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Warren Pieces: Franchises vs. Businesses

11 years ago

A periodic look through the archives of the greatest investor in history

In Berkshire Hathaway’s 1991 Letter to Shareholders, Warren Buffett talked about the differences between “franchises” and “businesses”. Below is an excerpt from the letter.

Screen shot 2014-07-23 at 3.41.41 PM

Validea’s Warren Buffett-inspired portfolio is up 102.9% since its late-2003 inception vs. 86.9% for the S&P 500. Check out its holdings here.

John Reese Validea Warren Buffett

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