On this week’s Masters in Business radio podcast, I speak with Dr. Robert Johnson, President of the American College of Financial Services, and previously a senior member of the CFA Institute, where he made the CFA Level 1-3 Exams what they are today. You may not be familiar with this week’s guest, but his work likely influences the world of modern finance tremendously. Johnson has been involved with the accreditation process of various financial participants for many years.
He tells the story of how many years ago, Warren Buffett showed up to speak to his class at Creighton University. When the conversation turned to books, Buffett recommended Seth Clarman’s Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. Years later, the book was out of print, and selling for $2000 on eBay, Johnson calculated that if it was an investment it would have been compounding at 27% annually.
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Next week, we speak with Kelly Coffey, CEO of the $650B JPM Private Bank.