Warren Buffett's long MBA talk in full

Start watching 11:00 minutes in. He will start to talk about Cigar Butts. The thing is though, looking for NCAV's that are slightly higher return businesses are the the most obvious when you see them and the most rewarding.

Particularly, I think distressed retailers and businesses with small brand "moats" if you will may have some of the best potential as FINL and HLYS did. I hypothesize their brand coupled with the discounted price are hard to keep from either a recovery or the interest of a competitor who would love that brand on sale. I think that would be an interesting backtest. Of course, a lot of companies get bought when the company is selling for valuations not even close to Net current asset value or net quick assets or they have terrible balance sheets. I think it would be interesting though anyway. Looking at retail that gets around book would be neat to.
Warren Buffett's long MBA talk in full . A good way in he drinks a Cherry Coke, holds it up and talks about the moat.

Angry rant about the banking system and the crash by Nassim Nicholas Taleb