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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. What was the one thing that Munger and Buffett would not address in their question sessions?

2. Buffett believed that many annual ________ were a waste of time for the shareholders and the management.

3. What was the title of Buffett's partner in the company they shared?

4. The content of the book was often used as a standard text at the Cardozo School of __________.

5. When did Berkshire Hathaway begin as a textile company?

Short Essay Questions

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

2. What did Buffett fear about investing in companies that were located in California?

3. Whose investing principles guided the Buffett purchase of Washington Post Company?

4. What was the purpose of the fourteen owner-related business principles that Buffett lists in the book?

5. What did Buffett and Munger invest based upon, instead of price quotes?

6. Who did Buffett consider to be partners with him in his business, according to the book?

7. What did Buffett and Charlie Munger do together, which led to the creation of this book?

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

9. What did Berkshire Hathaway become in the 1990s after its humble beginnings in the years before?

10. What was the long-term economic goal of the directors investing in the Berkshire company?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Buffett and Munger thought it was better to monitor management as an investment strategy.

Part 1: How does management impact the way that a company works?

Part 2: Do you think management can be something that predicts financial stability?

Part 3: Why do you think Munger and Buffett looked at management to determine their investments?

Essay Topic 2

The textile company grew from a simple company to one that was a multi-million dollar corporation over time.

Part 1: Do you think it's the dream of all companies to become multi-million dollar companies?

Part 2: Why do you think Buffett and Munger aspired to do more with the company they had?

Part 3: Would you rather stay as one company or try to grow bigger over time?

Essay Topic 3

Buffett and Munger didn't like to split their stock, even though they were asked to do so many times.

Part 1: Why do Buffett and Munger decide not to split their stock?

Part 2: Do you think Buffett and Munger made the right decision to keep their stock?

Part 3: Do you think Munger and Buffett are fair to their shareholders?

(see the answer keys)

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