The Essays of Warren Buffett: Lessons for Corporate America Test | Mid-Book Test - Hard

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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Berkshire's long-term investment strategy to buy and to hold _______ for the long term was something that was comfortable to them.

2. Buffett and Munger do not check _________'s manic depressive daily price quotes to validate their investment.

3. The _______ doesn't feel poorer when the embezzler is getting richer.

4. Berkshire's board included a controlling ________, in which other board members could persuade others to make changes.

5. Keynes stated: "The right method of investment is to put fairly large sums of money into enterprises which one thinks one knows something about and in the ________ of which one thoroughly believes."

Short Essay Questions

1. What were some of the issues that could come up within an annual meeting, which made Buffet want to avoid these meetings?

2. What would business contraction cause, though Buffett says this was also an opportune time for investment?

3. How did Buffett and Munger buy public companies, according to the book's details?

4. What was the concept of fallen angels, according to Buffett's lessons about investing?

5. Where did Berkshire directors have most of their net worth invested, according to the book?

6. What was listed as the difference between a fallen angel and a junk bond?

7. How did Buffett's criteria for buying companies and maintaining holdings help to maximize net worth in the long run?

8. What were the five different categories from which Buffett can select his investments?

9. What were two of the benefits of zero-coupon bonds, as listed by Berkshire in their promotions?

10. What did Buffett decide to do in order to create a meeting in which business owners would be informed about the year's business growth and development?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Buffett and Munger wanted fair and accurate reporting from all of their company CEOs at all times.

Part 1: Do you think it's possible to have fair and accurate reporting at all times?

Part 2: Why do you think it's important for CEOs to be accurate in their reporting?

Part 3: How do you think Buffett and Munger handled those CEOs who were not able to report on their company's status?

Essay Topic 2

Fear and greed were described as being two super contagious diseases in the investment community.

Part 1: Why do you think there is a lot of fear in the investment community?

Part 2: How do you think greed and fear might impact the way a person invests?

Part 3: Do you think that you would be swayed more by fear or by greed when investing? Why?

Essay Topic 3

Buffett decided to buy a company when their stock market value was less than their intrinsic value.

Part 1: Do you think Buffett should pay the intrinsic value or the stock market value?

Part 2: Why do you think a company might be worth less in the market than they are intrinsically?

Part 3: How do you think Buffett might approach a conversation about buying a company that has a lower market value?

(see the answer keys)

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