Questions Concerning Warren Buffett and Investing ** 1. What is Berkshire's investment strategy?

Our equity-investing strategy remains little changed from what it was fifteen years ago, when we said in the 1977 annual report: "We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety. We want the business to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price." We have seen cause to make only one change in this creed: Because of both market conditions and our size, we now substitute "an attractive price" for "a very attractive price." (Source: 1992 Berkshire Annual Report) "To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets.

You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, ... more.

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