ΑΞΙΟΛΟΓΗΣΗ ΚΑΙ ΕΠΙΛΟΓΗ ΜΕΤΟΧΩΝ ΣΥΜΦΩΝΑ ΜΕ ΤΑ ΚΡΙΤΗΡΙΑ ΤΟΥ WARREN BUFFETT

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WARREN BUFFETT

: : .. 03/08

- 2009 -

WARREN BUFFETT

...........................................................................................4 ............................................................................................................7 ..................................................................................................................8 1. .....................................................................................10 1.1 .................................................................................10 1.2 .........................................................................................11 2. .........................................................12 2.1 .........................................12 2.2 ..............................................................12 2.3 ...................................................................................13 2.4 .........................................................................................14 2.5 ........................................................................................14 2.6 .............................................................15 2.7 H ..................................................17 2.8 ....................................................................................................18 2.8.1 .......................................................................18 2.8.2 ................................................19 2.8.3 .....................................................20 2.8.4 .................................................................21 2.9 .................................................................................23 2.9.1 (Price Earnings Ratio P/E) ...............................................................................................................23 2.9.1.1 .......................................24 2.9.1.2 / .........26 2.9.1.3 / ........................................................27 2.9.2 ................................................................................28 2.9.3 .....................................................29 2.9.4 "Price Earnings Growth" ("P.E.G.") ..........................................30 2.9.5 ...............................................32 2.9.6 ................................................................32 2.9.7 .............................................................................................32 2.9.7.1 .........................................34 2.9.7.2 .................................35 2.9.8 (c/s) ............................36 2.9.8.1 (c/s) ...............................................................................................................36 2.9.8.2 (c/s) ..............................................................................................38 2.9.8.3 (c/s) ..............................................................................................40 2.10 ..40 2.11 .......................................41 2.12 ...............42 2.13 ................................44 2.13.1 ...47 2

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3. WARREN BUFFETT ....................................................................50 3.1 Warren Buffett .......................................................................50 3.2 ...........................................................................................53 3.2.1 ...........................................................................54 3.2.2 (Margin of Safety) .................................................57 3.2.3 Warren Buffet ........58 4. Warren Buffett .......................................................................61 4.1 H ...................................................................................................61 4.2 .................................................................62 4.3 ...........................................64 4.4 ........................................................................................................70 4.4.1 ..............................................70 4.4.1.1 ..............................79 4.4.2 ............................................83 4.4.2.1 ...........................87 4.4.3 ................................................89 4.4.3.1 ................................93 4.4.4 ...........................................95 4.4.4.1 ...........................99 4.4.5 ...........................................100 4.4.5.1 ..........................103 4.4.6 ...............................................104 4.4.6.1 ...............................106 5. Warren Buffett ...............................................................................................................108 5.1 ..............108 5.2 ....................................................................................115 6. . ..............117 .....................................................................................................120 ......................................................................................................121 ....................................................................................120

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1 - ....... 64 2 - ...................................................................................... 70 3 ............................................................................................. 73 4 ............................................................................. 79 5 ........ 80 6 . .......................................................................................................... 82 7 ............................................................................................. 84 8 ............................................................................ 87 9 . .... 88 10 . .......................................................................................................... 89 11 ............................................................................................. 90 12 ............................................................................. 92 13 ........ 93 14 . .......................................................................................................... 94 15 2004 2008 ............................................................................................. 95 16 2004 2008 ............................................................................................. 97 17 ............................................................................................. 97 18 ............................................................................. 98 19 . .. 99 20 . ........................................................................................................ 100 21

........................................................................................... 101 22 ........................................................................... 102

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23 . . 103 24 . ........................................................................................................ 104 25 ........................................................................................... 105 26 ........................................................................... 105 27 . ..... 106 28 . ........................................................................................................ 107 29 2/1/2009. ..................................................... 109 30 2/1/2009.......................................................................................................... 109 31 .S. E-. / & .. 2/1/2009. .............................................................................. 110 32 CENTRIC .. 2/1/2009. ............................... 110 33 F.G EUROPE .. 2/1/2009. ............................................... 111 34 RAINBOW .. 2/1/2009. ..................................................... 111 35 .. 2/1/2009. ............................... 112

36 2/1/2009. ....... 112 37 ... 2/1/2009............... 113 38 . - . .. 2/1/2009. .............................................................................. 113 39 . MODA BAGNO .. 2/1/2009............... 114 40 .. 2/1/2009. ............................................... 114

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I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable. Warren Buffett

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, . , , , , . . , , . . , , .

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WARREN BUFFETT

. . , , , () . . , Warren Buffett, . , 1956, .. , , Warren Buffett , Berkshire Hathaway, . . Warren Buffett Berkshire Hathaway, . Warren uffett . 6 . 8

WARREN BUFFETT

. . , . , . , . Warren Buffett . Warren Buffett . Warren Buffett , . - . , 2009, . .

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WARREN BUFFETT

1. 1.1 ( , , .) . , . , . , , , . , : , , , , . , , . , , . , , . . , . , , ' . .

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. . . . , : , . , Warren Buffett.

1.2 Warren Buffett , Buffett , . , . , , Buffett .

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2. 2.1 , , () . . , .

2.2 . . , . , , , . . , ,

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. , , - - . , (top-down approach), () , () () ( ) ( ) . , , . , , . , , . , . , , , .

2.3 , , , . , , , , . , : 13

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.

. . , , .

2.4 , . E , , . , , .

2.5 , , . 14

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. . , . : ( , , ) ,

( ) (p/e) .

2.6 O . , 15

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, , . . , , ,

. , . , . , . . . , . . , . . . , . . , , . . .

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2.7 H , , , , , . 19 , , . , . . , . , . . , , "" . , , .

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( , , ), ( ) .

2.8 . . , , : 1. (liquidity ratios) 2. (activity or turnover ratios) 3. (leverage ratios) 4. (profitability ratios) , , .. .

2.8.1 . :

(current ratio), :

= ( ) / ( )

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.. ( 2 ). . (quick ratio), :

= ( - ) / ( ) .

2.8.2

. :

(inventory turn - over ratio), :

= ( ) / ( ) 365 ( ) , , : = 365 / ( ) .

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(accounts receivable turnover ratio), :

= ( ) / ( ) 365 , , : = 365 / , . . . (total asset turn - over ratio), : = ( ) / ( ) , .

2.8.3 . : (total liabilities to total assets ratio), :

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WARREN BUFFETT

= ( + ) / )

(

. (times interest earned ratio), : = ( + ) / ( ) , .

2.8.4 ....