TWBS – FAQ

The Warren Buffett Spreadsheet – FAQ

Where can I buy the spreadsheet?

You can purchase the spreadsheet directly from this page:
👉 Buy the Spreadsheet

Just scroll down until you see the large yellow “BUY NOW” button. Payment is available via PayPal or credit card.

How will I receive the spreadsheet?

When you pay through PayPal, I automatically receive the email address registered to your account along with your payment confirmation. I will then manually send the spreadsheet to you within 24 hours.

Will I get free updates and notifications about new versions?

Yes. After purchasing, you will have the option to join my email list. Subscribers are notified about updates and always have access to the latest version.

Does the spreadsheet work with foreign (non-US) stocks?

Currently, the spreadsheet only works with US-listed stocks.

Does the spreadsheet work on Mac computers?

Unfortunately, no. At the moment it only works on Windows.

Which version is currently being sold?

I am currently offering the automated Excel version, which imports data using macros.

Can I modify the spreadsheet? Is it locked?

The spreadsheet is not locked. All formulas and calculations are visible. You are free to make your own modifications if you wish.

Do I need a paid subscription to the data sources?

No, you don’t. The spreadsheet handles the import of financial data for you.

Why am I getting strange results for some stocks?

This usually happens if you analyze stocks with:

  • Erratic or negative earnings

  • Less than 10 years of financial data

  • Highly cyclical or commodity-based businesses

Such stocks are generally difficult to value using a fundamental approach. The spreadsheet is designed to work best with high-quality companies that have:

  • At least 10 years of consistent financial data

  • Predictable, positive earnings

⚠️ Also note: stocks with rapid recent growth may show inflated intrinsic values. This happens because the model projects past growth forward. To stay conservative, I recommend adjusting the growth assumptions in the green cells. As a rule of thumb, use no more than 15% long-term growth, even for the best companies.

I bought the spreadsheet but haven’t received it yet. Why?

Please allow up to 24 hours since I send spreadsheets manually. Delays can happen if I’m asleep or busy with work. Also, check your spam/junk folder, as some email providers have strict filters.

What do intrinsic value, margin of safety, and required margin of safety mean?

  • Intrinsic value: The estimated true worth of a stock, which may differ from its current market price.

  • Margin of safety (MOS): The discount between intrinsic value and the price you pay. Expressed as a percentage.

  • Required margin of safety: The minimum discount you demand before buying. This sets your maximum buy price.

📊 In the spreadsheet:

  • Intrinsic value = Cell E9

  • Current price = Cell B10

  • Margin of safety = Cell E11

  • Required margin of safety = Cell B13

  • Maximum buy price = Calculated in I8–I14

A higher MOS requirement means you’ll only buy at a deeper discount (lower price). A lower MOS requirement moves the buy price closer to intrinsic value.

Should the margin of safety always be large?

Not necessarily. For high-quality, fast-growing companies, you may accept a smaller MOS because they can “grow into” higher valuations. For slower-growing or less predictable companies, you want a larger MOS to stay safe.

Examples of companies you might be willing to pay up for: Costco, Copart, Fastenal.

Always remember: no matter how good a company is, if you overpay, your future returns will be lower.

How should I use growth assumptions?

Use conservative estimates. Growth above 15% long-term is generally unrealistic.

Stock valuation is part science (financial data) and part art (judgment of future prospects). The spreadsheet helps with historical analysis, but you must also consider:

  • The company’s moat

  • Its sustainable competitive advantages

  • How likely it is that past performance will continue

Final note

Thanks to everyone who has provided valuable feedback and suggestions. Your input has been instrumental in improving this spreadsheet.