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The Warren Buffett Way: Investment Strategies of the World's Greatest Investor Hardcover – 12 November 2004
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- Language : English
- Hardcover : 272 pages
- ISBN-10 : 0471648116
- ISBN-13 : 978-0471648116
- Customer reviews:
From the Inside Flap
Although Buffett has claimed time and again that what he does is not beyond anybody else?s competence, some people still do not understand how this value investing legend can consistently perform so well. That?s where Robert Hagstrom and the Second Edition of The Warren Buffett Way come in. This completely revised and updated look at the Oracle of Omaha encompasses Buffett?s numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner.
Rather than presenting Buffett?s strategies by stock purchases?as he did in the first edition?Hagstrom makes "Buffett?s Way" more accessible to you, the individual investor, by presenting Buffett?s basic tenets of investing and illuminating these principles with relevant and up-to-date examples from Buffett?s investments, including common stocks, private companies, and high-yield bonds.
Standing far above the market madness, this timely guide distills the wisdom and insight of the world?s greatest investor. It skillfully . . .
- Presents a brief history of Buffett from boyhood to Berkshire Hathaway, and reveals the individuals and events that shaped his investing philosophy
- Outlines the business, management, finance, and value tenets that make up the core of Buffett?s investing approach
- Examines Buffett?s ongoing process of managing a portfolio from knowing which stocks to hold, and for how long, to deciding if, when, and how to cash out some investments and move into others
- Discusses the psychology of money and how Buffett uses this concept to avoid common investment mistakes and recognize other people?s mistakes in time to profit from them
Change is constant, but the investment principles outlined in this book have remained the same. In an environment that seems to favor the speculator over the investor, Buffett?s investment advice has proven, time and again, to be a safe harbor for millions of lost investors. No one understands Warren Buffett like Robert Hagstrom, and in the Second Edition of The Warren Buffett Way, Hagstrom will help you?whether you?re a seasoned investor or just getting started?understand and employ the investment strategies that have made Buffett so successful for over five decades.
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*Is the business understandable?
*Does the business have a consistient operating history?
*Does the business have favorable long term prospects?
*Is management rational in capital allocation?
*Is management candid with shareholders?
*Does management resist the institutional imperative?
*You need to focus on return on equity, not earnings per share.
*Calculate "owner earnings" to get a true reflection of value.
*Look for companies with high profit margins.
*For every dollar retained, make sure the market value increases by at least one dollar.
*Understand what is the value of the business?
*Can the business be purchased at a significant discount to value?
He then analyzes many Berkshire investments looking at these ten tenets. Once you have read the book, you will have a better understanding through Hagstrom's thorough examples of how to apply these tenets to an investment. A good, practical and not too wonkish book.
First read Christopher Brown's "Little Book of Value Investing" and then Joel Greenblatt's "Little Book that Beats the Market" which serve as even more basic introductions to value investing. After these three reads you can work your way up to Greenblatt's "You can be a stock market genius". Then you'll be well on your way to understanding the bedrock principles that made men like Warren Buffett, Sir John Templeton and Joel Greenblatt the legends they ultimately became.