Hey Reader,
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Did you know that Buffett's initial American Express investment returned 124% in just 2.5 years - While the broader market (Dow Jones) declined by 6% during the same period, Buffett's contrarian bet paid off dramatically by 1967 when the stock more than doubled from his average purchase price of $41.22 to $92.50.

In today's issue:

• Brian Stoffel breaks down how to read the cash flow statement.
• Warren Buffett's thoughts on tariffs and trade from 2003.
• Pricing and peer groups from Aswath Damodaran
• Warren Buffett's "rules of thumb."
• Much more......

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💎NUGGETS

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My Favorite Finds

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🧵Brian Stoffel teaches us how to read the cash flow statement. Important always, but today, even more so.

📖 Andy Jassey's 2024 Shareholder Letter, good weekend read.

🎥 Pricing and Peer Group analysis class from Aswath Damodaran. Do I need to say anymore?

📖 Buffett's thoughts on tariffs and trade from 2003. Still relevant today.

🎥 Chris Mayer wrote the book on 100 Baggers​; here's a podcast defining his process.

📖 Michael Mauboussin discusses a company's lifecycle and how it moves through the stages.

🔍Question of the Week

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📖Knowledge Tidbits

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The Investing for Beginners Podcast @IFB_podcast Warren Buffett "Rules of Thumb": • Gross margin > 40% • SG&A margin < 30% • R&D margin < 30% • Interest margin < 15% • Net income margin > 20% • EPS = positive, growing 2:2 PM • Apr 9, 2025 93 Retweets 679 Likes Read 9 replies

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Thanks,
Dave Ahern
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​einvestingforbeginners.com​
​Investing for Beginners Podcast​

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