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Buffett 1972 Letter to See’s Candies

by John Huber | Nov 7, 2017 | Charlie Munger, Warren Buffett

I recently came across a letter that Buffett sent to Chuck Huggins, the CEO of See’s Candies in 1972 (thanks to Marcelo Lima at Heller House for posting it). See’s is a case study that has been dissected from every angle, but this was a letter I hadn’t...

Thoughts on Cost of Capital and Buffett’s $1 Test – Part 1

by John Huber | Oct 30, 2017 | Charlie Munger, Warren Buffett

“I’ve never heard an intelligent discussion about ‘cost of capital’.” – Charlie Munger I read something a few weeks back that referenced some comments that Charlie Munger once made on the topic of cost of capital. Maybe these comments will be yet another...

Buffett’s Three Categories of Returns on Capital

by John Huber | Oct 18, 2016 | Saber Capital, Warren Buffett

“A truly great business must have an enduring “moat” that protects excellent returns on invested capital.” –Warren Buffett, 2007 Shareholder Letter During recent calls with Saber Capital clients, numerous questions related to quality and return on capital...

Reinvestment Moat Follow Up: Capital Light Compounders

by John Huber | Aug 1, 2016 | Education, Investment Philosophy

This post is the second guest post by my friend Connor Leonard, in what I hope to be a somewhat regular “column” here at BHI (by regular, I mean as often as Connor decides to put the proverbial pen to paper and share his insights with us). Based on the...

Calculating the Return on Incremental Capital Investments

by John Huber | Jun 6, 2016 | Education, Investment Philosophy

“Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.” – Warren Buffett, 1992 Shareholder Letter I received a lot of feedback, comments and a few...
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