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Politics : Formerly About Applied Materials
AMAT 301.11+6.9%Jan 9 3:59 PM EST
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To: Sun Tzu who wrote (30599)5/26/1999 7:22:00 PM
From: manohar kanuri  Read Replies (1) of 70976
 
Sun,

Perhaps you can demystify for me an aspect of Warren Buffet. In his owner's manual and assorted writings he goes to considerable length to explain a float and the how and why of its joys. Restated in terms I can relate to -- he's leveraged his portfolio with non-callable (or nearly so) margin money at a zero rate of interest. If that is correct, how does one disaggregate this (the effect of leveraging) when you run into statements like "Berkshire Hathaway outperformed the S&P by X% over Y years?" Is it possible to separate out the effect of the float

thanks,

mano
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