July Buffett-Munger Bargain Newsletter is Ready for Download
The Buffett-Munger Bargain Newsletter pick is about a company that has returned more than $100 billion dollars to its shareholders since the current CEO took the helm in 2008. That is more than the shares were worth then and it is more than the shares are worth now. The return of this mountain of cash to shareholders has not stopped management from spending lots of money on growth and retiring debt. The balance sheet is now the envy of the industry. The company is the precise opposite of a value-trap. It never looks cheap but it turns out to be a bargain in hindsight.
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price....when buying companies or common stocks, we look for first-class businesses accompanied by first-class managements."
- Warren Buffett (Trades, Portfolio) (1989)
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What's a Buffett-Munger Bargain?
A Buffett-Munger Bargain is a "wonderful company" selling at a "fair price". To be a wonderful company a stock must pass Warren Buffett (Trades, Portfolio)'s 7-point checklist:
1. Simple Business
2. Favorable Long-Term Prospects
3. Able and Honest Management
4. Consistent Earnings
5. Good Return on Equity
6. Little Debt
7. Very Attractive Price
What's the Buffett-Munger Bargain Newsletter?
GuruFocus's Buffett-Munger Bargain Newsletter picks one new "wonderful company" selling at a "fair price" every month. The pick is made using GuruFocus's Buffett-Munger Screener and Warren Buffett (Trades, Portfolio)'s 7-point checklist. A new issue goes out to subscribers on the third Friday of every month.
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This article first appeared on GuruFocus.