1 GEICO Berkshire Hathaway Berkshire 7 18 Hathaway
1. 併購宣告日當天， GEICO 與 Berkshire 與 Hathaway股價大漲，有甚麼特殊意義嗎? Berkshire市值大漲 7. 18億美元, 意味著投資人怎麼認定 市值 Hathaway的公平合理市值嗎 ? ( 請留意，併購宣告日以前， Berkshire 已經握有 3千3百多萬 股GEICO股票了) What is the possible meaning of the changes in stock price for GEICO and Berkshire Hathaway on the day of the acquisition announcement? Specifically, what does the $718 million gain in Berkshire’s market value of equity imply about the intrinsic value of GEICO? Note that Berkshire owned 33. 25 million shares before the acquisition was announced.
2. 【以Value Line 投資服務公司所作預測， - GEICO 企業價值之合理區間為何? - 有甚麼待釐清處呢? 】 Based on Value Line’s forecasted information, - what is the range of possible intrinsic values for GEICO? - What questions might you have about this estimated range?
![l 3. [整體而言，伯克夏績效如何? ] How well has Berkshire Hathaway performed? l How well has](http://slidetodoc.com/presentation_image/3f39dbd61fcca5a1d3f039420926671c/image-11.jpg "l 3. [整體而言，伯克夏績效如何? ] How well has Berkshire Hathaway performed? l How well has")
l 3. [整體而言，伯克夏績效如何? ] How well has Berkshire Hathaway performed? l How well has it performed in the aggregate?
請同學分別看以下三項投資績效吧! How well has Berkshire Hathaway performed (1) in its investment in Scott & Fetzer? (2) in its investments in earlier purchases of GEICO stock? (3) in its investments in convertible preferred securities 可轉換特別股?
4. 【第 5頁第 3項的巴菲特看法】What is “intrinsic value” from Warren Buffett’s perspective? Why is it accorded such importance? How is it estimated? 【如果不以intrinsic value作判斷，而是以諸 如會計盈餘等績效指標為之，何如? 】 What are the alternatives to intrinsic value, and why does Buffett reject them?
畢竟她不是聖經 l 5. 【巴菲特有諸項投資理念，其中 有那些是您所同意的？那些是您感覺 不太贊同的？ 】 Critically assess Buffett’s investment philosophy, and prepare to identify points where you agree and disagree with him.
- Slides: 31
