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everyone my name is Robin specia and I an this video I'll be talking about Warren Buffett and more specifically what's called the owner's manual and Buffett actually typed up his owner's manual and he has it on his website Berkshire Hathaway com if you haven't gone to Berkshire Hathaway it looks like it was obviously programmed in basic HTML all the way into the 90s but it hasn't been updated since then so take a look with me if you go to google and type in Berkshire Hathaway or in your url bar at the top of your browser type in brook char Hathaway comm which is Warren Buffett's company once you go to the home page you'll see a bunch of you know just plain HTML links on the left side of Berkshire Hathaway comm there's a link near the end there in the left called owners manual and when you click on owners manual you'll get a PDF open up and this list of principles that Warren Buffett has you know put a lot of thought into and he's sharing with not only shareholders but he's sharing with the possible future prospects so these these businesses that he might be buying in the future and this really puts you in the mind of Buffett and what types of companies which have a management what type of qualities that he looks for in his investments and I read this a couple years ago actually years ago when I was around 18 19 20 but it really helped me formulate you know my philosophy of what to look for in companies I invested in the public markets you know whether they're on the New York Stock Exchange or the TSX u.s.
are Canadian company and so I'm gonna go through this list but you know first of all I'll reiterate what he says up here at the top and these were in Buffett's own words so he says that in June 1996 we issued a booklet entitled an owner's manual to Berkshires Class A and Class B sure holders the purpose of the manual was to explain Berkshires broad economic principles of opera an updated version is reproduced on this and the following pages but what you'll find is it's not just principles on Berkshire Hathaway but principles that he looks for in other companies as well and this can help you as a do-it-yourself investor when you're again when you're scouring in companies to invest in on the stock exchange so here he says at the time of the blue-chip merger in 1983 I sat down 13 owner related business principles that I thought would help new shareholders understand our managerial approach as is appropriated four principles all 13 remain alive and well today and they are stated here in italics so principle number one Buffett says although our form is corporate our attitude is partnership Charlie Munger and I think of our shareholders as owner partners and of ourselves as managing partners because of the size of their shareholders we're also for better or worse controlling partners we do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own the assets principle number two in line with Berkshire zoner orientation most of our directors have a major portion of their net worth invested in the company we eat our own cooking number three Buffett says our long-term economic goal subject is some qualifications mentioned later is to maximize Brookshire's average annual rate of gain an intrinsic value on a per share basis we do not measure the economic significance or performance of Berkshire Bitesize we measured by share progress by per share progress so instead of looking at here's an aside and then income he would look at what is the earnings per share instead of just Book value he looks at okay what's the book value per share and what does it mean for a shareholders back to Buffett he says we were certain that the rate of per share progress will diminish in the future a greatly enlarged capital base will see to that but we will be disappointed if our rate does not exceed that of the average large American corporation okay so this is Buffett's principle number or in his owners manual our preference would be to reach our goal by directly owning a diversified group of businesses that generate cash and consistently earn above average rates on capital our second choice is to own parts of similar businesses attain primarily through purchases of marketable common stocks by our insurance subsidiaries the price and availability of businesses and the need for insurance capital to determine any given years capital allocation principle number five Buffett says because of our two-pronged approach to business ownership and because of the limitations of conventional accounting consolidated reported earnings may reveal relatively little about our true economic performance Charlie Munger and I both as owners and managers virtually ignore such consolidated numbers however we will also report to you the earnings of each major business we control numbers we consider of great importance these figures along with the other information we will supply about the individual businesses should generally aid you in making judgments about them here's Buffett's principle number 6 accounting consequences do not influence our operating or capital allocation decisions when acquisition costs are similar we much prefer to purchase two dollars of earnings that is not reportable by us under standard accounting printed principles than to purchased one dollar of earnings that is reportable this is precisely the choice that often faces us since entire businesses whose earnings will be fully reportable frequently sell for double the prorated price of small portions whose earnings will be largely unreported in aggregate and over time we expected unreported earnings to be fully reflected in our intrinsic business value through capital gains years Buffett's principle number seven in his owner's manual we use debt sparingly and when we do borrow we attempt to structure our loans on a long-term fixed-rate basis we will reject interesting opportunities rather than over leverage our balance sheet this conservatism has penalized our results but is the only behavior that leaves us comfortable considering our judiciary obligations to policyholders lenders and the main equity holders who have committed unusually large portions of their net worth to her care as one of the Indianapolis 500 winners said to finish first you must first finish principle number eight Buffett says a managerial wish list will not be filled at shareholder expense will not diversify by purchasing entire businesses at controlled prices that ignore long-term economic consequences through shareholders we will only do with your money what we would do with our own weighing fully the values you can attain by diversifying your own portfolios through direct purchases in the stock market principle number nine we feel noble intentions should be checked periodically against results we test the wisdom of retaining earnings by assessing whether retention over time delivers shareholders at least one dollar of market value for each $1 retained to date this test has been met we will continue to apply it on a five-year rolling basis as their net worth gross it is more difficult to use retained earnings wisely principle number 10 we will issue common stock only when we receive as much in business value as we give this rule applies to all forms of issuance not only mergers or public stock offerings but stock for debt swaps stock options and convertible securities as well we will not sell small portions of your company and that is what the issuance of shares amounts to and a base is inconsistent with the value of the entire enterprise you should be fully aware of one attitude Charlie and I share that hurts our financial performance regardless of price we have no interest at all in selling any good business that Berkshire owns we are also very reluctant to sell subpar businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labor relations we hope not to repeat the capital allocation mistakes that led us into such subpar businesses and we react with great caution to suggestions that are poor businesses can be restored to satisfactory profitability by major capital expenditures the projections will be dazzling in the advocate sincere but in the end major additional investment in a terrible industry usually is about as rewarding as struggling in quicksand nevertheless gin and rummy managerial behavior discard your least promises of promising businesses at each turn is not our style we would rather have our overall results penalized a bit than engaged in that kind of behavior Warren Buffett - principle number twelve in the owners manual at Berkshire Hathaway comm number 12 we will be candid and are reporting to you emphasizing the pluses and minuses important in appraising business value our guidelines is to tell you the business facts that we want to know if our positions were reversed we owe you no less moreover as a company with a major communications business it would be inexcusable for us to apply lesser standards of accuracy balance and incisiveness when reporting on ourselves then we would expect our news people to apply when reporting on others we also believe candor benefits us as managers the CEO who misleads others in public may eventually mislead himself in private okay so now principle number 12 and again this is in the owner's manual Berkshire Hathaway has told that Warren Buffett will be candid actually number 13 and the splitter policy of candor we will discuss our activities and marketable securities only to extent legally required good investment ideas are rare valuable and subject to competitive appropriation just a good product or business acquisitions ideas are therefore we know normally you will not talk about our investment ideas this ban extends even to securities we have sold because we may have purchased them again and to stock we are incorrectly rumored to be buying if we deny those reports but say no comment and other occasions that no comments become confirmation I'm so - added principles to the owners manual by Buffett number 14 to the extent possible we would like each Berkshire shareholder to record a gain or loss in market value during his period of ownership that is proportional to the gain or loss and per share intrinsic value recorded by the company during that holding period for this to come about the relationship between the intrinsic value and the market price of a Brookshire share would need to remain constant and by our preferences at one-to-one that implies we would rather to be Berkshire our stock price at a fair level than a high level obviously Charlie Munger and I can't control Berkshire Irish price but by our policies and communications we can encourage informed rational behavior by owners that in turn will tend to produce a stock price that is also rational our it's as bad to be overvalued as to be undervalued approach may disappoint some shareholders we believe however that it affords Berkshire the best prospects of attracting long term investors who seek to profit from the progress of the company rather than from the investment mistakes of their partners and finally number 15 in the owners manual Buffett says we regularly compare the gain and Berkshires per share Book value to the performance of the S&P 500 over time we hope to outpace that yardstick otherwise why do our investment investors need us the measurement however has certain shortcomings that are described in the next section moreover it is now less meaningful on a year-to-year basis than was formerly the case that is because our equity holdings whose value tends to move with the sp500 are a far smaller portion of our net worth than they were in the earlier years additionally games and ESP stocks are counted in full in calculating that index whereas gains and Berkshires equity holdings are counted as 65% because of the federal attacks we incur we therefore expect to outperform the S&P and lackluster years for the stock market and underperform in the market has a strong year so to sum up this was Warren Buffett's non owner's manual that he wrote years ago and he's posted on Berkshire Hathaway calm and you know it's not very well known that that Buffett's posted this owner's manual and it's really a glimpse into to help up it thinks about his own company how he wants to run it and you know how devoted he is to shareholders right he's about creating wealth for his shareholders who be regularly calls his partners and this owner's manual is that actually also a blueprint that Buffett uses to go out in the stock market to invest in stocks and it's also a blueprint he uses to invest in all the private companies now he has under Hathaway for example he fully owns fruit of the Loom he owns Dairy Queen he owns the Nebraska Furniture Mart and he owns a slew of other businesses across many industries that he understands and this is in my mind one of the best blueprints and Warren Buffett's thinking this owner's manual I'm brochure hath Wacom the other amazing blueprint you can read are Buffett's early partnership letters which he was writing before he bought Berkshire Hathaway and started running that as his own holding company and entity as a publicly traded stock so look up Buffett's partnership letters as well that he wrote he was really he's very much a hedge fund manager back then and he had some great ideas on investing so I'm glad you enjoyed this guy's check out the owners manual and Berkshire Hathaway calm and happy investing talk soon
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