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Este libro analiza de forma rigurosa y amena a la vez las inversiones de Waren Buffet hasta 1994. Tiene el interés de ver que sus inversiones han seguido a un ritmo constante desde entonces. Un clásico. Muy interesante.
"The Warren Buffett Way" is an exploration of Warren Buffett's investment philosophy and process of picking stocks. By combing through Buffett's trades and his annual letters to Berkshire Hathaway shareholders, author Robert Hagstrom explains Buffett's process to the reader. The book focuses on Buffett's relatively concentrated portfolio at the time, as well as the wholly owned subsidiaries of Berkshire Hathaway, such as See's Candies, Nebraska Furniture Mart and GEICO Insurance. Each holding is analyzed, from fundamental operations of the business to the price and multiple Buffett paid.
Throughout the analyses of each holding, Hagstrom extrapolates common themes that reoccur in Buffett's stock-picking; namely, investing in businesses with strong competitive advantages in their industries, as evidenced by high returns on equity and generous free cash flow. Of course, Buffett's performance is not due simply to investing in great companies, but investing when multiples are lower than average, which the author takes care to point out. Hagstrom also intersperses Buffett's own words, gleaned from the annual letters and other published sources, to demonstrate the rationale involved in his investments. Buffett is not dogmatic,however, and Hagstrom notes that many investments, such as in General Dynamics and Freddie Mac, were not made with a long term holding in mind, but rather presented themselves as unique opportunities given the circumstances of their purchases.
More than twenty years later, Warren Buffett has grown in fortune and in public-visibility. Among investors, the tenets described in "The Warren Buffett Way" are so well known, it may be forgotten that they were first comprehensively covered in Mr. Hagstrom's book. Indeed, the mountain of literature on the Buffett-style of "value" investing can trace its origin to this very book. The Appendices are a wealth of information as well. For the reader who desires a concise exposition of Buffett's investment process written during the heyday of his common stock-picking, this book should be at the top of the list.
There really isn't much content in the book. I suspect the author had other interests, such as his management of a mutual fund that claims to be inspired by Buffet. First it goes into a little historical background on Buffet and his companies. Then one reasonably good chapter that summarizes his investment strategies. The final chapter repeats this all over again; a waste of print and paper. In the middle there are several chapters that describe his company's permenant holdings, long term holdings, and other holdings. These sections are extremly tedious and boring, and add very little value to the reader. Birkshire is very honest and strait shooting in its annual reports. Many readers would be better off reading to a copy of that, before picking up this book. And the annual report is free.
This was a solid video on the Buffett way. I have read, listed or watch everything on Mr. Buffett's investing philosophy. I have also read the books of his influencers as well. I thought that the Warren Buffett Way was a step by step guide. It was not but that did not diminish the knowledge that can be taken from the video. I recommend it.