1. Which stock is better?
Exciting Boring

2. Shares outstanding
5,247,000,000
1,498,000
Price per share
$141.05
$33.39
Market capitalization
$740 billion
$50 billion
2016 earnings
$46 billion
$9 billion
Earnings per share
Price / earnings
$8.33
≈ 16.9
$6.00
≈ 5.6
Dividends per share
Dividends / earnings
$2.28
27%
$1.52
25%

3. Investment advice

4. Jim Cramer vs. Leonard the Wonder Monkey

5. The Wall Street Journal’s famous dartboard experiment

6. The case against market efficiency

7. Buffett’s performance, 1956-2016
Buffett: +34.7% per year
$1,000,000,000
Market: +9.9% per year
$10,000,000
$100,000
Value of $1 invested from
$1,000
$10 $0
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016

8. How can we explain Buffett?

9. The Infinite Monkey Theorem Borel (1913)

10. The right strategy: diversify (own a little bit of everything)