Wisdom from Buffett, Munger & Graham

The profound influence these investment icons have had on our firm and philosophy.

Transcript

Wisdom from Buffett, Munger & Graham

When I think of the investors and the teachers that have influenced me the most over my career, I think that list has to start with Ben Graham. Ben Graham was the father of value investing. He literally wrote the book, Securities Analysis, and then followed it up with the wonderful book, The Intelligent Investor. And both of those contain so many of the fundamental investment lessons that serve us today and that all investors should read and understand.

And then you think of Ben's most famous disciple, of course, it was Warren Buffett. And Warren was able to articulate Ben's wisdom in a way that is easy for people to understand. He developed a folksy way of explaining complicated processes and in that way was such a gifted teacher.

But if you were to ask me this particular lesson that I think about the most from Warren Buffett, it's not just the Ben Graham concepts, it's really the idea that he represents his shareholders in a position of deep trust. In other words he communicates with them as partners. He sees himself as a steward of their savings. And he imbues everything he does with a sense of enormous responsibility to those who have entrusted him with their savings. I think that is a powerful lesson to take away and central to the way I think about our firm and our responsibility.

And I think maybe if put all of these lessons together and think about the one overarching lesson that in a sense frames them all it came from Charlie Munger. And Charlie Munger told me when I was first starting, he said that your goal should be to live and work in a web of earned and deserved trust. And he said there's no substitute for the quality of life, the value that you can create, if you're able to earn and deserve the trust that's placed in you.

More Videos

“Hey ChatGPT – Finish this Building…Oh Wait!” Opportunities in the Industrial Sector (2:25)

Don't forget opportunities in the real physical world of commodities, agriculture and building products, far from today's over-hyped story stocks

Watch Now

Davis Advisors Launches Davis Select International ETF (DINT)

Listen to Portfolio Manager Danton Goei discuss the launch of DINT - Davis Select International ETF

Watch Now

Recognize that Market Declines are Inevitable

10% market corrections happen once a year on average. Don’t allow these inevitable pullbacks to sway you from your investment plan.

Watch Now

Investor Education

A Market Correction is an Opportunity.

This material is authorized for use by existing shareholders. A current Davis Fundamental ETF Trust prospectus must accompany or precede this material if it is distributed to prospective shareholders. You should carefully consider the Fund’s investment objective, risks, fees, and expenses before investing. Read the prospectus carefully before you invest or send money.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions include “forward-looking statements” which may or may not be accurate over the long term. Forward-looking statements can be identified by words like “believe,” “expect,” “anticipate,” or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

Ben Graham, Warren Buffett, and Charlie Munger are not associated in any way with Davis Selected Advisers, Davis Advisors or their affiliates.

Shares of the Davis Fundamental ETF Trust are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Foreside Fund Services, LLC, 3 Canal Plaza, Suite 100, Portland, Maine 04101 800 279 0279, davisetfs.com