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The hedge fund industry is made up of investors who manage highly leveraged positions and generally either earn extremely high returns or earn poor returns that often lead them to face bankruptcy It is not true
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market efficiency
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that hedge funds consistently earn high returns and that capital is hedged from large losses High leverage does what it is supposed to do: increase volatility When losses occur, they are erce, as illustrated by the LTCM example Hedge fund managers do well because of high fees Investors in hedge funds do not There may be some good hedge funds, but it is close to impossible to identify them My suggestion is to avoid investing in hedge funds altogether
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Part Seven
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PROFITABILITY AND ACCOUNTING
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uffett has often mentioned that studying accounting and understanding nancial statements are necessary to become a successful investor In s 20 to 24, I discuss some ideas essential to understanding Berkshire s impressive pro tability and learning to become a better investor
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20
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M = Monopoly = Money
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monopoly exists when a company controls the entire market for a speci ed product or service and when there are signi cant barriers to entry in that market We can debate whether Microsoft or Google have monopolies in their respective markets, but we will certainly agree that they have large market shares in personal computer operating systems and Web-based search, respectively Much has been written about monopolies and near-monopolies, but one thing is clear: Almost all of them make good money There have been large monopolies such as Standard Oil and Microsoft and small monopolies such as tollbooths across bridges In the minds of investors, the letter M should stand not only for money but also for monopoly So, start searching for near-monopolies or companies with what Buffett refers to as wide moats around them
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Widen the Moat
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Buffett has often discussed the idea of a moat around a company, which means an enduring competitive advantage for the company, or a means of protection to maintain the company s pro tability for a long time He fully understands the power of earning superior returns through such businesses This is evident in a memo he wrote shortly after September 11, 2001, urging Berkshire managers to remain focused: What should
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profitability and accounting
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you be doing running your businesses Just what you always do: Widen the moat, build enduring competitive advantage 1 You don t have to identify and invest in a monopoly in its early stages of development For example, Microsoft went public in 1986 You could have waited ve years and bought Microsoft shares in 1991, or you could have waited another ve years and bought in 1996 Only if you had waited until about 1999 when Microsoft stock was already overvalued, the company was being scrutinized by the government, and growth was slowing would you have been too late to the game to make money
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Pro tability of Monopolies
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Monopolies make above-average returns which appeals to common sense and can easily be supported by data There is no better contemporary example of a near-monopoly than that of Microsoft Microsoft has considerable power to set the prices it charges for several of its products The number of people buying a computer is not likely to change much whether Microsoft charges $199 or $299 for the operating system that must reside inside most personal computers Most buyers, whether new or repeat, prefer the Microsoft operating system because so many consumers already have a compatible system The same is true for some of Microsoft s other products How pro table is Microsoft One way to judge is to compare Microsoft s pro tability with that of another large computer company For illustration purposes, IBM is a reasonable benchmark Although IBM has a stake in both the software and hardware segments of the computer industry, the pro tability of its sales revenue and that of assets employed can still be compared because both companies are in an industry that requires signi cant research and development Table 201 presents the nancial highlights for Microsoft and IBM The basic metric for comparing the two companies is operating income as a percentage of revenues or as a percentage of total assets Over the past six years for which data are available, Microsoft s operating income as a proportion of revenues, or operating margin, on average, was 34 percent In comparison, IBM s operating margin in the same period was only 14 percent Comparing operating income to total assets ratio across the
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