The Best Collections of Warren Buffett & Charlie Munger - Valuation: Intrinsic Value

Best collections of Warren Buffett & Charlie Munger Q&A/Speeches during Berkshire Hathaway Annual Meeting over the years. Enjoy.

Definition of Intrinsic Value
00:00:00 What is the Intrinsic Value of a business? (2001)
00:05:40 Define Intrinsic value with Berkshire as an example (2003)
00:09:21 You need to print your own "coupons" to estimate intrinsic value (1997)
00:12:31 Definition of economic value with accounting numbers as merely guideline (1994)
00:16:00 How to estimate intrinsic value (2007)
00:22:21 Intrinsic Value is a range of values (2011)
00:25:10 Intrinsic value is terribly important and very fuzzy (2003)
00:31:19 There is no other kind of investment than a value investment (2009)
00:32:09 Quantitative vs qualitative factors in determinig Intrinsic Value (2014)
00:35:50 No need higher math to value a business (2009)
00:41:30 No exact formula to calculate intrinsic value for all businesses (2018)
00:43:55 The concept of Intrinsic Value is harder now than before (1997)

Discount Rates and Opportunity Cost
00:48:25 Intrinsic value projections depend on interest rates (2017)
00:54:01 Don’t need interest rate outlook to value companies (1994)
00:56:48 Treasury rate for comparibility across companies (1999)
00:57:53 Using government bond yields as discount rates (1999)
01:00:36 Why use treasury rate as discount rates instead of a subjective discount rate as reflected by opportunity cost (1997)
01:02:45 Why not adjust discount rate based on how "risky" the business is (1998)
01:05:47 Shall there be any premium added on Discount rate? (1996)
01:08:53 Do you use a higher discount rate to factor in higher rates in the future (2003)
01:11:06 Discount Rates and certainty of future cash flows (1994)
01:13:55 Minimum discount rates and opportunity costs (2003)
01:20:30 Look at opportunity costs, not cost of capital (2003)
01:23:11 Discount rate and hurdle rate (2007)
01:29:16 Impact of negative rates on valuation (2016)

Estimating Future Earnings
01:33:27 How to calculates owner's earnings (1997)
01:39:05 Focus on future, not current, earnings (1995)
01:45:57 How many years do you discount future earnings (1995)
01:46:03 Cash flows and capital intensity of businesses (1998)
01:51:31 Smooth cashflow vs lumpy cashflow (2003)
01:53:08 No exact formula on retaining earnings (1998)
01:55:11 Impact of redeployment of earned capital to intrinsic value (2007)
02:02:45 Berkshire's earning power depends on its ability to reinvest capital (1999)
02:05:41 Estimating earnings of Berkshire (2004)
02:11:41 On normalized earning power of Berkshire (2018)
02:15:58 Profit margins squeezed by rising commodity prices (2005)
02:23:37 Impact of cost of raw materials on profits (2008)

Growth is Part of Value
02:27:15 Growth is just part of the value equation (2001)
02:31:39 Aesop’s investing primer: Birds in hands and bushes (2000)
02:40:43 Accurate projection of future earnings and growth not required (2011)
02:47:36 Very dangerous to project out high growth rates (2004)
02:51:40 On margin of safety in estimating future growth rates (1994)

[thebusinessanalyst]

To help your viewing experience, do remember to turn on the subtitles at the bottom right corner

[TheRajabhishek]

You won me for life by putting these compilations. Wish you good health and happiness

[yashmishra]

Thanks for putting efforts in the video👍🏻

[soundscapereality]

I was elated to find this channel the other day. Constant repeat now. Thank you so much for putting these together…what a treasure this channel is

[kinchuenyuen]

I want to say these compilations are really good

[marcusaurelius]

Great channel! Quite useful videos even though I have watched all of the Berkshire's annual meetings! Greetings

[surlavris]

@"The Business Analyst" Highly appreciate the number of hours you spent shifting through years of video contents to get appropriate contents for this video and the editing. Great time saver.. All, don't get hung up too much on DCF, keep it simple...

[shankarbalakrishnan]

When I said 400 s and p was still positive for a sec I was thinking how could I live with ur innuendos but it's fallen now so ok❤❤🎉🎉

[kinchuenyuen]

Hi we await your next videos. Such compilation is great! Much appreciated

[MultiLex]

Oh this is excellent thank you. Subscribed.

[joaovitti]

2:39:09 The company National RV went bankrupt in 2007, it shows how difficult is to really find a quality company with sustainable competitive advantages

[crazybird]

At 5:17 it sounds exactly like Michael Burry talking.

[serialkilla]

sad this only have 17k views....young ppl nowadays rather listen to tiktokers.

[MrGiggity]

Imagine being Buffet and getting the same dumb questions over and over. I'd get tired of repeating myself if I was Buffett. But then again I'm not a billionaire so there's that...

[warrenkener]

Bruh I cannot stand it when Charlie chews into the mic how disgusting