YouSaid · the spoken record

David Kass

lines on the record: 37
first: 2022-04-29
most recent: 2022-04-29
sittings or episodes: 1
sources: podcast

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“Sure. No, I recommend just going to dridass.com. We'll get you to my webpage at the University of Maryland. From there, there'll be a link to my blog. And please follow me on Twitter at dradavid cass. So I certainly tweet a lot about Warren Buffett and Berkeley as well as other issues of similar interest to me. And on my webpage, you could see various articles that I've written or where I've been quoted.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“And of course, here there's been some criticism of Charlie for investing in Alibaba, the Sock Sank, List of issues. Will Alibaba be delisted? There are ADRs of the shares that are traded in this country because the U.S. regulators connecting access to the financial statements. So the latest reports coming out as recently as yesterday that there may be plenty of room for compromise that access to these reports may be permitted.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Part of Okay, well, Charlie at the Daily Journal, they have two main businesses, and I guess they're primarily known for legal publication. I think all the Daily Journal, Legal Times. And, of course, newspapers with the Internet are in decline. So it's really a declining business, but they have this parallel business that's growing. It's software, a software-related business that's growing. I think it's recently become profitable, which has, I think, a fairly bright future. And like Berkshire, they have this large portfolio of stocks. And much of the value, part of the value of the Daily Journal is the value of that portfolio. And that portfolio consists of stocks such as there are only, I think, three or four stocks on portfolio. Their largest holdings, Back of America in Wells Fargo. And recently, maybe in a controversial investment, Alibaba.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“To diversify your investments that way, but you still have your company, you're still running it a very unique model that is not really aware of anywhere else.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“To acquire the company sign $11.6 billion, this official 25-day shopping period, whatever there's this opportunity with maybe 14 or 10 days left to it for another company to come in and if they so choose make a higher bid. Which I think is unlikely, but it's possible. It's certainly possible. So the offers on the table and presumably at this time, Allegheny is very receptive to the acquisition by Berkshire. Just as Buffett is comfortable with Allegheny, I'm sure the folks at Allegheny are very comfortable with Buffett and being owned by Berkshire. Ellen Berkshire requires the company. What's fairly unique is they leave management in place. They don't change management. So whatever you're doing now, you continue to run your business. It's an opportunity if you wish to cash out some of your equity and the company being a”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“And he has said his preferred holding period is forever the best investments of those that he, you know, it's a one-time decision. When do you buy? You don't have to think about selling. And something that compounds and grows and you just put it away business like Geico might be a very good example in that area. So he certainly with respect to Allegheny, an insurance, it's an area he knows very well. I guess the one area he knows best, he's got decades of experience in it. I'm sure he's been following the company for decades, for many years, for many years, thoroughly familiar with it. The CEO, current CEO of Allegheny, is a former executive with Berkshire at General Ray, Mr. Brandon, I believe his name. And apparently right now there's an offer on the table.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“That regard. So the word temperament being able to control your emotions throughout the entire market cycle, I think, is critical. And the second type of answer that he gives is probably his longest answer. Questions soon after the financial crisis of 2007 through 2009, and I brought students there in 2011, 13.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Any higher than that? Then jokingly he says then you should sell the extra points. You don't need them. And he talks about hard work analysis, good training and accounting and finance. But then the keyword, the keyword that separates those who are really successful from those who are not is the word temperament. Having the right temperament. He's no many people, very high IQs who work very hard, but they cannot control their emotions. We have very sharp market swings up or down. He has given examples where he's known portfolio managing for 19 years are outperforming the market or doing very well than in year 20 they blow up. And he gives examples why risk what you have in need to try to achieve something that you don't have and don't need. And a lot of investors have just blown themselves up or portfolio managers in”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Make sure you're passionate. And what you do, only do something if you really love it and if you're really passionate about it, you'll be noticed in your office, in your company, and that should lead to advancement within your firm or where you are. The answers he has given that I found most interesting and most meaningful, I think not only for students, but actually for myself as well, questions that almost every year the students ask a similar question. What are the qualities that you look for when you hire people or what are the qualities that are most likely for someone to succeed as an investor in the stock market? What qualities do you need for success? And Buffett's answer is as follows. He says, well, if you have an IQ and he's always has some humor in his answers, if you have an IQ of at least 125, that's all you need. If you have any”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“The first time what surprised me that there was a 2005 visit where the questions that were asked during the formal Q&A session might be, what's your outlook for the economy? The good questions on international economics, what are your views on back then, 2005, investing in a country like China or Europe or Asia versus the United States, fairly broad of that sort. But when the students were gathered around him at a table informally over lunch, the questions were very different. And one student actually asked the question, do you have any advice on how to choose a spouse? And these are students in their 20s, by and large single, in their early 20s, and Buffett Sancer again, I was close enough to hear it, was choose someone who will love you unconditionally and expanded on that as well. So there were some more personal related questions of that sort, and he would give advice choosing a crew.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Also, from Warren's letter in 2020, he said he refers to Mark Donnegan as a passionate manager who consistently pours the same energy into the business that he did before we purchased it. We are lucky to have him running things. So he is certainly very pleased with him. But yeah, as your point is well taken, there's only one way for CEOs to make it to the top. They have to be able to sell the board of directors, for example, or the previous CEO on their ability. So that is certainly valid.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Then he uses. I know in business school we teach our students quite typically to use weighted average cost of capital as a discount rate, for example. And he might use something like a treasury rate on long-term treasuries. But there are different ways, different people can use different approaches to discounting future cash flows. But he certainly, in making, I believe, any interest investments and certainly using a discount rate, making an estimate of future cash flows being just generated and using in his mind an appropriate discount rate, whereas if he views the company as being risky err and other companies he would use a higher discount rate and if it's a company he really understands real well and following it for many years and he feels the business plan, the model is very stable, he might use a lower discount rate for it. So he's very analytical, does much of it in his head.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Well, he, in terms of discounted cash flows and analysis, he apparently his mind, his brain is quite capable of running a very complex discounted cash flow analysis in his head without the use of a computer, something that very few others are capable of doing. And so he estimates what he calls intrinsic value of a company and, for example, he'll buy back shares in Berkshares he's been doing for the last year or two only to the extent that he values Berkshire's intrinsic value is above where he is buying the shares. The shares are selling below his estimate of intrinsic value. He'll buy the shares, but his estimate, he's never revealed the calculations that he does or what his estimate is of intrinsic value. He'll just tell you that he's doing it. And he has his own way of doing it, his own discount rates.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“It was sort of that type of mindset. And maybe, again, it was not their area of expertise that maybe it took the two relatively new portfolio managers, Todd Cohns and Ted Weschler, who joined Berkshire roughly 10 years ago. And it would not surprise me that Amazon was perhaps an investment of one of those two portfolio managers. And I believe Apple initially was also an initial investment of one of those two portfolio managers. Then Buffett was sort of sold on it and certainly the bulk of Berkshire's investment in Apple today came from Buffett for sure as each of the two portfolio managers have a limited amount of capital at their disposal to invest. But I believe it was those two one or both of those two new portfolio managers, Ted Weschler and Todd Cohnes, who really started pushing Berkshire in the direction of technology.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Invest in Google. And Buffin even said to the student, yes, GICO is paying a lot of money to Google for advertising. I'm fully aware of it. But he was hesitant. He was aware of these other search engines. And he saw them come and go being bypassed by Google. And would something else come along next year in five years that would leave Google in the dust, so to speak? So he was a very reluctant at the time to, again, it's in a technology area that he felt it was not his expertise, but students were pushing him on that. And it was very interesting. And Charlie at the annual meeting both shareholder questions would come up, why isn't Berkshire investing in Amazon and Google? And there seem to be this hesitation, reluctance, sort of risk aversion, so that I'd rather miss out on something big than to invest and lose.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“As a matter of fact, the first time I brought students to meet with Lauren Buffett, that's the time again with 49 out of 50 being male. What he does at those meetings, by the way, for those who don't, who are not aware of it, he answers student questions maybe an hour and a half. Then he takes the students to lunch and then poses for pictures with the students. And in 2005, when we were at lunch at Goratz restaurant, one of his favorite steakhouses in Omaha, I had the good fortune of sitting at an adjacent table from the one he was sitting at with students. I was close enough so I could hear the conversation, but not be intrusive, not taking the place of any student at the table, certainly. And one student asked him specifically this year 2005, Google had just gone public with its IPO the year before, 2004. So it's one year in the public market. Why doesn't”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“This five year period, no longer of money just sitting there not producing rate of return, perhaps losing a little, underestimating visibility, perhaps to forecast the future for that company and not fully appreciating how rapidly technology was changing.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Money and of course investing as he later did right around that time actually and starting in 2016 he may have learned a little bit of that lesson and started putting $30 billion or so into Apple and that has worked out marvelously well Apple today is quintuple since then his $30 billion investment is worth roughly $160 billion and they're Warren views Apple as producing focusing on the iPhone as a consumer product although it's obviously a blend of consumer product and technology of course but he viewed it as a consumer product a product that consumers could not live without and so far he's been absolutely correct in that regard and I think his circle of competence around consumer products is very strong in that area and that has worked out very well for him but with respect to IBM it was like”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Really lay and perhaps his mistake there was looking at past performance, perhaps a little bit more than he should have, not a fully appreciating how rapidly technology was changing in the process of changing and how competitive the future market would be for the businesses that IBM was in. And it took them a long time to acknowledge that he was going down the wrong path and it took him about five years and he started bailing out and five years later around 2016 or so. And I think he may have absorbed a net loss or at best broke even, but he may have lost a little. But here, his real loss in the roughly $14 billion he invested was the opportunity cost, the S&P 500, more than double over this time period. So just investing an average for him, average for the economy would have doubled that.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“And here's Warren Buffett in the year 2011 placing a huge bet on IBM and between 2011, 2016, I believe he invest is selling like $14 billion and not fully appreciating the risk that he was taking on. He always stresses that he tries to stay within his circle of competence. What industries, what businesses does he understand? And those that he does not he leaves to others. And within a circle of competence, certainly he's demonstrated great expertise in the insurance area, the insurance industry. He succeeded quite nicely over the years in Geico is a wonderful example of that. Certainly we could look back and say, gee, I don't think that's where Warren's expertise.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Mistakes that of commission that he's made some of them since then or more of judgmental errors you are when you make an investment in equities you are basically forecasting future earnings future cash flows what the future economy will look like and how that economy will interact with your investment the company you're investing in and that of necessity needs to incorporate and it's very difficult to do so the impact of future technology and the problems that that could cause and right now I'm thinking of a company called IBM for example and there you have of course disruptive technologies coming in IBM was the premier technology company of the 1950s and 60s maybe early 1970s as well”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“When he studied at Columbia University on the Ben Graham, basically he learned early on the concept of durable competitive advantage and marginal safety. And he has used that all along and of course as he learns from his earlier mistakes, hopefully not repeat them in the future, has applied them maybe with greater precision. But he has always approached his investments in that way. And indeed early on, because he was a disciple of Ben Graham and since Ben Graham, as you know, was on the board of directors or chairman of Geico at the time. Therefore, Larry Buffett became interested in GEICO and learned about insurance actually that way and learning about the durable competitive advantage that Geico had, its cost advantage in its business model. So he has certainly applied this going forward, but occasionally I guess the”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“in acquisitions. One exception he's made since then, his acquisition of Burlington Northern Railroad about 10 years ago because Berkshire stock was so highly priced at the time. He agreed to have a certain percentage of the acquisition in stock as well as cash. It was a combination cash in stock. It provided the opportunity to Burlington Northern shareholders to receive the shares in Berkshire so they could continue to be equity holders. That's a rare exception he's made since then and that was negotiated I'm sure with Burlington Northern but the open-ended nature of this loss of Dector Shu that will probably always be his biggest mistake.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Following the main following here of a dexter shoe lesson is actually similar to the Berkshire Halfway textile mill era of a declining industry sort of almost doomed to go bankrupt. But that's only a minor part of this mistake. He invested $433 million in Dex Tsu in 1993 and went to zero. His mistake, though, was not paying $433 million in cash. His mistake was in paying in Berkshire stock, $25,203 shares of Berkshire stock, which in 2008 you mentioned was valuing of $3.8 billion. Well, in 2022, today it's valued at $13 billion. It's a $13 billion loss. It's open-ended. It keeps getting bigger and bigger on the better Berkshire Hathaway stock performs. It's open-ended, a phenomenal mistake. Has gone out of it.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Well, he's been attracted to oil stocks and energy stocks over the years, early on and Sussex. He's been in and out of ExxonMobil, for example, and more recently in the last year or so, both Chevron and Occidental Petroleum. So he's invested in this industry a lot in the past. I think he's attracted to it, but he has acknowledged over time that the primary determinant of the value of oil company stocks was the price of oil. And with the case of Conoco Phillips, I guess he was making a bet that the price of oil would either stay at the current level at the time and go higher, but certainly not drop off significantly. And also Conoco Phillips, like the other oil stocks, also paid a good dividend. So there was an income aspect to it as well. So one certainly needs to consider both capital gains and”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“To them and critical of their management as well over time, but keeps perhaps repeating a couple of earlier mistakes. So he does have certain tendencies to go back into an area and he may have invested it before.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Again, I think he was drawn to them. He thought that their valuation, price earnings, very low, price to cash flow very low, that they were good values. He referred to as the cigar butts that you could pick up off the street and get one or two extra puffs of at a very low price or almost free. And he thought he could squeeze out some additional cash flow from these companies without fully appreciating how rapidly that industry was in decline, that those puffs may not last as long as he thought or provide as much return as he expected. So I guess it took him, he was attracted to them in another industry where he doesn't seem to learn his lessons from, although he's weary he makes mistakes. It's something called the airline industry, where he can and has repeated a couple of mistakes. He's very much attracted to airlines and both attracted.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Well, certainly in this type of context, and again, he was relatively young. He's in his early 30s at the time. And people do make mistakes, as he did. At one point, there were other times where he made other investment mistakes and there are two types I'll refer to, errors of commission, buying the stock and losing money, for example, or errors of omission, planning to buy a stock hesitating, not buying it, and then the opportunity cost, so to speak, watching the stock then skyrocket and sort of losing out on the opportunity to earn many billions for Berkshire. Those were just pretty much judgmental being extra careful or maybe a little less careful than it should have been, less circumspect than he should have been, but not of this emotional sort of gee, I'm gonna get...”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Control over his better judgment and he decided he was going to just buy out the company with the stated purpose so he could fire Mr. Stanton. And so that's what he did. And that's the reason he bought Berkshire Hathaway sort of a vindictive action to get even and which he later regretted over the next several years the textile industry declined rapidly. First it moved to the south in the United States, lower cost, lower labor. eventually certainly overseas a lower labor overseas and essentially Berkshire essentially went bankrupt the businesses did so he moved on from there to investing in insurance insurance companies and so on and the rest history today of course you have this 500 billion dollar six largest company United States by market cap but that's the early history that I'm sure he's not very Proud of in that investment.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“At 11 and a half. And he would move on to other investments. But sometime later, a little time later, he receives the official written offer, and instead of being at 11.5, it was at $11.03. And let me just take a step aside. I have to explain this to my students now, that back then, whereas today stock prices trade in decimals, smallest unit, generally a penny, back then they traded in fractions. The smallest unit being one-eighth of a point. So this was not unusual to have a price of 11 and 3 eighths or three eighths part of a price. Anyway, Warren was very upset. He was clearly being cheated out of one eighth of a point. They already had an agreement. And I guess he was fairly young at the time. He would have been 33, 34 years old. And I guess it's one example what he led his emotion perhaps take.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Okay, at that time he started in West Berkshire Hathaway was a textile company with textile mills in New England in the early 1960s and Buffett initiated investments in the company around 1962 and he was attracted to it because of low price earnings valuations, good cash flow being generated. He thought it was sort of an undervalued asset that he could take advantage of and profit from. And the turning point, which led to what we're discussing, is purchase of the company, came in 1964 when the CEO, a principal owner of the company, someone named Seaburry Stanton, made Warren Buffett an oral offer to buy his shares, to buy him out at $11.5 a share. And Buffett agreed to do that. He would sell his share.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“who signed up could go. I then contacted the student and maybe I did this sort of backwards from the way it's normally done and I asked him could you use a faculty advisor and I then convinced him that I was a longtime Buffett fan, my personal library at home probably had every Warren Buffett book written at that time and he was quite receptive to my idea and off we went to Omaha. We had 50 students we didn't turn down anyone was undergraduates and MBA students and that was the first”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Years to reach that conclusion. And at that time, as I recall, it was October 1985 that share sold for $2,120 a share. And of course, back then, they had only a shares, so we're no B shares. And that share today is, of course, valued at over $500,000. So anyway, I became a big fan of Warren Buffett, became really was a role model for me in terms of investing. And in terms of being a wonderful person as well. And then when I arrived at the University of Maryland fall of 04 and spring 2005, there was a notice posted in the main lobby of the business school at University of Maryland and a student was advertising for other students to join him on a trip, private trip to Omaha, Nebraska to meet privately with Warren Buffett.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Come out and written a chapter about him. The book itself, I believe, was published a few years earlier in 1977. I think it was called Super Money. The author was Adam Smith. That was a pen name for someone named George Goodman, but Adam Smith was the official author of the book. And he had a chapter on Warren Buffett as well. And so I started following Lauren Buffett through the newspaper, Wall Street Journal, acquisitions, and just fascinating. And finding that I felt that he and I were sort of on parallel wavelengths in terms of long-term quality, value investing. And I could learn so much from him. And after a few years of having this sitting in my mind, I finally came around saying, gee, why don't I buy a share of Berkshire Hathaway did around 1985. So it's about five years.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“I looked at the current portfolio. So Landis portfolios of each of the seven managers. Six of them did not particularly impress me. They just looked like the momentum stocks, the hot stocks from the year before. But the seventh one just jumped right out at me as being very different. And some of the stocks included in that portfolio were American Express, the Washington Post Company, Capital City's Broadcasting. And I knew enough about the stock market and stocks to have some knowledge, considerable knowledge of each of those companies. And I had a good idea. These are wonderful companies below the radar. And I asked myself, gee, who is portfolio is this? And who is Warren Buffett? And that was my initial introduction to him. So I started paying careful attention to him. A few years later, actually I noticed another book.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Those related areas. Similarly at the General Accounting Office, DOD, healthcare for a couple years, and Bureau of Economic Analysis cutting across several areas. I then retired early retirement from the federal government, and what I always wanted to do, and the reason I went for a PhD, went to school for a PhD was so I could teach at the university level. I always had an interest in economics and finance, and I got my opportunity in 2004 with Robert A. Smith School of Business at the University of Maryland, where I've been ever since. So this is my 18th year. Now, as a hobby, I just have always read books. I picked up a book called The Money Masters by John Train, and I immediately turned to the back of the book. There were seven successful portfolio managers being written up in the book. And at the back of the book,”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I'd be happy to. After receiving my PhD in business and economics, I came to Washington to work for the federal government as a senior economist, and I worked for four different government agencies over many years, Federal Trade Commission, General Accounting Office, which is now called Government Accountability Office, Department of Defense, looking at their health care delivery system, and Bureau of Economic Analysis part of the Commerce Department. At the FTC, in addition to doing financial analysis on mergers, one of my special fields in graduate school was industrial organization, which basically looks at something called structured conduct performance, competitive nature of industries, and financial analysis finance was the second special field. So if the FTC, I did again several studies there.”
2022-04-29 · We Study Billionaires · TIP443: Buffett's Biggest Blunders w/ David Kass · IDENTIFIED FROM THE TRANSCRIPT