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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. Why did Warren complete a Dale Carnegie course after completing business school?

2. Warren worked on all of the following during this period:

3. What is the value of diversification?

4. The injunction which the lower court issued was:

5. What was not a characteristic of a performance fund?

Short Essay Questions

1. What was Buffett's advice to Katherine Graham and the Washington Post?

2. What did Buffett conclude about American Express

3. How did Buffett's partnership differ from other mutual funds?

4. What does Buffett worry about at the age of twenty six?

5. What were Warren's views about attending college?

6. In evaluating companies, Buffett looked at whether they were cash consuming or cash generating. What is the difference?

7. How did Buffett know of Ben Graham at Columbia?

8. What was happening with other mutual funds by early 1967?

9. When Buffett was interested in a company, he studied the financial data. For companies like Berkshire and American Express, what else did he do?

10. Munger and Buffett purchased the Buffalo Evening Press and became involved in an anti-trust suit. What brought on the anti-trust suit by the rival Courier-News?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

How did Buffett prosper during the insurance market problems in the 1990s? What did he do that others didn't? Explain the concept of float and how it applied to insurance companies in your answer.

Essay Topic 2

What is an investment partnership? What were the terms of Buffett's partnership? What was his strong point in his sales pitches? Would you have felt comfortable with the terms?

Essay Topic 3

What was Buffett's strategy for buying companies? How did he finance them? Did he take an active role in their management or did he sit in the background?

(see the answer keys)

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