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Buy itBuffett is back . . . and better than before!
A decade has passed since the book that introduced the world to Warren Buffett -- The Warren Buffett Way by Robert Hagstrom -- first appeared. That groundbreaking book spent 21 weeks on the New York Times Hardcover Nonfiction Bestseller list and sold over 1 million copies.
Since then, Warren Buffett has solidified his reputation as the greatest investor of all time -- becoming even richer and more successful, despite the wild fluctuation of the markets. How does this value investing legend continue to do it? That's where Robert Hagstrom and the Second Edition of The Warren Buffet Way come in. This edition is a completely revised and updated look at the Oracle of Omaha -- comprising 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. This edition is especially accessible as Buffett's basic tenets of investing are presented and illuminated with relevant and up to date examples.
Order your copy today!
| Publisher | Wiley |
| ISBN | 0471743674 |
| Features |
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| Creator |
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| Author | Robert G. Hagstrom |
| Format | Paperback |
| Label | Wiley |
| Edition | 2 |
| Dewey Decimal Number | 332.6 |
| Studio | Wiley |
| EAN | 9780471743675 |
| Number Of Pages | 272 |
| Title | The Warren Buffett Way, Second Edition |
| Publication Date | 2005-10-04 |
| Manufacturer | Wiley |
Review by Raul A. Medina Nussbaum, 2010-07-15
It's a great book on value investing, but not only in "monetary" terms, but also in "human" terms. I've been investing in the US and Mexican market for about 12 years, and always used the value approach, not the techinal one. After reading this book, my ideas of value investing where reinforced, and I gained more ideas: buy a company (or shares) because of the value of the company, not the price movement of the share; when buying, not only look at the monetary value but also look for quality and integrity on the managment team. I recommend this book to anyone interested in the stock market, but investors and speculators. In this book I also learned about Phill Fisher and Benjamin Graham, two other masters in value investing. I recommend this book A LOT!
Review by Edward J. Barton, 2010-07-10
An excellent, nuts and bolts discussion of Warren Buffett's investment thesis and strategy. After about a 75 page background on Buffett, Berkshire and the Buffett history and mystique, Hagstrom dives into the investment philosophy. He manages to distill the Buffett approach into ten tenets:
*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.
Review by Mr. Wan, 2010-05-15
You know that Buffett buys stocks based on a "margin of safety" concept, buys only a handful of stocks (focused portfolio) of companies that are simple and easy to understand, and buys for the long term. You won't learn much else reading this book.
This book talks more about the history of the companies that Buffett bought more than what led Buffet to buy the company. For example, we learn who founded the company and when, and how the company grew over the years, along with it's yearly ROE. We learn that Buffett bought Gillette after the company had been lackluster for years, then, for some unexplained reason, suddenly started growing and saw it's share price go up dramatically. We do not know what led Buffett to believe there was value in Gillette or why it was worthy of investment at that point in time.
Reading this book is sort of like reading a book about a master chess player describing certain moves he made during a tournament he won, without getting inside his head on what he was thinking or why he made certain moves.
For this reason, this book is of limited value. It doesn't explain how to evaluate a company, or how Buffett himself evaluates them. Period.
You're better off reading books by Graham, Fisher, and Peter Lynch, as they can explain exactly why they bought a certain stock or how to evaluate companies in their books.
Review by Scott Allen, 2009-11-07
I have read around a dozen books about Warren Buffett, the famous "Oracle of Omaha" who is arguably the best stock investor that ever lived. This book by Robert Hagstrom is the best of the bunch, for those that are interested in understanding and (possibly) duplicating his investment methods.
Hagstrom manages to maintain the perfect balance between oversimplifying and getting lost in the details of Buffett's investment principles. He never talks down to the reader - even investment professionals will find it interesting. At the same time, he is accessible to stock market novices. In fact, he may succeed in his quest to teach them to outperform so-called "professionals."
Particularly interesting to me was his emphasis on the Behavorial Finance aspect of Buffett's success, which I think usually gets short thrift in most accounts of his success. Hagstrom emphasizes that the actual valuation techniques Buffett uses are not unique, but rather derivative of what other pioneers before him have discovered. It is Buffett's rare ability to keep his head about him when others are losing theirs that has allowed him to run circles around the rest of Wall Street.
Hagstrom delivers exactly what he promises: he explains the "Warren Buffett Way" which is not a set formula, but rather a set of underlying principles and ideas which are not constrained by simple charts or ratios.
I listen to many, many audiobooks, and this one had the best narration I can remember. This audiobook is an excellent investment of your time and money!
Review by Judith B. Harnsberger, 2009-07-11
I was just on a bent to know more about Mr. Buffett. The book came promptly and in good condition. I am
still trying to absorb what I am reading, just hoping all the information will all register in the end.
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