Francis Chou
http://www.moneymunch.com/wp-admin/post.php?post=7697&action=edit&message=1 Path to Success Born in India, immigrated to Canada in 1976 with $200 and a high school diploma. Worked at Bell Canada for 7 years as a telephone repair man. Discovered Graham and Buffett in late-1970s. In Jul 1981, he set up an investment club with 7 co-workers with $51,000. By 1986, club had grown to $1.7M and was converted to the Chou Associates Fund. 1984, became a retail analyst at Gardiner Watson Asset Management. Met Prem Watsa. Joined Hamblin Watsa Investment Counsel / Fairfax Financial after 18 months. He is a Vice-President at Fairfax Financial managing their investment portfolio with $0 salary to prevent conflict of interest while he manages the Chou Funds in his spare time. ; Performance CAGR of 16% over 24 years with 3 losing years . Investment Approach Screens about 2,000 stocks and looks at financial metrics, e.g. P/E, P/B, then finds 20-30 that are worth looking into. Buy stocks at 40-50% discount to his estimate of true value. Goal is to come to an assessment of what the company might be sold for. . Hunting Grounds Undervalued – Companies facing short-term problems that result in temporary mispricings under unusual circumstances. Cigar butts – [...]
READ MOREDavid Tepper
Age: 54 Source: hedge funds, self-made Residence: Livingston, NJ Country of Citizenship: United States Education: Bachelor of Arts / Science, University of Pittsburgh; Master of Business Administration, Carnegie Mellon University Marital Status: Married Children: 3 David Alan Tepper is the successful hedge fund manager of Appaloosa Management. His investment speciality is distressed companies. In recent years he’s become known as a philanthropist, his largest gift going to Carnegie Mellon University, whose Tepper School of Business is named after him. He earned his MBA from Carnegie Mellon in 1982. David Tepper was first introduced into the world of investing by his father. His father was a small investor who gifted him his first investments, Pennsylvania Engineering Co. and the soon to be bankrupt, Career Academies. David Tepper first got involved in the financial management business when he took a position with Keystone Mutual Funds in 1984. In 1985, he was recruited by Goldman Sachs and took a job in their high yield group. Tepper’s talents were obvious, and he became the group’s head trader within six months. Mr. Tepper worked for Goldman Sachs until late 1992, when he left after repeatedly being passed over for partnership. In early 1993, he [...]
READ MOREWarren Buffett Personal Information
Warren Buffett Title: CEO, Berkshire Hathaway Age: 81 Source: Berkshire Hathaway, self-made Residence: Omaha, NE Country of Citizenship: United States Education: Master of Science, Columbia University; Bachelor of Arts / Science, University of Nebraska Lincoln Marital Status: Widowed, Remarried Children: 3 . . Net Worth: $39 B As of November 2011 Earnings: $524,946 As of November 2011 Buffett recently raised hackles when he penned an op-ed claiming that his secretary pays a higher tax rate than he does, suggesting that “it’s time for our government to get serious about shared sacrifice.” Obama then proposed a “Buffett tax” to ensure that no millionaire would pay less in taxes than a middle-class family. 2011 Highlight: In March Berkshire Hathaway spent nearly $10 billion to acquire specialty chemical maker Lubrizol, one of the company’s largest-ever transactions.
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