About 1,000 people — stock exchange directors, company executives, fund managers, investors and students — attended a briefing recently in Jakarta, Indonesia, titled “How to Become a Value Investor Like Warren Buffett.”
Buffett observer Robert Miles gave the two-hour presentation, sponsored by the Indonesia Stock Exchange, which tries to emphasize long-term investing over the rapid trading that is more common in some Asian markets.
Miles, a Florida resident, teaches a Buffett-focused course for the University of Nebraska at Omaha’s executive MBA program.
It was the Jakarta Stock Exchanges’ 40th anniversary. About a million of Indonesia’s 260 million people invest in the exchange’s companies, which have a total share value of about $426 billion.
"Al Ueltschi Tribute, Mahler For Vision Concert Introduction, Carnegie Hall, Feb. 13, 2017.
Tonight, we are here to support Help Me See, hear a concert and honor an outstanding man.
Wow so this is Carnegie Hall! While my mother and grandmother were both pianists, that musical gene skipped a generation, therefore I’m here not to perform, rather to share the extraordinary story of a humble man, Al Ueltschi, the founder of Help Me See. Al had purpose. Al had focus. And, Al was a visionary!..."
• Read the entire transcript with Bob Miles Introduction Tribute to Al Ueltschi at Carnegie Hall, February 13, 2017.(PDF)
•To see Robert Miles interview with Al Ueltschi, click here.
• For more information on the concert program featuring Gustav Mahler: Symphony No. 2, "Resurrection", click here.
University of Nebraska Omaha announces the promotion of Robert P. Miles to the position of Executive in Residence at the College of Business Administration from Adjunct Professor.
Robert Miles: On Berkshire Hathaway and the Wisdom of Warren Buffett "Recently, Robert Miles and I sat down to talk shop: Shop, in this case, being what it means to be a shareholder in Berkshire Hathaway, Miles’s journey as a Warren Buffett expert scholar, ..."(read more)
Aired March 3, 2014 - Robert P. Miles interview on CNBC, "Berkshire is a Great Investment". Click here to watch entire interview on CNBC.
Nov. 1 (Bloomberg) -- Jeffrey Matthews, founder of Ram Partners, and Robert Miles, author of "The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers," talk about Berkshire Hathaway Inc. and billionaire chairman Warren Buffett's investments and strategy. Berkshire Hathaway today said third-quarter profit climbed 29 percent on investments and gains at railroad Burlington Northern Santa Fe. Matthews and Miles speak with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)http://www.bloomberg.com/video/matthews-says-buffett-invests-in-growth-over-value-AvnQhBIvT7GpsI~I5_lk8Q.html [5:57 min]
PUBLISHED SUNDAY, NOVEMBER 18, 2012 AT 12:01 AM / UPDATED AT 5:58 PM
UNO students' thoughts on John Deere stock align with Buffett's
By Steve Jordon WORLD-HERALD STAFF WRITER
Did Warren Buffett listen to four University of Nebraska at Omaha students who recommended that he invest in John Deere & Co.?
But last week's disclosure of a Deere investment by Berkshire Hathaway Inc. shows the students had the right idea when they completed their final exam for adjunct instructor Robert Miles, who teaches an executive MBA class at UNO.
Gretter Ramirez, James Bowen, Chandrakanth Are and Vincent Wong wrote in their 20-page research paper that Deere would fit Berkshire's criteria — good earnings, a strong brand name, a “moat” to protect against competitors and growth prospects given the world demand for food.
They turned in the paper Oct. 13. Last week, Berkshire reported that it had purchased about $330 million worth of Deere shares sometime before Sept. 30.
“Bingo, they got it,” said Miles, who has written books about Buffett. “It made me feel good.”
The MBA students are a diverse group: Ramirez is a native of Cuba, Are a native of India and Bowen a native of Nebraska. Wong, from Seattle, took the class as a “lifelong learner.”
Miles said the students' correct reasoning about Deere shows that one can study Buffett's principles and past investments and come up with ideas that would fit into Berkshire's investment portfolio. The purchase likely was not by Buffett but rather by one of his two like-minded money managers, Ted Weschler or Todd Combs, who handle most “smaller” investments.
During the three semesters Miles has been teaching the Buffett-oriented class, students have made a couple of dozen such recommendations, and this is the first one to nearly coincide with an actual Berkshire investment.
Next Class: April 29 - May 1, 2013 http://cba2.unomaha.edu/execmgmt/buffettgenius/
"If I gave you a billion dollars ..."
Of course, Buffett was making a hypothetical statement, illustrating how to know when a business has a "durable competitive advantage" over others in the same industry. If a competitor had a billion dollars, could it steal away your customers?
It was one lesson among many for the 32 students in a class titled "Genius of Warren Buffett," offered for the first time this fall at UNO's College of Business Administration. The final class session was a two-hour lunch and Q&A with Buffett at the Happy Hollow Country Club.
Offered through UNO's executive MBA program, the class covers not just Buffett's investing ideas but also his management methods, communications style, philanthropy, character and other aspects of his life. The instructor is Robert Miles, who has written several books about Buffett and Berkshire Hathaway Inc., the Omaha-based investment company Buffett heads.
The class is under the auspices of finance department Chairman David Volkman, who will grade the students' final papers later this month.
The billion-dollar "offer" came when Claire Kenkel's team outlined a potential acquisition target for Buffett: the Buckle, a Kearney-based casual clothing retail chain.
The company met many of Buffett's criteria for purchase: strong return on capital, a family run company, $135 million in annual revenue and a business plan that's difficult for competitors to copy, said Kenkel, who is international marketing manager for an Omaha health care diagnostics company.
Buffett responded that the team's analysis had hit all the right points, she said. "That was kind of an affirmation that at least we hadn't missed the mark entirely."
The billion-dollar comment also indicated that competitors would have difficulty taking over the Buckle's market, she said.
Buffett also pointed out the price-control advantage that some companies have. If Coca-Cola raises the price of each drink it sells by a penny, that's $17 million a day and more than $6 billion a year.
In all, the UNO students outlined nine companies for Buffett to consider for acquisition. But students kept their comments brief, Kenkel said. "We wanted to maximize the amount of time Warren was speaking. We were there to learn from him."
In return, the Berkshire CEO bought the lunch — burgers, fries and Cokes.
"I think he really enjoyed it, and the students really enjoyed seeing how his mind works," Miles said from his home in Sarasota, Fla.
Of the 32 students, 20 are working on MBAs and 12 are "lifelong learners" not earning college credit. Most were from the Omaha area, but some came from Texas, Missouri, California, Kansas and Illinois.
Published Omaha World Herald Sunday November 6, 2011 By Steve Jordon
Trends Magazine (Australia), April 2014
After following billinaire Warren Buffett for 15 years, US author and speaker Robert Miles reveals the indelible lessons he has learnned..
...Click to read this article in PDF format!
INVEST FAIR 2011
Strategies That Work Well for Warren Buffett
By MICHELLE TAN
EMOTIONAL discipline, a good understanding of accounting, an insatiable thirst to read and patience are key traits that have made Warren Buffett one of the most successful investors in the world today, said Robert Miles, author and authority on Mr Buffett and Berkshire Hathaway, last weekend. ...read entire article!
Business Times (Singapore) Published August 15, 2011
INVEST FAIR 2011
Strategies That Work Well for Warren Buffett
By MICHELLE TAN
EMOTIONAL discipline, a good understanding of accounting, an insatiable thirst to read and patience are key traits that have made Warren Buffett one of the most successful investors in the world today, said Robert Miles, author and authority on Mr Buffett and Berkshire Hathaway, last weekend.
Sharing his knowledge of Mr Buffett's investment strategies at ShareInvestor's fifth annual Invest Fair 2011, Mr Miles conducted a workshop-styled seminar where he debunked popular perceptions of risk and shared with the audience how emotions can be contagious, especially in affecting one's investment decisions.
Mr Miles highlighted the point that investors usually fall prey to panic selling when the market dips and succumb to 'greed' when sentiments turn bullish, and more often than not if such behaviour persists, the investor would eventually end up in a state of pauperism.
As such, being in control of one's emotions and becoming an 'independent thinker' is of paramount importance.
Once an investor is aware of his emotion, he can 'take advantage of the emotion, and buy when everyone else is selling, and sell when everyone else is buying', said Mr. Miles.
Still, he admitted that this investment strategy of Mr. Buffett's is 'easy to say, difficult to do'. After all, conformity is a powerful instinct that can sway even the most informed investors into following the 'herd'.
Mr Miles also shared with his audience some of Mr Buffett's founding principles, which were inspired by the book The Intelligent Investor, authored by Mr Buffett's professor himself, Benjamin Graham.
One of the key principles pointed out was, before investing in a stock, one should always look at stocks as 'parts of businesses'.
And once a person is able to do that, he will 'automatically become an investor and not a trader'.
But with a medley of stocks available in various international stock markets, how should one identify which ones to buy?
This is where the importance of understanding the difference between market price, book value and intrinsic value comes in, and perhaps this is also when understanding accounting would be a plus, said Mr Miles, who later added that Mr Buffett would only buy investments below their book value and with a good 'margin of safety'.
The saying 'patience is a virtue' also holds true in the game of investing and Mr Buffett is certainly exemplary in this aspect, holding more than half his portfolio for more than two decades. As Mr Buffett himself says: 'Our favourite holding period is forever.'
The most interesting part of the seminar, however, was probably when Mr Miles spoke about Mr Buffett's perception of risk.
Going against the grain of popular belief, Mr Buffett sees volatility and 'old world' stocks as boons and frowns upon an over-diversified portfolio and excessive trading.
But ultimately the key takeaway driven home by Mr Miles is: 'The best investment you can make, according to Warren Buffett, is on yourself and in your education.'
Author Robert Miles interviews several Warren Buffett CEOs before a live studio audience. Barnett Helzberg, retired CEO of Helzberg Diamonds, Stan Lipsey, publisher and CEO of the Buffalo News, Jim Issler, COO of H.H. Brown Shoe, Al Ueltschi, founder and chairman of FlightSafety International, Kevin Clayton, CEO of Clayton Homes and Bill Child, Chairman of R.C. Willey Home Furnishings each have been interviewed. Their shows are available on DVD.
Buffett CEO Video Interview
For a limited time you can view Kevin Clayton video interview for free by clicking on the photo.