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  <channel>
    <title>Bud Labitan's Comments</title>
    <description>Bud Labitan's Comments RSS Syndication from SeekingAlpha.com</description>
    <link>http://seekingalpha.com/user/90968/comments</link>
    <item>
      <title>Berkshire Hathaway Is A Sell</title>
      <link>http://seekingalpha.com/article/1242571/comments?source=feed#comment-15779941</link>
      <guid isPermaLink="false">15779941</guid>
      <content>
        <![CDATA[Time is the friend of the wonderful business and the enemy of the mediocre. Berkshire Hathaway is a collection of wonderful businesses with moats (brands, sustainable competitive advantage). <br/><br/>Furthermore, when the next wave of inflation arrives, only those with &quot;pricing power&quot; can keep up with inflation. See the 1981 shareholder letter.<br/><br/>I would love to work for any of Berkshire Hathaway's businesses, and to prove it, here is my cv:  <a rel='nofollow' target='_blank' href='http://bit.ly/VYfgwg'>http://bit.ly/VYfgwg</a>]]>
      </content>
      <pubDate>Sun, 03 Mar 2013 21:10:19 -0500</pubDate>
      <description>
        <![CDATA[Time is the friend of the wonderful business and the enemy of the mediocre. Berkshire Hathaway is a collection of wonderful businesses with moats (brands, sustainable competitive advantage). <br/><br/>Furthermore, when the next wave of inflation arrives, only those with &quot;pricing power&quot; can keep up with inflation. See the 1981 shareholder letter.<br/><br/>I would love to work for any of Berkshire Hathaway's businesses, and to prove it, here is my cv:  <a rel='nofollow' target='_blank' href='http://bit.ly/VYfgwg'>http://bit.ly/VYfgwg</a>]]>
      </description>
    </item>
    <item>
      <title>Moats : Competitive Advantages Of 70 Buffett &amp; Munger Businesses Is Now On Amazon.com</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/360991-moats-competitive-advantages-of-70-buffett-munger-businesses-is-now-on-amazon-com?source=feed#comment-3336241</link>
      <guid isPermaLink="false">3336241</guid>
      <content>
        <![CDATA[The 30 sec radio ad for MOATS is here: <a rel='nofollow' target='_blank' href='http://bit.ly/xOFB7z'>http://bit.ly/xOFB7z</a>]]>
      </content>
      <pubDate>Fri, 09 Mar 2012 13:44:37 -0500</pubDate>
      <description>
        <![CDATA[The 30 sec radio ad for MOATS is here: <a rel='nofollow' target='_blank' href='http://bit.ly/xOFB7z'>http://bit.ly/xOFB7z</a>]]>
      </description>
    </item>
    <item>
      <title>I Would Rather Own Berkshire Hathaway Than A Mutual Fund</title>
      <link>http://seekingalpha.com/article/357991/comments?source=feed#comment-3090141</link>
      <guid isPermaLink="false">3090141</guid>
      <content>
        <![CDATA[I agree. Also, note that the new MOATS book is finally on Amazon.com ! <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses   <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for investors, managers, students of business. Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. MOATS also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </content>
      <pubDate>Fri, 02 Mar 2012 02:19:26 -0500</pubDate>
      <description>
        <![CDATA[I agree. Also, note that the new MOATS book is finally on Amazon.com ! <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses   <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for investors, managers, students of business. Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. MOATS also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </description>
    </item>
    <item>
      <title>Berkshire Hathaway: Determining Intrinsic Value</title>
      <link>http://seekingalpha.com/article/405961/comments?source=feed#comment-3090101</link>
      <guid isPermaLink="false">3090101</guid>
      <content>
        <![CDATA[The new MOATS book is finally on Amazon.com !  Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses <br/><a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for investors, managers, students of business. Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. MOATS also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </content>
      <pubDate>Fri, 02 Mar 2012 02:17:24 -0500</pubDate>
      <description>
        <![CDATA[The new MOATS book is finally on Amazon.com !  Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses <br/><a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. MOATS is a very useful resource for investors, managers, students of business. Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. MOATS also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </description>
    </item>
    <item>
      <title>Procter &amp; Gamble: Wide Economic Moat, But Statistically Still A Little Pricey</title>
      <link>http://seekingalpha.com/article/330732/comments?source=feed#comment-3070931</link>
      <guid isPermaLink="false">3070931</guid>
      <content>
        <![CDATA[The MOATS book is finally on Amazon.com ! <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. It is a useful resource for investors, managers, students of business. <br/><br/>Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </content>
      <pubDate>Thu, 01 Mar 2012 14:06:45 -0500</pubDate>
      <description>
        <![CDATA[The MOATS book is finally on Amazon.com ! <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. It is a useful resource for investors, managers, students of business. <br/><br/>Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </description>
    </item>
    <item>
      <title>Insight Into A Buffett Moat</title>
      <link>http://seekingalpha.com/article/402101/comments?source=feed#comment-3070831</link>
      <guid isPermaLink="false">3070831</guid>
      <content>
        <![CDATA[Saj, The MOATS book is finally on Amazon.com !  <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses   <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. It is a useful resource for investors, managers, students of business. <br/><br/>Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </content>
      <pubDate>Thu, 01 Mar 2012 14:03:53 -0500</pubDate>
      <description>
        <![CDATA[Saj, The MOATS book is finally on Amazon.com !  <br/><br/>Moats : The Competitive Advantages Of 70 Buffett And Munger Businesses   <a rel='nofollow' target='_blank' href='http://amzn.to/yLQDI0'>http://amzn.to/yLQDI0</a><br/><br/>This may be the best business book that describes the competitive advantages of profitable businesses. MOATS describes the nature of 70 selected businesses purchased by Buffett and Munger for Berkshire Hathaway Inc. It is a useful resource for investors, managers, students of business. <br/><br/>Since its subject matter has proven success, MOATS may become a useful practical text in businesses schools around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </description>
    </item>
    <item>
      <title>A Value Guy looks at DIRECTV., DTV</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/67882-a-value-guy-looks-at-directv-dtv?source=feed#comment-2726501</link>
      <guid isPermaLink="false">2726501</guid>
      <content>
        <![CDATA[Let us do a rough estimated intrinsic value estimation on DIRECTV, a provider of digital television entertainment. <br/><br/>The Company operates two direct-to-home (<a href='http://seekingalpha.com/symbol/dth' title='WisdomTree DEFA  Equity Income ETF'>DTH</a>), operating segments: DIRECTV U.S. and DIRECTV Latin America (DTVLA), which are engaged in acquiring, promoting, selling and/or distributing digital entertainment programming primarily via satellite to residential and commercial subscribers. <br/><br/>It also operates three regional sports networks (RSNs) and owns a 65% interest in Game Show Network, LLC (GSN), a television network for game-related programming and Internet interactive game playing. DIRECTV Holdings LLC and its subsidiaries (referred to as DIRECTV U.S.) is a provider of DTH digital television services. <br/><br/>DTVLA is a provider of DTH digital television services throughout Latin America. DIRECTV Sports Networks LLC and its subsidiaries (DSN) consist of three RSNs based in Seattle, Washington, Denver, Colorado and Pittsburgh, Pennsylvania, FSN Northwest, FSN Rocky Mountain and FSN Pittsburgh. <br/><br/>STOCK ACTIVITY<br/>Last Price 44.66<br/><br/>Does DTV make for an intelligent investment or intelligent speculation today?<br/>Starting with a base estimate of annual Free Cash Flow at a value of approximately $2,500,000,000 and the number of shares outstanding at 705,600,000 shares; we used an assumed FCF annual growth of 9 percent for the first 10 years and assume zero growth from years 11 to 15.  Review the Free Cash Flow record here: <br/><br/><a rel='nofollow' target='_blank' href='http://bit.ly/Avwc8E'>http://bit.ly/Avwc8E</a><br/><br/>The resulting estimated intrinsic value per share (discounted back to the present) is approximately $60.03.<br/><br/>  Market Price = $44.66<br/>  Intrinsic Value = $60.03  (estimated)<br/>  Debt/Equity ratio =  0<br/>  Price To Value (P/V) ratio = .74  and the estimated bargain = 26. percent. <br/><br/>Before we make a purchase, we must decide ( filter #1 ) if DTV is a high quality business with good economics. Does DTV have ( filter #2 ) enduring competitive advantages, and does DTV have ( filter #3 ) honest and able management. <br/><br/>The current price/earnings ratio = 14.5 and It 's current return on capital = 12.<br/>Using a debt to equity ratio of  0, DTV shows a 5-year average return on equity = 30.8]]>
      </content>
      <pubDate>Fri, 17 Feb 2012 12:17:48 -0500</pubDate>
      <description>
        <![CDATA[Let us do a rough estimated intrinsic value estimation on DIRECTV, a provider of digital television entertainment. <br/><br/>The Company operates two direct-to-home (<a href='http://seekingalpha.com/symbol/dth' title='WisdomTree DEFA  Equity Income ETF'>DTH</a>), operating segments: DIRECTV U.S. and DIRECTV Latin America (DTVLA), which are engaged in acquiring, promoting, selling and/or distributing digital entertainment programming primarily via satellite to residential and commercial subscribers. <br/><br/>It also operates three regional sports networks (RSNs) and owns a 65% interest in Game Show Network, LLC (GSN), a television network for game-related programming and Internet interactive game playing. DIRECTV Holdings LLC and its subsidiaries (referred to as DIRECTV U.S.) is a provider of DTH digital television services. <br/><br/>DTVLA is a provider of DTH digital television services throughout Latin America. DIRECTV Sports Networks LLC and its subsidiaries (DSN) consist of three RSNs based in Seattle, Washington, Denver, Colorado and Pittsburgh, Pennsylvania, FSN Northwest, FSN Rocky Mountain and FSN Pittsburgh. <br/><br/>STOCK ACTIVITY<br/>Last Price 44.66<br/><br/>Does DTV make for an intelligent investment or intelligent speculation today?<br/>Starting with a base estimate of annual Free Cash Flow at a value of approximately $2,500,000,000 and the number of shares outstanding at 705,600,000 shares; we used an assumed FCF annual growth of 9 percent for the first 10 years and assume zero growth from years 11 to 15.  Review the Free Cash Flow record here: <br/><br/><a rel='nofollow' target='_blank' href='http://bit.ly/Avwc8E'>http://bit.ly/Avwc8E</a><br/><br/>The resulting estimated intrinsic value per share (discounted back to the present) is approximately $60.03.<br/><br/>  Market Price = $44.66<br/>  Intrinsic Value = $60.03  (estimated)<br/>  Debt/Equity ratio =  0<br/>  Price To Value (P/V) ratio = .74  and the estimated bargain = 26. percent. <br/><br/>Before we make a purchase, we must decide ( filter #1 ) if DTV is a high quality business with good economics. Does DTV have ( filter #2 ) enduring competitive advantages, and does DTV have ( filter #3 ) honest and able management. <br/><br/>The current price/earnings ratio = 14.5 and It 's current return on capital = 12.<br/>Using a debt to equity ratio of  0, DTV shows a 5-year average return on equity = 30.8]]>
      </description>
    </item>
    <item>
      <title>What Is A Moat?</title>
      <link>http://seekingalpha.com/article/331612/comments?source=feed#comment-2302602</link>
      <guid isPermaLink="false">2302602</guid>
      <content>
        <![CDATA[William, The Moats book about Buffett and Munger's businesses will be out on Amazon.com in mid to late February, 2012. It is currently available on Lulu.com here: <a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/>Here are the major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses. ]]>
      </content>
      <pubDate>Wed, 01 Feb 2012 13:11:43 -0500</pubDate>
      <description>
        <![CDATA[William, The Moats book about Buffett and Munger's businesses will be out on Amazon.com in mid to late February, 2012. It is currently available on Lulu.com here: <a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/>Here are the major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses. ]]>
      </description>
    </item>
    <item>
      <title>How To Find Stocks With Strong Moats</title>
      <link>http://seekingalpha.com/article/314837/comments?source=feed#comment-2291232</link>
      <guid isPermaLink="false">2291232</guid>
      <content>
        <![CDATA[The Moats book about Buffett and Munger's businesses will be out on Amazon.com in mid to late February, 2012. It is currently available on Lulu.com here: <a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/><br/>Here are the major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses.]]>
      </content>
      <pubDate>Wed, 01 Feb 2012 08:01:35 -0500</pubDate>
      <description>
        <![CDATA[The Moats book about Buffett and Munger's businesses will be out on Amazon.com in mid to late February, 2012. It is currently available on Lulu.com here: <a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/><br/>Here are the major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses.]]>
      </description>
    </item>
    <item>
      <title>Is Procter &amp; Gamble a Value Investment?</title>
      <link>http://seekingalpha.com/article/204121/comments?source=feed#comment-2290292</link>
      <guid isPermaLink="false">2290292</guid>
      <content>
        <![CDATA[The MOATS book (about the Competitive Advantages of 70 Buffett and Munger Businesses) will be on Amazon.com in mid to late February, 2012.  It is currently available on Lulu.com here: <br/><a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/><br/>Major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses.]]>
      </content>
      <pubDate>Wed, 01 Feb 2012 06:51:03 -0500</pubDate>
      <description>
        <![CDATA[The MOATS book (about the Competitive Advantages of 70 Buffett and Munger Businesses) will be on Amazon.com in mid to late February, 2012.  It is currently available on Lulu.com here: <br/><a rel='nofollow' target='_blank' href='http://bit.ly/AbFnMh'>http://bit.ly/AbFnMh</a> <br/><br/>Major points of interest:<br/><br/>1. MOATS discusses 70 historically profitable businesses worthy of study.<br/><br/>2. MOATS examines the competitive advantages and sustainability of each business.<br/><br/>3. Each MOATS chapter has both a Warren Buffett and a Charlie Munger quote or idea weaved into the discussion.<br/><br/>4. The MOATS chapter on Lubrizol includes an estimated valuation based on Free Cash Flows.<br/><br/>5. Each MOATS chapter was checked by two people.<br/><br/>6. Even if you buy the MOATS hardcover edition, 50/70 is $0.72 value per business or chapter.<br/><br/>7. If you liked &quot;Good To Great&quot; by Jim Collins, you will enjoy 70 GREAT Berkshire Hathaway Businesses.]]>
      </description>
    </item>
    <item>
      <title>Wells Fargo Reports Increased Income And The Potential For An Increased Dividend</title>
      <link>http://seekingalpha.com/article/320059/comments?source=feed#comment-2186267</link>
      <guid isPermaLink="false">2186267</guid>
      <content>
        <![CDATA[Here is an audio file of the WFC chapter from the MOATS book:<br/><a rel='nofollow' target='_blank' href='http://bit.ly/AvCKLr'>http://bit.ly/AvCKLr</a><br/><br/>MOATS : The Competitive Advantages of Buffett and Munger Businesses explains the competitive nature of 70 selected businesses purchased by Warren Buffett and Charlie Munger for Berkshire Hathaway Incorporated. This is a useful resource for investors, managers, students of business around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </content>
      <pubDate>Thu, 19 Jan 2012 10:58:31 -0500</pubDate>
      <description>
        <![CDATA[Here is an audio file of the WFC chapter from the MOATS book:<br/><a rel='nofollow' target='_blank' href='http://bit.ly/AvCKLr'>http://bit.ly/AvCKLr</a><br/><br/>MOATS : The Competitive Advantages of Buffett and Munger Businesses explains the competitive nature of 70 selected businesses purchased by Warren Buffett and Charlie Munger for Berkshire Hathaway Incorporated. This is a useful resource for investors, managers, students of business around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters. ]]>
      </description>
    </item>
    <item>
      <title>What We Can Learn From Buffett's IBM Position</title>
      <link>http://seekingalpha.com/article/318876/comments?source=feed#comment-2186253</link>
      <guid isPermaLink="false">2186253</guid>
      <content>
        <![CDATA[Here is an audio file of the IBM chapter from the MOATS book:<br/><a rel='nofollow' target='_blank' href='http://bit.ly/AEv6dw'>http://bit.ly/AEv6dw</a><br/><br/>MOATS : The Competitive Advantages of Buffett and Munger Businesses explains the competitive nature of 70 selected businesses purchased by Warren Buffett and Charlie Munger for Berkshire Hathaway Incorporated. This is a useful resource for investors, managers, students of business around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters.]]>
      </content>
      <pubDate>Thu, 19 Jan 2012 10:55:25 -0500</pubDate>
      <description>
        <![CDATA[Here is an audio file of the IBM chapter from the MOATS book:<br/><a rel='nofollow' target='_blank' href='http://bit.ly/AEv6dw'>http://bit.ly/AEv6dw</a><br/><br/>MOATS : The Competitive Advantages of Buffett and Munger Businesses explains the competitive nature of 70 selected businesses purchased by Warren Buffett and Charlie Munger for Berkshire Hathaway Incorporated. This is a useful resource for investors, managers, students of business around the world. It also looks at the sustainability of these competitive advantages in each of the 70 chapters.]]>
      </description>
    </item>
    <item>
      <title>Hewlett Packard May Be Value Bargain</title>
      <link>http://seekingalpha.com/article/270580/comments?source=feed#comment-1657139</link>
      <guid isPermaLink="false">1657139</guid>
      <content>
        <![CDATA[Thanks. I agree... The HPQ BOD and the past CEO seem to have hurt the company in the last few years. HPQ slashed its R&amp;D to take EPS up and also bought stock back .]]>
      </content>
      <pubDate>Wed, 18 May 2011 11:08:14 -0400</pubDate>
      <description>
        <![CDATA[Thanks. I agree... The HPQ BOD and the past CEO seem to have hurt the company in the last few years. HPQ slashed its R&amp;D to take EPS up and also bought stock back .]]>
      </description>
    </item>
    <item>
      <title>Why did Berkshire Hathaway buy Lubrizol Corp (LZ)?</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/148085-why-did-berkshire-hathaway-buy-lubrizol-corp-lz?source=feed#comment-1655991</link>
      <guid isPermaLink="false">1655991</guid>
      <content>
        <![CDATA[0.0625]]>
      </content>
      <pubDate>Tue, 17 May 2011 19:29:48 -0400</pubDate>
      <description>
        <![CDATA[0.0625]]>
      </description>
    </item>
    <item>
      <title>Valuations, the new book with 30 case samples</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/72556-valuations-the-new-book-with-30-case-samples?source=feed#comment-1214634</link>
      <guid isPermaLink="false">1214634</guid>
      <content>
        <![CDATA[<br/>6 minute summary on YouTube.<br/><a rel='nofollow' target='_blank' href='http://www.youtube.com/watch?v=IWRobbuy-Pg'>www.youtube.com/watch?...</a>]]>
      </content>
      <pubDate>Fri, 17 Sep 2010 07:22:01 -0400</pubDate>
      <description>
        <![CDATA[<br/>6 minute summary on YouTube.<br/><a rel='nofollow' target='_blank' href='http://www.youtube.com/watch?v=IWRobbuy-Pg'>www.youtube.com/watch?...</a>]]>
      </description>
    </item>
    <item>
      <title>Berkshire Hathaway Will Not Increase Wesco Bid</title>
      <link>http://seekingalpha.com/article/223496/comments?source=feed#comment-1197179</link>
      <guid isPermaLink="false">1197179</guid>
      <content>
        <![CDATA[<br/>I read that Berkshire would use its Class B stock to pay Wesco shareholders who elect to take Berkshire stock. In my view, since Berkshire is offering &quot;undervalued&quot; BRK-B shares to pay for Wesco's stock at &quot;a price around book value per share&quot; this might be a more valuable deal than it looks on the surface.<br/><br/>Yes, &quot;a deal more valuable than it first appears.&quot;<br/><br/>Thinking of &quot;intrinsic value,&quot; It is my opinion that BRK shares ( my estimate of Intrinsic value for A shares is around 180K/brk-a ) are more undervalued than WSC shares; therefore, in reality WSC shareholders would be receiving around $353 + $116 in value ( think 33% discount or premium ) for a total of around $468 in value per share. In my view, those who take the deal will be rewarded and those who cash out will receive book value.<br/><br/>I do not know if you guys have seen my books. My newest one, &quot;Valuations&quot; offers 30 sample &quot;intrinsic value per share&quot; business valuations in the style that Warren Buffett and Charlie Munger may use. In each case I tried to simulate an approach that they would take to valuing a business. My books are posted on amazon.com and at the self-publishing service Lulu here: <br/><a rel='nofollow' target='_blank' href='http://stores.lulu.com/4filters'>stores.lulu.com/4filters</a><br/><br/><br/>.]]>
      </content>
      <pubDate>Mon, 06 Sep 2010 10:58:53 -0400</pubDate>
      <description>
        <![CDATA[<br/>I read that Berkshire would use its Class B stock to pay Wesco shareholders who elect to take Berkshire stock. In my view, since Berkshire is offering &quot;undervalued&quot; BRK-B shares to pay for Wesco's stock at &quot;a price around book value per share&quot; this might be a more valuable deal than it looks on the surface.<br/><br/>Yes, &quot;a deal more valuable than it first appears.&quot;<br/><br/>Thinking of &quot;intrinsic value,&quot; It is my opinion that BRK shares ( my estimate of Intrinsic value for A shares is around 180K/brk-a ) are more undervalued than WSC shares; therefore, in reality WSC shareholders would be receiving around $353 + $116 in value ( think 33% discount or premium ) for a total of around $468 in value per share. In my view, those who take the deal will be rewarded and those who cash out will receive book value.<br/><br/>I do not know if you guys have seen my books. My newest one, &quot;Valuations&quot; offers 30 sample &quot;intrinsic value per share&quot; business valuations in the style that Warren Buffett and Charlie Munger may use. In each case I tried to simulate an approach that they would take to valuing a business. My books are posted on amazon.com and at the self-publishing service Lulu here: <br/><a rel='nofollow' target='_blank' href='http://stores.lulu.com/4filters'>stores.lulu.com/4filters</a><br/><br/><br/>.]]>
      </description>
    </item>
    <item>
      <title>Valuations, the new book with 30 case samples</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/72556-valuations-the-new-book-with-30-case-samples?source=feed#comment-1121290</link>
      <guid isPermaLink="false">1121290</guid>
      <content>
        <![CDATA[See the book review by Bert Murillo <br/><br/>This review is from: Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger (Paperback) <br/><br/>&quot;Valuations&quot; by Bud Labitan is a concise, direct approach to determine whether a certain company's stock price would be considered a bargain at its current market price. The case studies in this book examine the intrinsic values per share of the most important businesses that govern our economic lives today. These companies are all commonly known by the average investor. It is intriguing to decide if a specific company for which the investor consumes their products and services are worth your investment dollars. The author emphasizes Free Cash Flow in his estimates to calculate &quot;intrinsic value&quot;. By using the examples and formula the author provides, the reader can easily calculate &quot;intrinsic&quot; value for any other company he or she chooses to research and then determine if that company's stock is a bargain or not. Overall I would consider &quot;Valuations&quot; a must read for all students studying behavorial finance simply for its case studies alone. For the average investor, this book can help you justify your purchase for a certain stock.  I learned a lot from this book! ]]>
      </content>
      <pubDate>Mon, 19 Jul 2010 09:31:21 -0400</pubDate>
      <description>
        <![CDATA[See the book review by Bert Murillo <br/><br/>This review is from: Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger (Paperback) <br/><br/>&quot;Valuations&quot; by Bud Labitan is a concise, direct approach to determine whether a certain company's stock price would be considered a bargain at its current market price. The case studies in this book examine the intrinsic values per share of the most important businesses that govern our economic lives today. These companies are all commonly known by the average investor. It is intriguing to decide if a specific company for which the investor consumes their products and services are worth your investment dollars. The author emphasizes Free Cash Flow in his estimates to calculate &quot;intrinsic value&quot;. By using the examples and formula the author provides, the reader can easily calculate &quot;intrinsic&quot; value for any other company he or she chooses to research and then determine if that company's stock is a bargain or not. Overall I would consider &quot;Valuations&quot; a must read for all students studying behavorial finance simply for its case studies alone. For the average investor, this book can help you justify your purchase for a certain stock.  I learned a lot from this book! ]]>
      </description>
    </item>
    <item>
      <title>Valuations, the new book with 30 case samples</title>
      <link>http://seekingalpha.com/instablog/90968-bud-labitan/72556-valuations-the-new-book-with-30-case-samples?source=feed#comment-1082244</link>
      <guid isPermaLink="false">1082244</guid>
      <content>
        <![CDATA[<br/>Valuations is now on amazon.com !   <br/>Feel free to share this with your associates.<br/><br/><a rel='nofollow' target='_blank' href='http://www.amazon.com/Valuations-Intrinsic-Estimations-Buffett-Charlie/dp/0557483336'>www.amazon.com/Valuati...</a><br/><br/><br/>.<br/> ]]>
      </content>
      <pubDate>Fri, 25 Jun 2010 10:15:37 -0400</pubDate>
      <description>
        <![CDATA[<br/>Valuations is now on amazon.com !   <br/>Feel free to share this with your associates.<br/><br/><a rel='nofollow' target='_blank' href='http://www.amazon.com/Valuations-Intrinsic-Estimations-Buffett-Charlie/dp/0557483336'>www.amazon.com/Valuati...</a><br/><br/><br/>.<br/> ]]>
      </description>
    </item>
    <item>
      <title>Is Nokia a Buy?</title>
      <link>http://seekingalpha.com/article/211433/comments?source=feed#comment-1080660</link>
      <guid isPermaLink="false">1080660</guid>
      <content>
        <![CDATA[NOK has some good qualities as many of you have stated. I am still waiting to learn more about its competitive advantages and its management.<br/><br/>My new book Valuations is now on amazon.com !<br/>It explores 30 companies in a bit more detail. So, feel free to share this information with your friends and associates.<br/><br/><a rel='nofollow' target='_blank' href='http://www.amazon.com/Valuations-Intrinsic-Estimations-Buffett-Charlie/dp/0557483336'>www.amazon.com/Valuati...</a>]]>
      </content>
      <pubDate>Thu, 24 Jun 2010 12:23:11 -0400</pubDate>
      <description>
        <![CDATA[NOK has some good qualities as many of you have stated. I am still waiting to learn more about its competitive advantages and its management.<br/><br/>My new book Valuations is now on amazon.com !<br/>It explores 30 companies in a bit more detail. So, feel free to share this information with your friends and associates.<br/><br/><a rel='nofollow' target='_blank' href='http://www.amazon.com/Valuations-Intrinsic-Estimations-Buffett-Charlie/dp/0557483336'>www.amazon.com/Valuati...</a>]]>
      </description>
    </item>
    <item>
      <title>Interview: Bud Labitan, Author of 'Price to Value', Distinguishes Between Kinds of Speculation</title>
      <link>http://seekingalpha.com/article/194692/comments?source=feed#comment-1074392</link>
      <guid isPermaLink="false">1074392</guid>
      <content>
        <![CDATA[Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger<br/> <br/>By Bud Labitan <br/><br/>This book offers 30 sample “intrinsic value per share” business valuations in the style that Warren Buffett and Charlie Munger may use. In each case the author tried to simulate an approach that they would take to valuing a business, based on what they have written and talked about. However, all of the growth assumptions used are the author's own. No consultation nor endorsement was sought with Mr. Buffett or his business partner Mr. Munger. The examples given are chosen for educational and illustrative purposes only. The valuation cases are estimations written in a style that emphasizes a focus on free cash flow and the number of shares outstanding. Readers are also repeatedly encouraged to think about the business’ competitive position. In reality, these businesses may outperform or they may underperform any of the author's projections.<br/><br/><a rel='nofollow' target='_blank' href='http://www.lulu.com/product/paperback/valuations---30-intrinsic-value-estimations-in-the-style-of-warren-buffett-and-charlie-munger/11036588'>www.lulu.com/product/p...</a><br/><br/><br/> ]]>
      </content>
      <pubDate>Sun, 20 Jun 2010 00:34:00 -0400</pubDate>
      <description>
        <![CDATA[Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger<br/> <br/>By Bud Labitan <br/><br/>This book offers 30 sample “intrinsic value per share” business valuations in the style that Warren Buffett and Charlie Munger may use. In each case the author tried to simulate an approach that they would take to valuing a business, based on what they have written and talked about. However, all of the growth assumptions used are the author's own. No consultation nor endorsement was sought with Mr. Buffett or his business partner Mr. Munger. The examples given are chosen for educational and illustrative purposes only. The valuation cases are estimations written in a style that emphasizes a focus on free cash flow and the number of shares outstanding. Readers are also repeatedly encouraged to think about the business’ competitive position. In reality, these businesses may outperform or they may underperform any of the author's projections.<br/><br/><a rel='nofollow' target='_blank' href='http://www.lulu.com/product/paperback/valuations---30-intrinsic-value-estimations-in-the-style-of-warren-buffett-and-charlie-munger/11036588'>www.lulu.com/product/p...</a><br/><br/><br/> ]]>
      </description>
    </item>
    <item>
      <title>Defending General Dynamics Corp as a Value Investment</title>
      <link>http://seekingalpha.com/article/204721/comments?source=feed#comment-1066809</link>
      <guid isPermaLink="false">1066809</guid>
      <content>
        <![CDATA[Starting with a base estimate of annual Free Cash Flow at a value of approximately $2,500,000,000 and the number of shares outstanding at 385,730,000 shares; we used an assumed FCF annual growth of 6% for the first 10 years and assume zero growth from years 11 to 15.  The resulting estimated intrinsic value per share (discounted back to the present) is approximately $94.86.<br/><br/>GD's competitive standing? Most of the sales are from the US govt. ]]>
      </content>
      <pubDate>Mon, 14 Jun 2010 16:36:11 -0400</pubDate>
      <description>
        <![CDATA[Starting with a base estimate of annual Free Cash Flow at a value of approximately $2,500,000,000 and the number of shares outstanding at 385,730,000 shares; we used an assumed FCF annual growth of 6% for the first 10 years and assume zero growth from years 11 to 15.  The resulting estimated intrinsic value per share (discounted back to the present) is approximately $94.86.<br/><br/>GD's competitive standing? Most of the sales are from the US govt. ]]>
      </description>
    </item>
    <item>
      <title>Is BP an Investment or Speculation?</title>
      <link>http://seekingalpha.com/article/207643/comments?source=feed#comment-1050435</link>
      <guid isPermaLink="false">1050435</guid>
      <content>
        <![CDATA[Thanks for all the comments and perspectives. This event has certainly been an education for us all.]]>
      </content>
      <pubDate>Thu, 03 Jun 2010 13:33:57 -0400</pubDate>
      <description>
        <![CDATA[Thanks for all the comments and perspectives. This event has certainly been an education for us all.]]>
      </description>
    </item>
    <item>
      <title>Is Caterpillar a Bargain?</title>
      <link>http://seekingalpha.com/article/207642/comments?source=feed#comment-1047232</link>
      <guid isPermaLink="false">1047232</guid>
      <content>
        <![CDATA[Caterpillar will purchase EMD from Berkshire Partners, a Boston-based firm unrelated to Buffett’s Berkshire Hathaway. Berkshire Partners and Greenbriar Capital, purchased EMD in 2005 when its long-time owner General Motors put the company up for sale. The firm had sales of $1.8 billion last year and has an installed base of 33,000 diesel-electric locomotives in the U.S. Go US Rail !]]>
      </content>
      <pubDate>Tue, 01 Jun 2010 13:15:48 -0400</pubDate>
      <description>
        <![CDATA[Caterpillar will purchase EMD from Berkshire Partners, a Boston-based firm unrelated to Buffett’s Berkshire Hathaway. Berkshire Partners and Greenbriar Capital, purchased EMD in 2005 when its long-time owner General Motors put the company up for sale. The firm had sales of $1.8 billion last year and has an installed base of 33,000 diesel-electric locomotives in the U.S. Go US Rail !]]>
      </description>
    </item>
    <item>
      <title>Is Caterpillar a Bargain?</title>
      <link>http://seekingalpha.com/article/207642/comments?source=feed#comment-1045737</link>
      <guid isPermaLink="false">1045737</guid>
      <content>
        <![CDATA[read a bit closer<br/><br/>Market Price = $60.76 while the <br/>Intrinsic Value = $81.85 (estimated)<br/><br/>yes, parts of the articles are generated by software...<br/>however, they are designed to make us think and dig deeper...<br/>sort of like the way Buffett answers/asks questions.]]>
      </content>
      <pubDate>Mon, 31 May 2010 11:04:08 -0400</pubDate>
      <description>
        <![CDATA[read a bit closer<br/><br/>Market Price = $60.76 while the <br/>Intrinsic Value = $81.85 (estimated)<br/><br/>yes, parts of the articles are generated by software...<br/>however, they are designed to make us think and dig deeper...<br/>sort of like the way Buffett answers/asks questions.]]>
      </description>
    </item>
    <item>
      <title>Is Forestar Group an Investment or Speculation?</title>
      <link>http://seekingalpha.com/article/207640/comments?source=feed#comment-1045222</link>
      <guid isPermaLink="false">1045222</guid>
      <content>
        <![CDATA[You are partially correct. However, there are useful estimations and admonitions in each article. They make the reader think about what they are about to buy or sell.]]>
      </content>
      <pubDate>Sun, 30 May 2010 22:13:34 -0400</pubDate>
      <description>
        <![CDATA[You are partially correct. However, there are useful estimations and admonitions in each article. They make the reader think about what they are about to buy or sell.]]>
      </description>
    </item>
    <item>
      <title>Does Kraft Foods Make for an Intelligent Investment?</title>
      <link>http://seekingalpha.com/article/207626/comments?source=feed#comment-1045113</link>
      <guid isPermaLink="false">1045113</guid>
      <content>
        <![CDATA[Buffett sold 23% of his shares, but continues to hold 77% of his previous holdings in Kraft. <br/><br/>Berkshire owned 106.73 million Kraft shares worth $3.23 billion as of March 31, down 31.54 million shares from 138.27 million three months earlier.]]>
      </content>
      <pubDate>Sun, 30 May 2010 20:01:10 -0400</pubDate>
      <description>
        <![CDATA[Buffett sold 23% of his shares, but continues to hold 77% of his previous holdings in Kraft. <br/><br/>Berkshire owned 106.73 million Kraft shares worth $3.23 billion as of March 31, down 31.54 million shares from 138.27 million three months earlier.]]>
      </description>
    </item>
    <item>
      <title>Valuing Wells Fargo: Not a Bargain</title>
      <link>http://seekingalpha.com/article/205960/comments?source=feed#comment-1033933</link>
      <guid isPermaLink="false">1033933</guid>
      <content>
        <![CDATA[The intrinsic value estimations are based on specific FCF numbers for each company. The growth assumptions are my own; and, I try to keep them a bit on the conservative side. Readers are also repeatedly encouraged to think about the business’ competitive position. In reality, these businesses may outperform or they may underperform any of the author's projections. ]]>
      </content>
      <pubDate>Sat, 22 May 2010 09:49:24 -0400</pubDate>
      <description>
        <![CDATA[The intrinsic value estimations are based on specific FCF numbers for each company. The growth assumptions are my own; and, I try to keep them a bit on the conservative side. Readers are also repeatedly encouraged to think about the business’ competitive position. In reality, these businesses may outperform or they may underperform any of the author's projections. ]]>
      </description>
    </item>
    <item>
      <title>Valuing Wells Fargo: Not a Bargain</title>
      <link>http://seekingalpha.com/article/205960/comments?source=feed#comment-1033076</link>
      <guid isPermaLink="false">1033076</guid>
      <content>
        <![CDATA[Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger <br/><br/><a rel='nofollow' target='_blank' href='http://www.lulu.com/product/paperback/valuations---30-intrinsic-value-estimations-in-the-style-of-warren-buffett-and-charlie-munger/11036588'>www.lulu.com/product/p...</a>]]>
      </content>
      <pubDate>Fri, 21 May 2010 13:59:31 -0400</pubDate>
      <description>
        <![CDATA[Valuations - 30 Intrinsic Value Estimations in the style of Warren Buffett and Charlie Munger <br/><br/><a rel='nofollow' target='_blank' href='http://www.lulu.com/product/paperback/valuations---30-intrinsic-value-estimations-in-the-style-of-warren-buffett-and-charlie-munger/11036588'>www.lulu.com/product/p...</a>]]>
      </description>
    </item>
    <item>
      <title>Can Bristol-Myers Squibb Heal Your Portfolio?</title>
      <link>http://seekingalpha.com/article/205923/comments?source=feed#comment-1031191</link>
      <guid isPermaLink="false">1031191</guid>
      <content>
        <![CDATA[Intrinsic Value = $29.99 (estimated) <br/>Debt/Equity Ratio = 0.41 <br/>Price/Value (P/V) Ratio = 0.79 and the estimated bargain = 21% ]]>
      </content>
      <pubDate>Thu, 20 May 2010 12:21:13 -0400</pubDate>
      <description>
        <![CDATA[Intrinsic Value = $29.99 (estimated) <br/>Debt/Equity Ratio = 0.41 <br/>Price/Value (P/V) Ratio = 0.79 and the estimated bargain = 21% ]]>
      </description>
    </item>
    <item>
      <title>Is Alcoa a Value Investment?</title>
      <link>http://seekingalpha.com/article/205651/comments?source=feed#comment-1029220</link>
      <guid isPermaLink="false">1029220</guid>
      <content>
        <![CDATA[... used an assumed FCF annual growth of 7 percent for the first 10 years and assume zero growth from years 11 to 15. <br/><br/>All is not lost... the world economy could expand at a rate greater than 7% if notions get their debts to more reasonable levels.]]>
      </content>
      <pubDate>Tue, 18 May 2010 22:16:02 -0400</pubDate>
      <description>
        <![CDATA[... used an assumed FCF annual growth of 7 percent for the first 10 years and assume zero growth from years 11 to 15. <br/><br/>All is not lost... the world economy could expand at a rate greater than 7% if notions get their debts to more reasonable levels.]]>
      </description>
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