28 investeringskriterier fra Warren Buffett
Han er ansett som tidenes beste investorer. Her er en liste med 28 investeringskriterier som er inspirert av han.
1. Is the business understandable?
2. Do you know how the money is made?
3. Does the business have a consistent operating history?
4. Does the company have favourable long term prospects?
5. Is there a big moat around the business (a high threshold
of entry) ?
6. Is it a business that even a dummy could make money in?
7. Can current operations be maintained without too much
needing to be spent?
8. Is the company free to adjust prices to inflation?
9. Have you read the annual reports of the main competitors?
10. Has the management demonstrated a high degree of
integrity (honesty)?
11. Has the management demonstrated a high degree of
intelligence?
12. Has the management demonstrated a high degree of
energy?
13. Is management rational?
14. Is management candid with shareholders (evidence in the
past of open disclosure to the shareholders when there
have been problems)?
15. Has management resisted the temptation to grow quickly
by merger?
16. Has management the strength not to follow the
institutional imperatives ( avoid following current business
and sector fads)?
17. Has the business been free of a major merger in the last 3
years ( many merger failures come out of the woodwork
within this period)?
18. Are stock options tied to SMT performance rather
organisation’s performance (if your team wins you do not
pay a .35 hitter the same as a .15 hitter.)?
19. Are stock options treated as an expense?
20. Is the return on equity adequate?
21. Is the company conservatively financed?
22. Has the company had a track record of earnings growth in
most years above the stock market average?
23. Are the profit margins attractive (better than industry)?
24. Has the company created at least one dollar of market
value for every dollar of earnings retained?
25. Is the value of discounted earnings greater than the
current market value?
26. Have you discounted at a rate equal or greater than the 10
year bond rate (risk free rate)?
27. Have cash flows been based on net income, plus depreciation, depletion, and amortization, less capital expenditure and additional working capital requirements?
28. Has the company been temporarily punished for a specific
risk that is not a long term risk (the market tends to over
punish the share price)?