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An Excursion Through Financial Theory and Corporate Finance with Warren Buffett

Berkshire Hathaway is a didactic enterprise teaching the right systems of thought.

—CHARLIE MUNGER [CITED IN LOWE, 2000, P. 175]

Investment Theory (Efficiency and Rationality of Financial Markets, Risk, Uncertainty, and Portfolio Diversification)

The market is there only as a reference point to see if anybody is offering to do anything foolish.

—WARREN BUFFETT [CITED IN LOWE, 2007, P. 129]

“My friend Warren Buffett and I”—Charlie Munger says—“entered the business world to find huge, predictable patterns of irrationality. These irrationalities were obviously important ...

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