,
Dah Hui Lau (David)
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Thursday, May 18, 2006
Dell, An Excellent Company at Bargain Price
I'm going to do some simple calculation and discussion to explain why Dell is an excellent company at a bargain price.......
Step 1: FCF/EV yield vs. Treasury yield
Enterprise Value (EV) = $49.1B
Free Cash Flow (FCF) = $4.1B
FCF/EV yield = 8.35%
Treasury yield (30 years) = 5.30%
Dell looks like an excellent deal compared with treasury yield.
Step 2: Insider holdings
I have mentioned about superior return by investing in founder-CEO companies. Investing in companies that have significant insiders holding is one of the great ways to achieve superior return.
Michael Dell has holdings over 10% of the Dell. On top of that, he is still young and has great enthusiasm to expand Dell’s empire.
To read my previous comment on insiders holding, please visit: http://dahhuilaudavid.blogspot.com/2006/04/superior-stock-return-by-having.html
Step 3: Is Dell a good Company?
Profit Margin (ttm): 6.39%
Operating Margin (ttm): 7.96%
Return on Assets (ttm): 12.01%
Return on Equity (ttm): 67.31%
Dell has good Return on Assets.
Step 4: Does Dell management shareholders-orientated?
Dell has been buying its own shares aggressively; purchasing up to $6.2B, which is more than its income of $3.57B. Over the last 3 years, Dell has repurchased over $10B worth of shares, and with its current low price, I don’t see why Dell will stop repurchasing its shares even more furiously. Buying back shares is an important step to enrich shareholders, as long as it doesn’t restrict its financial ability to expand and improve its service.
Step 5: Do you understand its Business?
Dell was founded in 1984 by Michael Dell, the longest-tenured executive to lead a company in the computer industry. The company is based on a simple concept: by selling computer systems directly to customers, Dell could best understand their needs and efficiently provide the most effective computing solutions to meet those needs. This direct business model eliminates retailers that add unnecessary time and cost, or can diminish Dell's understanding of customer expectations. The direct model allows the company to build every system to order and offer customers powerful, richly-configured systems at competitive prices. Dell also introduces the latest relevant technology much more quickly than companies with slow-moving, indirect distribution channels, turning over inventory every four days on average. [From: Dell's website]
Step 6: Does Dell have a Moat?
Moat comes in different forms. As for Dell, its moat is being the lowest-cost producer of commodity, which is computer. Dell has done extremely well with its supply chain and direct model that it is hard to fathom an emergence of possible competitors.
Do you know how strong is its working capital management? Very, very strong. Dell has negative working capital! That’s right, it has a minus $4.6B of working capital. There aren’t many companies that have a negative working capital.
Step 7: Does any superinvestor invest in Dell?
Without doubt, there are famous superinvestors investing in Dell. Among them are Mason Hawkins (7.18% of assets), Bill Miller (0.87% of assets), and others. Mason Hawkins believes so strongly Dell is undervalued that he makes Dell its biggest holding.
Step 8: What are the potential risks in buying Dell?
“Our biggest worry is the competitive climate in the desktop PC market. Asian firms have often endured break-even margins to generate growth and could induce an irrational pricing environment in their quest for market share.” [From Morningstar report]
Conclusion:
Dell is a buy at current price of $25.20.
Warren Buffett said, “The most common cause of low prices is pessimism -- some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.”
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Monday, May 15, 2006
Wesco Financial Annual Meeting, May 11, 2006
http://users.rcn.com/hpersson/WescoNotes2006.pdf
Happy learning,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Saturday, May 13, 2006
Buffett's $15 Billion Tease May 13, 2006
I came across this interesting article from DealBook... talking about possible $15 billion deal by Warren Buffett.
...Warren Buffett, the billionaire investor who leads Berkshire Hathaway, stoked speculation about such a deal when he told shareholders on Saturday that he is working on a $15 billion acquisition, which, if it happens, would put a large chunk of his company’s $40 billion in cash holdings to work...
To read the complete article: Buffett's $15 Billion Tease
Happy investing,
Dah Hui Lau (David)
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Berkshire Hathaway Annual General Meeting 2006 Notes May 13, 2006
http://users.rcn.com/hpersson/BRKA_Meeting_Notes-2006.pdf
Thank you, Shai.
Happy learning,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Thursday, May 11, 2006
New Century, New Wealth May 11, 2006
....If you think life is violent now you should have tried living in Neolithic Britain. Our ancestors living 5,000 to 6,000 years ago had a one in 14 chance of being bashed over the head and seioursly injured. One in 50 was likely to be fatally wounded in the attack. The research was done by systematic survey of Neolithic British skulls by a team from Queen's University, Belfast, reported in New Scientist....
Be thankful! We are all alive and well.
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Wednesday, May 10, 2006
Warren Buffett on Naked Short Selling
"Historically, a lot of stocks that have high short interest are later shown to be frauds or semi-frauds. I’ve had 100 ideas to be short, and have often been right—eventually, but long after I’ve covered, and the stocks have risen a lot. The people who run those companies tend to be good at keeping their stock prices up," said Warren Buffett.
"Being short stocks is a tough psychological game. I’d never put money in a short fund," said Warren Buffett.
Berkshire Hathaway Annual General Meeting May 6, 2006
Charlie Munger on Jeremy Siegel
"I think he’s demented. He tries to compare apples and elephants in making accurate projections," said Charlie Munger.
Berkshire Hathaway Annual General Meeting May 6, 2006
Charlie Munger on Newspaper Companies
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Newspaper Companies
"Sometimes there’s a perception lag between the actual erosion of a business and how that erosion is seen by investors. Certain newspaper executives are going out and investing on other newspapers. I don’t see it. It’s hard to make money buying a business that’s in permanent decline. If anything, the decline is accelerating. Newspaper readers are heading into the cemetery, while newspaper non-readers are just getting out of college. The old virtuous circle, where big readership draws a lot of ads, which in turn draw more readers, has broken down," said Warren Buffett.
"Charlie and I think newspapers are indispensable. I read four a day. He reads five. We couldn’t live without them. But a lot of people can now. This used to be the ultimate bulletproof franchise. It’s not anymore," said Warren Buffett.
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Charities
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Professions
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Coca Cola
"In the late 1990s the stock got a little crazy, but we can’t hold management responsible for that. But long-term it’s a wonderful business. Volume grows by 5%, year in and year out, while global population grows at just 2%. It’s just that for awhile the stock got to a silly price. You can fault me for not selling any. We’ll own Coke years from now." said Warren Buffett.
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Manufactured Housing
"Some day, the industry will deliver 200,000 units per year, but not in the next year or two. The industry has to think through how to finance its sales so that, after 5 to 10 years, the buyer has an asset that’s worth more than the loan that’s financed it. It can’t just make loans and sell them to Wall Street. Clayton could be the biggest homebuilder in the U.S. in a few years." said Warren Buffett.
Berkshire Hathaway Annual General Meeting May 6, 2006
Warren Buffett on Commodities Bubble
Berkshire Hathaway Annual General Meeting May 6, 20006
Bruce Berkowitz Investing Philosophy May 10, 2006
"There are two models we try to follow. The first is invest with decent, honest people who have a fabulous documented long-term record and eat their own cooking. The second is just buy stuffs that's really cheap."
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
Microsoft's New Brain; May 10, 2006
...Ozzie's assignment is to Webify everything: To intertwine Microsoft's entire product line - software for consumers, software for businesses, Xboxes, all of it - with the vast and ever-growing power of the Net....
..."Everything we do should have a presence on the Web," Ozzie says....
Ray Ozzie commands excessive respect from Microsoft people.
...Ballmer says that he always knew Ozzie would fit in, and that he had wanted to hire him for 23 years....
...Adds Gates: "For over a decade we've said that if we had one wish of somebody we could hire...we'd want to hire Ray."...
...Ozzie commanded unquestioning respect on technical matters from the day he walked in, which is unheard of in Microsoft's competitive culture....
..."With Ray, it was like he had always been part of us," says an executive....
..."Ray really starts with the customer," says Windows and MSN boss Kevin Johnson. "He looks at things 'outside in,' as he says, not technology-out."...
...Many executives now concede that Microsoft tended to take the opposite approach - focusing first on the technical possibilities and only later on what customers really wanted....
Another interesting evolution of Microsoft is the building of server farms.
....Microsoft is planning to use its server farms to offer anyone huge amounts of online storage of digital data. It even has a name for that future service: Live Drive. With Live Drive, all your information - movies, music, tax information, a high-definition videoconference you had with your grandmother, whatever - could be accessible from anywhere, on any device.....
.....Microsoft farms are 1,400,000 square feet of data centers, equivalent to 10 Costcos......
Please read: Microsoft; MSFT, A Good Investment? April 29, 2006
Please read: Microsoft, Where are your "Moat"? May 8, 2006
Happy investing,
Dah Hui Lau (David)
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Tuesday, May 09, 2006
Charlie Munger on Iscar Metalworking Cos.
Berkshire Hathaway Annual General Meeting May 6, 2006
Monday, May 08, 2006
Microsoft, Where is your "Moat"? May 8, 2006
"We like to own castles with large moats filled with sharks and crocodiles that can fend off marauders -- the millions of people with capital that want to take our capital. “We think in terms of moats that are impossible to cross, and tell our managers to widen their moat every year, even if profits do not increase every year. We think almost all of our businesses have big and widening moats."
"The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors."
I have written about Microsoft on April 29, 2006 and believe that it is a good company to own for the long-term. The most significant question regarding whether Microsoft is a good buy or not is down to its "moat". And, I do believe that Microsoft has strong "moat". RT Wolf has kindly allowed me to share his wisdom on Microsoft "moat".....
"The biggest thing that Microsoft has going for it is that people don't like change. People don't want to have to learn a new operating system or new way of doing things. Technologically savvy people often forget that other people don't want to spend time learning how to use a tool like a computer and would rather use it. If companies were to initiate changes to mac or linux, they would have to spend considerable time, effort and money retraining everyone. It's cheaper just to go with what works well enough. This is definitely a strength for Microsoft. In the operating system and office productivity suites arena, it is almost the same thing."
"Another biggest component of Microsoft moat: very high switching costs. The incompatibility and closed-source nature of Office formats is also a switching cost."
Remember, to invest successfully, one has to wait for the fat pitch!
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Sunday, May 07, 2006
Audio report about Buffett and Wertheimer Deal (4Mins)
http://www.isracast.com/transcripts/070506a_trans.htm
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Warren Buffett on Housing Market
Annual General Meeting May 6, 2006
Charlie Munger on Successes and Failures
Annual General Meeting May 6, 2006
Charlie Munger on Investing Expectation
Annual General Meeting May 6, 2006
Warren Buffett on Media Business
"Generally speaking, the economics of media businesses do not have a great outlook."
Annual General Meeting May 6, 2006
Warren Buffett on Hurricane Issue
"The laws of thermodynamics are such that if the oceans get warmer - and they are getting warmer - the weather's going to have more high energy in it," said Berkshire Vice Chairman Charlie Munger. "I think we'd be out of our minds if we wrote more insurance as though global warming wasn't going to have any effect at all."
Annual General Meeting May 6, 2006
Warren Buffett on Immigration Issue
Annual General Meeting May 6, 2006
Warren Buffett on Compensation
Annual General Meeting May 6, 2006
Saturday, May 06, 2006
Does it pay to be 'the next Buffett'? May 6, 2006
I read this article from Omaha.com, which I find it humorous! :) Enjoy....
"The Next Warren Buffett: A Compliment or a Curse?" The business press dusts off the headline whenever a value investor manages to turn a tidy profit with a Buffett-like strategy, but it's a difficult comparison to live up to. Few - if any - have risen to the occasion. That's probably why a question mark usually is appended to the phrase.
Here are a few of the investors who have contended with the loaded sobriquet in recent years.
Edward Lampert
Status: Chairman of Sears Holdings Corp.
In the same breath as Buffett: Business Week asked whether he might be the next Buffett after the hedge-fund manager bought a controlling stake in Kmart (which he later merged with Sears). The move gave rise to speculation he might turn the retailers into a holding company like Berkshire, which was once a textile mill.
Claim to fame: Lampert's ESL Investments hedge fund has generated average annual returns of 29 percent since its founding in 1988. But not all the numbers rival Buffett's: Only 100 shareholders, mostly professional investors, turned out to hear him discuss his vision for the company at its annual meeting this year.
Verdict: Not funny enough.
L. Dennis Kozlowski
Status: Former CEO of Tyco In- ternational Ltd., sentenced to eight to 25 years for stealing hundreds of millions of dollars from the company.
In the same breath as Buffett: Kozlowski once bragged that he would be the next Warren Buffett.
Claim to fame: Grew Tyco's businesses at an impressive rate through mergers and acquisitions but looted the company's coffers for lavish parties and a number of personal amenities, including a $6,000 shower curtain and a $17,100 traveling toiletry kit.
Verdict: Not thrifty enough.
William H. Miller III
Status: Chairman of Legg Mason Capital Management and portfolio manager for Legg Mason Value Trust.
In the same breath as Buffett: Having outperformed the S&P 500 stock index for 15 years in a row, his long-term investment prowess is often compared with that of Buffett.
Claim to fame: Miller manages the $11.6 billion Legg Mason Value Trust, which follows a value investing strategy similar to that espoused by Buffett. The fund, based in Boston, has generated average annual returns of 16.49 percent since its 1982 inception.
Verdict: Not Nebraskan enough.
Christopher K. Bagdasarian
Status: Ex-convict. Bagdasarian was sentenced to two years in prison in 1998 after pleading guilty to securities fraud, bank fraud and perjury. Barred by the Securities and Exchange Commission from association with brokers, dealers or investment advisers.
In the same breath as Buffett: Fortune magazine dubbed him the next Buffett when he an- nounced a $200 million initial public offering of Normandy America Inc., a fraudulent insurance company that planned to invest float, as Buffett does for Berkshire. As the fraud came to light, the company withdrew the offering after trading for one day on the Nasdaq exchange.
Claim to fame: Lied that he achieved a 10-year average annual return of 29.1 percent on assets that ranged as high as $731.3 million.
Verdict: Not honest enough.
Gerry Angulo
Status: President and publisher of the San Juan Star.
In the same breath as Buffett: In 1989, a profile in Forbes magazine asked whether he might be the next Buffett or "just another of the stock market's overnight wonders."
Claim to fame: His now-defunct, Miami-based partnership, First Capital Partners, posted gains of 142 percent in 1988. In 1994, he bought the Puerto Rican newspaper and has devoted his career to running it.
Verdict: Not investing enough.
Nicholas D. Gerber
Status: Portfolio manager for Ameristock Mutual Fund.
In the same breath as Buffett: Told Crain Communications in 2001 that he was trying to out-Buffett Warren through his value-slanted approach to indexing. He said, "I'm getting a later start than Warren Buffett did from an age perspective. . . . We have a lot of catching up to do. "
Claim to fame: The Ameristock fund generated double-digit returns four of the five years between 1996 and 2000. Since then, the fund has trailed the S&P 500 by a little less than 2 percentage points.
Verdict: Not catching up fast enough.
Richard B. Wright
Status: 25-year-old analyst for Davis Advisors in New York.
In the same breath as Buffett: Suggested to Buffett that he look at Clayton Homes Inc. in 2003, setting in motion the $1.7 billion purchase by Berkshire Hathaway.
Claim to fame: Received a letter of recommendation from Warren Buffett, an endorsement that was dubbed "a letter from God" by Brian Sullivan, chief executive officer of New York-based executive search firm Christian & Timbers.
Verdict: Not gray enough.
Article from: Omaha
Happy investing,
Berkshire Hathaway 1st Quarter Results Highlights May 6, 2006
- Net income per share increased by 69.4% compared to 1st Quarter last year.
- Free Cash Flow increased by 52.7% compared to 1st Quarter last year.
- Acquisition spending increased by 2760% compared to 1st Quarter last year.
- Shareholders' equity increased by 4.2% over the last 3 months.
Please Read: 1st Quarter Report
Please Read: Berkshire Hathaway Inc; BRK.A April 6, 2006
Please Read: Berkshire Hathaway; BRK.A Reasons I love Berkshire April 2006
Please Read: Archive of Dah Hui Lau's Blog
Happy Investing,
Dah Hui Lau (David)
Friday, May 05, 2006
Eddie Lampert and Sears by Mike Onghai May 5, 2006
"Eddie struck me as somebody who is extremly balanced in his thinking. He always offers 2 sides of the coin when explaining. For example, hewould say we are doing this not because X, but because of Y. He always offersthe is, and the what is not. This to me is a sign of wisdom -- a very self-aware, very wise person. I liken this to Lao Tzu's quote. "Knowing what you know, and knowing what you do not know. That is the way to know.""
To read more: Mike Onghai's blog
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
Archive of Dah Hui Lau's Blog
The Other Guy From Omaha; May 5, 2006
How true this is! If you look at Lau Model Portfolio, you will notice that all my picks except one have gone down..... but, I believe that these are all brilliant companies, selling at wonderful prices. Let see what happen in one year time!
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Eight signs Microsoft is dead in the water; May 5, 2006
Let's just look at a casual status report of Microsoft's bed-ridden condition:
1. Vista OS. It's now so delayed that its consumer version will miss the 2006 Christmas season. It's now supposed to arrive in early 2007. Even when it does, all of its promised cool features have been removed and it appears to be little more than a gussied-up version of Windows XP. It appears as if it is going to be a great disappointment. This should have been the company's number one priority.
2. Office 2007. There is nothing in this new suite that is going to do much more than sustain the product as a dominant office suite. Unfortunately seven different versions are going to be released which will just confuse things. A new enterprise version has been added which appears to have a Lotus Notes-like element called Microsoft Groove. This is being sold as some sort of solution for online collaboration. If it is anything like Notes it will create a lot of anguish with users.
3. MSN. Microsoft should have abandoned MSN a decade ago. There is a lot of talk about Microsoft becoming more of a publisher and selling advertising. Microsoft should be buying advertising not selling it. This is not a media publishing company; it's a software publishing company. Why people keep encouraging Microsoft to go in this direction is baffling.
4. MSN Search Engine. Again more of the same and pointless. Selling ads
5. Xbox360. The potential to become the dominant game platform and an eventual and enviable profit center. Unfortunately the company did not foresee the Sony delays and failed to manufacture enough units to satisfy the demand. This was an exhibition of poor planning and bad business intelligence gathering.
6. Pad-based computing. According to Gates just a few years back this was to become the dominant form of computing by now. What happened?
7. Dot Net initiative. The .Net framework that many believe is an example of how Microsoft can actually put together elegant and powerful architectures when it wants to, is being killed by Open Source systems that are free and almost just as powerful. Microsoft has been unable to cope with Open Source except to complain about it.
8. Preoccupation with Google. Microsoft is too easily distracted by successful companies who are not competitors. There is a deep-rooted belief that if a company like Google is successful, then they are an enemy per se. So the company obsesses on what Google is doing rather than concentrating on important Microsoft projects. Now Microsoft is about to do a deal with Yahoo to flank Google. This old-lady-like skittishness is unbecoming for a company this size.
......As more and more pessimistic views come out, the chances that we could invest at a better price increase..... Remember, to invest successful, you need to know your company well and wait for the "fat pitch". And I believe that the time is now.....
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Thursday, May 04, 2006
Arnold Van Den Berg: Large company stocks are 27% undervalued May 4, 2006
"When adjusted for the interest rate environment using the 10-year Treasury bond, the chart shows that these large company stocks have gone from being 35% overvalued in 2000, down to 27% undervalued by the end of 2005. This is a 62% swing in value as measured by P/E's when adjusted for interest rates."
We agreed completely with this superinvestor, and that's why Lau Model Portfolio comprises of large undervalued companies.
Happy investing,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Wednesday, May 03, 2006
Looking For Hidden Value With Whitney Tilson April 25, 2006
TheStreet.com: Who influenced your style in value investing?
Whitney Tilson: Warren Buffett has, by far, been the biggest influence on me as an investor. Beyond him, I’d cite Charlie Munger, Ben Graham, Phil Fisher, Joel Greenblatt, Seth Klarman and Bill Miller. Incidentally, one of the reasons I started the newsletter, Value Investor Insight, and the Value Investing Congress is so I could continue to learn from some of the all-time greatest money managers.
To read the full article: http://www.thestreet.com/markets/hedgefunds/10281104.html
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Interview of Warren Buffett on CNBC on March 20, 2006
http://video.msn.com/v/us/v.htm?g=e41c6efa-3414-41d1-ab78-63059d2bcb26&f=truveo
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Seth Klarman's Lecture at Harvard May 3, 2006
http://my.harvard.edu/icb/icb.do?course=fas-soc186&pageid=tk.page.soc186.video
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
Do All Banks Have Moats? May 3, 2006
To read further: http://news.morningstar.com/article/article.asp?id=162724
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com
To visit my archive: http://dahhuilaudavid.blogspot.com/2005/11/archive-of-dah-hui-laus-blog.html
2005 Sayings of Chairman Buffett
Please visit: http://www.tilsonfunds.com/SayingsofChairmanBuffett-VII.pdf
All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com