Warren Buffett is the most famous investor of all time and one of today’s most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett’s spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett. New material includes: How to think like a long-term investor – just like Buffett Why “loss aversion”, the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome. Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett’s investing success Analysis of Buffett’s recent acquisition of H.J. Heinz and his investment in IBM stock The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett’s approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.
Foreword: The Exception vii Howard Marks Foreword to the Second Edition xvii Bill Miller Foreword to the First Edition xix Peter S. Lynch Introduction xxv Kenneth L. Fisher Preface xxxi Chapter One A Five-Sigma Event: The World’s Greatest Investor 1 Personal History and Investment Beginnings 3 The Buffett Partnership Ltd. 10 Berkshire Hathaway 13 Insurance Operations 15 The Man and His Company 17 Five-Sigma Event 18 Chapter Two The Education of Warren Buffett 21 Benjamin Graham 21 Philip Fisher 30 Charlie Munger 35 A Blending of Intellectual Influences 38 Chapter Three Buying a Business: The Twelve Immutable Tenets 45 Business Tenets 46 Management Tenets 50 Financial Tenets 59 Market Tenets 64 Anatomy of a Long-Term Stock Price 69 Chapter Four Common Stock Purchases: Nine Case Studies 71 The Washington Post Company 72 GEICO Corporation 81 Capital Cities/ABC 91 The Coca-Cola Company 100 General Dynamics 110 Wells Fargo & Company 114 American Express Company 120 International Business Machines 123 H.J. Heinz Company 130 A Common Theme 135 Chapter Five Portfolio Management: The Mathematics of Investing 137 The Mathematics of Focus Investing 143 Focus Investors in Graham-and-Doddsville 155 Chapter Six The Psychology of Investing 179 The Intersection of Psychology and Economics 180 Behavioral Finance 182 And on the Other Side, Warren Buffett 194 Why Psychology Matters 199 Chapter Seven The Value of Patience 201 For the Long Term 202 Rationality: The Critical Difference 205 Slow-Moving Ideas 206 System 1 and System 2 207 The Mindware Gap 210 Time and Patience 211 Chapter Eight The World’s Greatest Investor 213 The Private Buffett 216 The Buffett Advantage 218 Learning to Think Like Buffett 224 Finding Your Own Way 232 Appendix 235 Notes 253 Acknowledgments 263 About the Website 267 About the Author 269 Index 271
ROBERT G. HAGSTROM is one of the best-known authors of investment books for general audiences. He has written nine books, including the New York Times bestselling The Warren Buffett Way and The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy. He is also the author of The NASCAR Way: The Business That Drives the Sport; The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths; and Investing: The Last Liberal Art. Robert is a graduate of Villanova University with a BA and MA and is a Chartered Financial Analyst. He lives with his family in Villanova, Pennsylvania. Visit Robert's website at www.RobertHagstrom.com.
PRAISE FOR THE WARREN BUFFETT WAY "[This] book's popularity is a testimony to the accuracy of its analysis and the value of its advice."—BILL MILLER, Chairman and CIO, LMM, LLC "A comprehensive primer on applying Buffett's investment strategy to the new economy."—Fortune "For readers of The Warren Buffett Way, I hope I can provide a very personal look into an important piece of investment history and some thoughts on how to best use this wonderful book. There is little I will say about Mr. Buffett since that is the subject of this book and Robert Hagstrom covers that ground with grace and insight."—KEN FISHER, from the Introduction "The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance."—PETER S. LYNCH, bestselling author, One Up on Wall Street and Beating the Street "An extraordinarily useful account of the methods of an investor held by many to be the world's greatest."—The Wall Street Journal "Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book."—JOHN C. BOGLE, founder and retired CEO, The Vanguard Group "It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home."—JOHN ROTHCHILD, bestselling author, The Bear Book and The Davis Dynasty "Nobody has described what Buffett practices better than Hagstrom."—Time "Simply the most important new stock book. . . . If you think you know all about Warren Buffett, you have a lot to learn from this book."—Forbes "Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something of interest here."—The Economist "The Warren Buffett Way is accessible to average readers because Mr. Hagstrom reduces the billionaire's techniques to some easily understandable tenets . . . the book demonstrates the rewards that can come down the road."—The Dallas Morning News "Thank you, Robert Hagstrom, for the finely honed thinking, the clear writing, and the simple strategies that help all of us be more successful at one of life's most intriguing and intimidating tasks: investing our money."—JANET LOWE, bestselling author, Warren Buffett Speaks "By placing Buffett's approach into a broader context, Robert Hagstrom captures not just the key ideas of this century's investing giants, from Ben Graham to Phil Fisher, but also lucidly explains the theoretical foundation of their insights, including probability theory and psychology. This is not simply an investing book; it is an investing library."—CHRIS DAVIS, Portfolio Manager, Davis Advisors "Robert Hagstrom shows how 'the world's greatest investor' can help us navigate."—KAY BOOTH, Managing Director, Cappello Waterfield & Co., LLC To further enhance your understanding of the strategies and techniques presented here, don't forget to pick up The Warren Buffett Way Workbook—an essential study guide that contains over 250 multiple-choice questions as well as more than 200 essay exercises. Also available, The Warren Buffett Way Video Course. Narrated by Robert Hagstrom, it effectively brings Buffett to life from both a professional and personal perspective.
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