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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. Who handled Berkshire's investments:

2. Who does Buffett select to run Salomon?

3. What does Buffett say about the hostile takeover of Time?

4. The Efficient Market Theory was popular because it:

5. Buffett's theory of trading is based on:

Short Essay Questions

1. What was one of the first things Buffett did at Salomon?

2. What did Buffett do with his textile mills?

3. Salomon became the object of an SEC and Justice Department investigation because of their bond trading. What did they do?

4. What stock did Buffett begin purchasing in 1988?

5. What was the newer Efficient Market Theory?

6. How did Buffett learn about the Nebraska Furniture Mart?

7. How does Buffett describe the difference between his public and private lives?

8. What was the outcome of the government case against Salomon?

9. What was the effect of irregularities in the bond trading by Salomon on traders?

10. Why did Buiffett invest in Salomon?

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

Buffett's views and practices rarely coincided with the practices and views on Wall Street. In what areas did they differ and why? Give examples in your answer, and have make sure you mention three separate areas.

Essay Topic 3

The market of the mid 1960s proved very difficult for Buffett. Why did he have problems? Why did he close the partnership to new members in 1966? Why did he decide to liquidate Buffett Partnership in early 1969?

(see the answer keys)

This section contains 650 words (approx. 3 pages at 300 words per page) View a FREE sample