Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (354)	5/26/1998 8:19:00 PM
From: porcupine --''''>	Read Replies (2) of 1722

Buffett on Briloff An owner (not Wayne) of Berkshire stock who attended the most recent "Capitalist Woodstock" in Omaha, had the opportunity to ask CEO Warren Buffett his opinion of Abraham Briloff's charge that Disney had employed a secret reserve fund (which had just run out of "reserves") to inflate Disney's reported earnings in the past few years. In a letter to Barron's (May 18, 1998, p. 66), this shareholder wrote, in part: "Buffett said he was well aware of Briloff, that Briloff had sent him letters pertaining to the controversy and that, after close examination, Buffett had concluded that Disney's accounting is fine." [Btw, when Buffett does a "close examination" of a company's financials, it is a very close examination. --''''> ]

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