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Four Filters Invention
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O f W arren B u ffett & Charlie M unger
The Four Filters Invention
Warren Buffett and Charlie Munger
Two Friends Transformed Behavioral Finance
By Bud Labitan
Copyright © 2014
All fights reserved.
Printed in the United States of America.
N o part o f this hook may he used or reproduced
in any m anner without permission.
ISBN 9781-304-91197-1 ־
T he use o f the quotes in th is book has been granted by M r. W arren
B uffett, b u t th is d oes not im ply any endorsem ent o f th is book.
The Four Filters
( with 1 , 2 , 3 , 4 edited in )
״C harlie and I look for com panies that have (1) a business w e
(2 ) favorable long-term econom ics; (3 ) able and
trustw orthy m anagem ent; and (4 ) a sensible price tag.”*
“W hen buying com panies o r com m on stocks, w e look for
understandable first-class businesses( I ), with enduring com petitive
advantagcs(2), accom panied by first-class managements(.!), available at
a bargain prtce.(4)"“
W e believe that o u r fo rm u la - the purchase at sensible price$(4) o f
businesses that have good underlying econom ics( I& 2) and are run by
honest and able people(3) • is certain to produce reasonable success.
W e expect, therefore, to keep on doing well.
W arren Buffett
If we don't believe we have an advantage, we don't play.
“For some odd reason, I had an early and extreme multidisciplinary
cast o f mind. I couldn’t stand reaching for a small idea in my own
discipline when there was a big idea right over the fence in somebody
else’s discipline. So 1just grabbed in all directions for the big ideas that
would really work. Nobody taught me to do that; I was just bom with
"If you're going to be an investor, you're going to make some
investments where you don't have all the experience you need. But if
you keep trying to get a little better over time, you'll start to make
investments that are virtually certain to have a good outcome. The keys
are discipline, hard work and practice. It's like playing golf-- you have
to work on it."
TABLE OF CONTENTS
FRAM E OF REFERENCE
CHAPTER ONE OF FIVE: UNDERSTANDING
CHAPTER TWO OF FIVE: SUSTAINABLE COM PETITIVE
CHAPTER THREE OF FIVE: ABLE AND TRUSTW ORTHY
CHAPTER FOUR OF FIVE: BARGAIN PRICE IS A MARGIN
CHAPTER FIVE OF FIVE: SUMMARY