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1、ThreeLecturesbyWarrenBuffetttoNotreDameFaculty,MBAStudentsandUndergraduateStudentsSpring,1991LightlyeditedbyWhitneyTilson,WTilson@T2PartnersLLC.comHighlights[ThetranscriptofBuffett’slecturesis39pages.Forthoseofyouwhodon’thavethetimetoreadtheentiretranscript,we’vepulledoutsomeofthehighlights–th
2、emostinterestingthingsBuffettsaidand/orthethingsthatwe’veneverheardhimsayanywhereelse.]KeystoInvestmentSuccessIfoundsomestrangethingswhenIwas20yearsold.IwentthroughMoody’sBankandFinanceManual,about1,000pages.Iwentthroughittwice.ThefirsttimeIwentthrough,IsawacompanycalledWesternInsuranceSecurit
3、yCompanyinFortScott,Kansas.Theyowned92%,atthattime,oftheWesternCasualtyandSuretyCompany.Perfectlysoundcompany.IknewpeoplethatrepresentedtheminOmaha.Earningspershare$20,stockprice$16.(garbled)...muchmorethanthat.IranadsintheFortScott,Kansaspapertotryandbuythatstock–ithadonly300or400shareholders
4、.Itwassellingatonetimesearnings,ithadafirstclass[managementteam]...[Tapeendshere]...Incidentally,IwouldsaythatalmosteverybodyIknowinWallStreethashadasmanygoodideasasIhave,theyjusthadalotof[bad]ideastoo.AndI’mseriousaboutthat.ImeanwhenIboughtWesternInsuranceSecuritysellingat$16andearning$20pers
5、hare,Iputhalfmynetworthintoit.Icheckeditoutfirst–Iwentdowntotheinsurancecommissionandgotouttheconventionstatements,IreadBest’s,andIdidalotofthingsfirst.But,Imean,mydadwasn’tinit,I’donlyhadoneinsuranceclassatColumbia–butitwasnotbeyondmycapabilitiestodothat,anditisn’tbeyondyourcapabilities.Nowif
6、Ihadsomerareinsightaboutsoftware,orsomethinglikethat–Iwouldsaythat,maybe,otherpeoplecouldn’tdothat–orbiotechnology,orsomething.AndI’mnotsayingthateveryinsightthatIhaveisaninsightthatsomebodyelsecouldhave,buttherewereallkindsofpeoplethatcouldhaveunderstoodAmericanExpressCompanyaswellasIundersto
7、oditin‘62.Theymayhavebeen...theymayhavehadadifferenttemperamentthanIdid,sothattheywereparalyzedbyfear,orthattheywantedthecrowdtobewiththem,orsomethinglikethat,butIdidn’tknowanythingaboutcreditcardsthattheydidn’tknow,orabouttravelerschec
