แสดงบทความที่มีป้ายกำกับ profit แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ profit แสดงบทความทั้งหมด

วันพฤหัสบดีที่ 14 มิถุนายน พ.ศ. 2561

Seth Klarman: Wealth and donations

Wealth and donations[edit]

In February 2017, Forbes Magazine listed his personal fortune at US$1.55 billion. In 2015, he was listed as the 15th highest earning hedge fund manager in the world.[1]
Klarman started The Klarman Family Foundation ($255 million in assets as of 2010) which donates to medical causes, Jewish organizations (such as the American Jewish Committee, Boston’s Combined Jewish Philanthropies and Gann Academy), and Israeli causes. Klarman is the chairman of Facing History and Ourselves which develops classroom programs to combat anti-Semitism and bigotry.[24] Klarman also is active with the Israel Project, a pro-Israel advocacy group that collects and provides information on Israel for journalists. He donated $4 million to the organization between 2008 and 2010.[24] He is the key U.S. investor behind The Times of Israel, an online English-language newspaper which reports on Israel, the region and the Jewish world.[34][35]
In 2013, Klarman donated the lead capital to fund the $61 million building at Cornell University named the Seth ’79 and Beth Klarman Humanities Building, more simply known as Klarman Hall.[36] A year later, he donated money to Harvard Business School to construct a "conference center/auditorium and performance space," named Klarman Hall. In an official statement he recalled his time at the school as "an important and ongoing role in my life," later noting it an honor "to able to give back to a school that has given us so much."[37]

Awards[edit]

Klarman has been called a "hedge fund Titan,"[7] and "quiet giant of investing,"[38] for his slow accumulation of fund capital over his career (in 2008, his hedge fund was the 6th largest in the world) and low profile.[7] It was reported by Andrew Ross Sorkin, of The New York Times, that "[Klarman] is the most successful and influential investor you have probably never heard of."[38] His Investopedia entry has him listed as "an enigma in the investing world."[39]
He is sometimes called "the Warren Buffett of his generation,"[3] and the "Oracle of Boston."[5] It has even been speculated that his investment philosophy is so similar to Buffett's that he is considered a dark horse option to assume Berkshire Hathaway in the event of Buffett's death.[40][41] According to an article by The New York Times,Buffett has publicly praised Klarman's investing,[38] and it has been reported that Buffett keeps a copy of his book on his bookshelf.[13]

Publications and works

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Seth Klarman



Seth Andrew Klarman (born May 21, 1957)[2][3] is an American investor and hedge fund manager. He is known as a value investor and is currently the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership he founded in 1982.
He closely follows the investment philosophy of Benjamin Graham and is known for buying unpopular assets while they are undervalued, seeking a margin of safety and profiting off of their rise in price. Since his fund's $27 million-dollar inception to 2008 he has realized a 20 percent compound return-on-investment and as of 2016 manages $31 billion in assets.
In February 2018, Forbes Magazine listed his personal fortune at US$1.50 billion. In 2015, Klarman was listed as the 15th highest earning hedge fund manager in the world.[1] In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame.[4] He has drawn numerous comparisons to fellow value investor Warren Buffett, and akin to Buffett's notation as the "Oracle of Omaha," he is known as the "Oracle of Boston."[5
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Philip Arthur Fisher



Philip Arthur Fisher (September 8, 1907 – March 11, 2004) was an American stock investor best known as the author of Common Stocks and Uncommon Profits, a guide to investing that has remained in print ever since it was first published in 1958.

Career[edit]

Philip Fisher's career began in 1928 when he dropped out of the newly created Stanford Graduate School of Business(later he would return to be one of only three people ever to teach the investment course)[1] to work as a securities analyst with the Anglo-London Bank in San Francisco. He switched to a stock exchange firm for a short time before starting his own money management company, Fisher & Co., founded in 1931.[2][3] He managed the company's affairs until his retirement in 1999 at the age of 91, and is reported to have made his clients extraordinary investment gains.[4]
Although he began some fifty years before the name Silicon Valley became known, he specialized in innovative companies driven by research and development. He practiced long-term investing, and strove to buy great companies at reasonable prices. He was a very private person, giving few interviews, and was very selective about the clients he took on. He was not well-known to the public until he published his first book in 1958.[5] At this point Fisher's popularity rose dramatically and propelled him to his now legendary status as a pioneer in the field of growth investing.[6] Morningstar has called him "one of the great investors of all time".[3] In Common Stocks and Uncommon Profits, Fisher said that the best time to sell a stock was "almost never". His most famous investment was his purchase of Motorola, a company he bought in 1955 when it was a radio manufacturer, and held it until his death.[7] Phillip is remembered for using and proliferating the "scuttlebutt" or "grape vine" tool, in which he searched fastidiously for information about a company.[8] When you scuttlebutt, you make more informed decisions due a better basis for analysis and valuation.
In the 2018 Berkshire Hathaway annual shareholders meeting, Warren Buffett called Fisher's "Common stocks and uncommon profits" a "very very good book".[9] He further described how using Fisher's "scuttlebutt" technique continues to be a good way to investing, which is still used by Ted and Todd at Berkshire Hathaway. John Train described Warren Buffett as 85% influenced by Benjamin Graham and 15% by Philip Fisher.[10][11]
His son Kenneth L. Fisher also founded an investment firm.
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Charlie Munger: Wealth and philanthropy

Wealth and philanthropy[edit]

As of February 2018, Munger has an estimated net worth of $1.74 billion according to Forbes Magazine.[25]
Munger is a major benefactor of the University of Michigan. In 2007, Munger made a $3 million gift to the University of Michigan Law School for lighting improvements in Hutchins Hall and the William W. Cook Legal Research Building, including the noted Reading Room. In 2011, Munger made another gift to the Law School, contributing $20 million for renovations to the Lawyers Club housing complex, which will cover the majority of the $39 million cost. The renovated portion of the Lawyers Club will be renamed the Charles T. Munger Residences in the Lawyers Club in his honor.[26][27][28][29]
On December 28, 2011, Munger donated 10 shares of Berkshire Hathaway Class A stock (currently valued at $288,200 per share, or $2.88 million total) to the University of Michigan.[30]
On April 18, 2013, the University of Michigan announced the single largest gift in its history: a US$110 million gift from Munger to fund a new "state of the art" residence designed to foster a community of scholars, where graduate students from multiple disciplines can live and exchange ideas.[31] The gift includes US$10 million for graduate student fellowships.[32]

In addition to the University of Michigan, Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. 1972). Both Nancy and Wendy Munger served as members of the Stanford board of trustees. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex.[33][34]
The Munger Graduate Residence opened in late 2009 and now houses 600 law and graduate students.[35] The Mungers gave a major gift to Stanford's Green Libraryto fund the restoration of the Bing Wing as well as the construction of a rotunda on the library's second floor, and endowed the Munger Chair in Nancy and Charles Munger Professorship of Business at Stanford Law School.[3][36]
In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna.[3] The couple also donated to the Polytechnic School in Pasadena and the Los Angeles YMCA.[37]
Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. His five sons and stepsons as well as at least one grandson graduated from the prep school. In 2009, Munger donated eight shares of Berkshire Hathaway Class A stock, worth nearly $800,000, to Harvard-Westlake.[3][38] In 2006, Munger donated 100 shares of Berkshire Hathaway Class A stock, then valued at $9.2 million, to the school toward a building campaign at Harvard-Westlake's middle school campus. The Mungers had previously made a gift to build the $13 million Munger Science Center at the high school campus, a two-story classroom and laboratory building which opened in 1995 and has been described as "a science teacher's dream".[39][40] The design of the Science Center was substantially influenced by Munger.[3]
In October 2014, Munger announced that he would donate $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. This is the largest gift in the history of the school. The donation will go toward the construction of a residence building for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas".[41]
In March 2016, Munger announced a further $200 million gift to UC Santa Barbara for state of the art student housing, tripling the record gift he gave for the Kavli Institute for Theoretical Physics.[42][43]
Munger has not signed The Giving Pledge that was started by his partner Warren Buffett and Co-Director, Bill Gates.
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Charlie Munger: Personal life

Personal life[edit]

From his first marriage to Nancy Huggins,[3] Munger had three children, Wendy (a former corporate lawyer and trustee of Stanford University[20]), Molly (a civil rights attorney and funder of a ballot initiative to raise California taxes for public education.[21]) and Teddy (deceased, leukemia, age 9).
From his marriage to Nancy Barry, Munger is a father of four children—physicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger and Philip R. Munger—and two stepchildren: William Harold Borthwick and David Borthwick.[22] Nancy Barry Munger died in 2010.[23]
Munger enjoys architecture and has designed multiple buildings, including dormitories at Stanford University and University of Michigan as well as the house he currently inhabits.[24]
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Charlie Munger: Investment philosophy

Investment philosophy[edit]

"Elementary, worldly wisdom"[edit]

In multiple speeches, and in the book Poor Charlie's Almanack, Munger has introduced the concept of "elementary, worldly wisdom" as it relates to business and finance. Munger's worldly wisdom consists of a set of mental models framed as a latticework to help solve critical business problems.[3]
Munger, along with Buffett, is one of the main inspirations behind the book Seeking Wisdom: From Darwin to Munger. Author Peter Bevelin explained his key learnings from both Munger and Buffett in a 2007 interview: "How to think about businesses and investing, how to behave in life, the importance of ethics and honesty, how to approach problems but foremost how to reduce the chance of meeting problems." Bevelin stated that previously, he "was lacking the Munger ability to un-learn my own best-loved ideas".[10]
Munger states that high ethical standards are integral to his philosophy; at the 2009 Wesco Financial Corporation annual meeting he said, "Good businesses are ethical businesses. A business model that relies on trickery is doomed to fail."[11] During an interview and Q&A session at Harvard-Westlake School on January 19, 2010, Munger referred to American philosopher Charles Frankel in his discussion on the financial crisis of 2007–08 and the philosophy of responsibility. Munger explained that Frankel believed:
...the system is responsible in proportion to the degree that the people who make the decisions bear the consequences. So to Charlie Frankel, you don’t create a loan system where all the people who make the loans promptly dump them on somebody else through lies and twaddle, and they don’t bear the responsibility when the loans are good or bad. To Frankel, that is amoral, that is an irresponsible system.[12]
Munger is critical of cryptocurrencies, referring to Bitcoin as "poison".[13] In early 2018 he likened bitcoin to "harvested baby brains" in an interview with Yahoo Finance.[14]

Lollapalooza effect[edit]

Munger uses the term "Lollapalooza effect" for multiple biases, tendencies or mental models acting at the same time in the same direction. With the Lollapalooza effect, itself a mental model, the result is often extreme, due to the confluence of the mental models, biases or tendencies acting together, greatly increasing the likelihood of acting irrationally.[15]
During a talk at Harvard in 1995 entitled The Psychology of Human Misjudgment, Munger mentions Tupperware parties and open outcry auctions, where he explained "three, four, five of these things work together and it turns human brains into mush,"[16][17] meaning that normal people will be highly likely to succumb to the multiple irrational tendencies acting in the same direction. In the Tupperware party, you have reciprocation, consistency and commitment tendency, and social proof. (The hostess gave the party and the tendency is to reciprocate; you say you like certain products during the party so purchasing would be consistent with views you've committed to; other people are buying, which is the social proof.) In the open outcry auction, there is social proof of others bidding, reciprocation tendency, commitment to buying the item, and deprivation super-reaction syndrome, i.e. sense of loss. The latter is an individual's sense of loss of what he believe should be or is his. These biases often occur at either conscious or subconscious level, and in both microeconomic and macroeconomic scale.
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Charlie Munger: Early life and education

Early life and education[edit]

Munger was born in Omaha, Nebraska. As a teenager he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather.[2]
After enrolling in the University of Michigan, where he studied mathematics, he never returned to Omaha except to visit.[3]In early 1943, a few days after his 19th birthday, he dropped out of college to serve in the U.S. Army Air Corps, where he became Second Lieutenant. He continued his studies in meteorology[4] at Caltech in Pasadena, California, the town he was to make his home.[3]
Through the GI Bill he took a number of advanced courses through several universities; without an undergraduate degree, he entered Harvard Law School and graduated magna cum laude with a J.D. in 1948. At Harvard he was a member of the Harvard Legal Aid Bureau.[4][5]
In college and the Army he developed "an important skill": card playing. “What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.”
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Charlie Munger




"Charles Munger" redirects here. For the American politician, mayor of Orlando, see Charles Henry Munger.

Charles Thomas Munger (born January 1, 1924) is an American investor, businessman and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation
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Benjamin Graham


Benjamin Graham

Benjamin Graham (/ɡræm/; né Grossbaum; May 9, 1894 – September 21, 1976) was a British-born American investor, economist, and professor. He is widely known as the "father of value investing,"[1] and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.
After graduating from Columbia University at age 20, he started his career on Wall Street, eventually founding the Graham-Newman Partnership. After hiring his former student and future manager of Berkshire Hathaway, Warren Buffett, he took up teaching positions at his alma mater, and later at Anderson School of Management at the University of California, Los Angeles.
His work in managerial economics and investing has led to a modern wave of value investing within mutual funds, hedge funds, diversified holding companies, and other investment vehicles. Throughout his career, Graham had many notable disciples who went on to receive substantial success in the world of investment, including Buffett, who described him as the second most influential person in his life after his own father. Other such disciples were William J. Ruane, Bert Olden, Irving Kahn and Walter J. Schloss. In addition, Graham's thoughts on investing have influenced the likes of Seth Klarmanand Bill Ackman.

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วันพุธที่ 13 มิถุนายน พ.ศ. 2561

Warren Buffett: Taxes

Taxes

See also: Buffett Rule
Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their source as dividends and capital gains, although the figure excluded the taxes on that income paid by the corporations that provided it), while his employees paid 33% of theirs, despite making much less money.[168] “How can this be fair?” Buffett asked, regarding how little he pays in taxes compared to his employees. "How can this be right?" He also added, "There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."[169][170] After Donald Trump accused him of taking "massive deductions," Buffett countered, "I have copies of all 72 of my returns and none uses a carryforward."[171]
Buffett favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".[172] In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy.[173] Some critics argued that Buffett (through Berkshire Hathaway) has a personal interest in the continuation of the estate tax, since Berkshire Hathaway benefited from the estate tax in past business dealings and had developed and marketed insurance policies to protect policy holders against future estate tax payments.[174]
Buffett believes government should not be in the business of gambling, or legalizing casinos, calling it a tax on ignorance.[175]
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