Customer Reviews


52 Reviews
5 star:
 (42)
4 star:
 (4)
3 star:
 (2)
2 star:
 (4)
1 star:    (0)
 
 
 
 
 
Average Customer Review
Share your thoughts with other customers
Create your own review
 
 

The most helpful favorable review
The most helpful critical review


31 of 34 people found the following review helpful
5.0 out of 5 stars A must read for any investor!
If there is one book you should read on Warren Buffett, this is it! Instead of analyzing every little detail of Buffett's life, Jain focuses on Buffett's investment thesis. Contrary to popular opinion, following naive value strategies is unlikely to turn you into a successful investor (as I have found out for myself). Instead, Jain's extensive analysis reveals...
Published on March 19, 2010 by V. Dimitrov

versus
33 of 38 people found the following review helpful
3.0 out of 5 stars Lacking intellectual rigour
Considering this book was written by an academic, I am surprised by the lack of intellectual rigour. The most important part of investing is valuing the business. This section of the book leaves much to be desired. When calculating intrinsic value the author projects future growth rates by assuming they will be the same as recent past growth rates. This is a very...
Published on September 12, 2010 by obediah


‹ Previous | 1 26 | Next ›
Most Helpful First | Newest First

31 of 34 people found the following review helpful
5.0 out of 5 stars A must read for any investor!, March 19, 2010
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
If there is one book you should read on Warren Buffett, this is it! Instead of analyzing every little detail of Buffett's life, Jain focuses on Buffett's investment thesis. Contrary to popular opinion, following naive value strategies is unlikely to turn you into a successful investor (as I have found out for myself). Instead, Jain's extensive analysis reveals Buffett's preference for growth companies selling at reasonable prices and managed by outstanding people. More importantly, Jain helps investors to identify such investing opportunities by summarizing the main lessons from each of Buffett's investments and from Buffett's writings. From market efficiency to market psychology, from accounting to corporate governance, this book has it all. I highly recommend it to anyone who is serious about investing in the market.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


33 of 38 people found the following review helpful
3.0 out of 5 stars Lacking intellectual rigour, September 12, 2010
By 
obediah (Sydney, Australia) - See all my reviews
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
Considering this book was written by an academic, I am surprised by the lack of intellectual rigour. The most important part of investing is valuing the business. This section of the book leaves much to be desired. When calculating intrinsic value the author projects future growth rates by assuming they will be the same as recent past growth rates. This is a very dangerous assumption because the past does not predict the future and growth rates have a tendency to rapidly decay. The author bases his discount rate on the mortgage rate for his house. Again I feel this is flawed and the reasoning is not well explained by the author.

The rest of the book is largely a rehash of the annual reports and I think it is better to directly read the primary sources because this book misinterprets some of Buffett's writings. For example the author assumes Buffett pays a premium for a business because of "the potential growth". This is not true because Buffett in his reports makes it abundantly clear that if a business could grow by $1 but consumed $100 of capital in the process, this "growth" would be destructive for shareholder value. It may seem that I'm nitpicking here but anyone who reads Jain's book and runs out and start paying a premium simply for "growth" would risk doing great violence to their wealth. The book contains a number of these partial truths and inconsistencies.

Overall I would recommend skipping the book and directly reading shareholder letters.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


11 of 11 people found the following review helpful
2.0 out of 5 stars Little substance, overall a very painful read, March 28, 2012
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
A painful read indeed. I regret spending time and money skimming through this book. While the selection of topics is good and the investment philosophy of Buffett is worth studying, the author gets it wrong on many levels. A lot of simple stuff he doesn't really understand properly. Instead he spends a lot of time hypothesizing about what Buffet may thought when investing in this or that company. Often his guesses are widely off the mark. Better to read John Train's or Jack Schwager's books, or biographies by investors with good track records. I'm also surprised by the number of 5-star reviews - looks a bit suspicious?
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


9 of 11 people found the following review helpful
5.0 out of 5 stars An Excellent Book on Buffett's Investing Approach, May 13, 2010
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
I am an extreme Buffett fan. I try to read everything about Buffett and the investment moves he has made or is making. I have attended several Berkshire Hathaway shareholder meetings. I have taught a course on the fundamentals of investing at American University. And in my view, Professor Jain makes a uniquely valuable contribution in his examination of Buffett's investing approach. While keeping the discussion at a level that is easy to understand, this book offers useful information both for readers without a technical background who are interested in understanding that approach, and for those like me, who are already very familiar with it. Jain's perspective in analyzing Buffett's investing style from his area of expertise -- accounting and finance -- adds important dimensions to his discussion. He emphasizes aspects that forced me to reexamine concepts I already knew, and also presents information I did not know. For example, I am familiar with the influence of Benjamin Graham on Buffett's investing style -- the "cigar butt" approach, according to which you buy the stock of a company that is within your circle of competence, and buy it where the price is significantly below the intrinsic value of the firm (i.e., with a margin of safety.) I also knew of Charlie Munger's and Phillip Fisher's influence in modifying Buffett's approach toward one of investing in higher quality companies with growth prospects -- buy stock in a company with good growth prospects while paying a "fair" price, as opposed to buying stock in a lower quality company at a "great" price. But Jain's insightful discussion of this concept has prompted me to reconsider and modify my own investing style, to pay greater attention to the importance of good management for companies with growth prospects. Details like the footnotes about the efficient market hypothesis also enrich the book for the more technically sophisticated reader. Some of the important topics that Jain discusses are: 1) Buffett's concept of risk; 2) Estimating intrinsic value of a firm; 3) Diversification; 4) Market efficiency; 5) Dividends; 6) Firm's repurchasing shares; and 7) Psychology, the market and you. Overall, Jain presents a highly readable examination of Buffett's investing approach and offers some new insights. I highly recommend this book.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


3 of 3 people found the following review helpful
4.0 out of 5 stars Another Book Review by the Aleph Blog, February 12, 2011
By 
David Merkel "Aleph Blog" (Ellicott City, MD United States) - See all my reviews
(REAL NAME)   
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
Another Buffett book? Why do we need another Buffett book?

We need another Buffett book because Buffett is a complex guy, and not easily corralled into simple explanations that he himself does not provide. This book attempts to explain Buffett as a growth investor, rather than a value investor.

This distinction is important. Value investors cling to Buffett because of his success and his pedigree. He is the leading successor to Ben Graham, and arguably, the man who protects Graham's reputation. He is an able proponent of value investing, the best example of that being his Appendix to "The Intelligent Investor," called "The Superinvestors of Graham-and-Doddsville." There he argues that value investing is superior to other forms of investing -- look at the excellent results of these =great value investors.

Now, I rejected the logic of the argument, because anyone can pick and choose a bunch of good investors with the same strategy, the same as Michael Covel did when He wrote "Trend Following." Merely because you have found a bunch of successful investors with the same strategy does not mean that the strategy is itself successful. There may be other factors in play.

Buffett the Growth Investor

What is neglected in understanding Buffett is his ability to analyze growth possibilities and the strength of management teams. Once Buffett began to manage a lot of money, he realized that simple value investments would not be enough for him to buy, so he moved to [GARP] Growth at a Reasonable Price. There is no surprise here. There are a lot of investors scouring the markets for cheap deals, but those are typically small and unknown. Big investors have to aim for larger companies that offer growth at a reasonable price.

The author understands the basics of Buffett:

Buffett is value plus growth.
Buffett makes money off of clever insurance underwriting.
Buffett makes money off of dull businesses that earn more than their cost of capital, like utilities and railroads.
Why holding cash is reasonable.
How Buffett views accounting issues, investor psychology, and market efficiency.
How Buffett views corporate governance.
Quibbles

The book reads more like the author's view of how the world should be, while appealing to Buffett as a support for his observations. Be that as it may, it is a book that I would moderately recommend.

Who would benefit from this book

It is a good overall book. If you haven't read a Buffett book, read this. If you only understand Buffett to be a value investor, then read this book.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


5 of 6 people found the following review helpful
2.0 out of 5 stars Cheerleading, May 13, 2012
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
My qualifications: Ph.D. Finance, investor beginning 1967. Not sure what to make of this one. Buffet will and/or will not do certain things. He will NOT invest in IBM (pp.50,51,165,199,207-8,219-20,233.) Great manager David Solkol is "Buffet's eyes and ears" when Buffet does not "completely understand the technology." (P.84.) " Buffet on derivatives: "financial weapons of mass destruction."(p. 21.) Berkshire tried to purchase Long-Term Capital Management, the poster-boy for derivatives gone into the rathole (p.188-90.) Quality and reputation of management are important for making investments (esp. p. 270.) Berkshire invested in Goldman Sachs and General Electric using convertibles--derivative carrying securities of questionable companies. Flip, flop, and fly. I am going to stay with intrinsic value for security selection, thanks. Not in BRK or BRK.B surely.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


4 of 5 people found the following review helpful
5.0 out of 5 stars Chatty Style, Easy To Read, May 11, 2010
By 
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
Dr. Jain's book is among the best finance books I have read in a while. What makes it different from other books I have read are:
1. Conversational style- While Dr Jain provides the reader with ample academic evidence through his graphs and charts, he still maintains an easy to read style that allows the reader to think through the concepts very easily.
2. Core Thesis, or lack thereof- While the book indeed talks about how Buffett is really a growth investor and not just a value investor, it also analyzes the various investment principles Buffett applies time and time again to maximize shareholder value- from a belief in not selling stock to avoid capital gains, to not giving out dividends and having a preference for stock repurchases. There are many facets of his investment style that are worth thinking about, and Dr Jain's book goes into each of them.
3. Organization of the book- the book is organized in short independent chapters that one can read without having read other chapters based on his or her interest. This allows one to read a chapter a day in 15 minutes and makes it a perfect bedtime/ bus companion.
4. Focus on investment style- the book doesn't distract readers with Buffett's personal story, which is ofcourse interesting in and of itself. Rather, the focus on the investment style provides readers with the philosophy that has made Buffett the trusted investor that he is.

I highly recommend Dr Jain's book to everyone interested in Buffett.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


9 of 12 people found the following review helpful
5.0 out of 5 stars Terrific book about investing, March 19, 2010
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
This book goes beyond any prior book about Warren Buffett by explaining (with easy to understand dialogue and examples) exactly what Buffett does and how. The reader will discover both sides of Buffet's investment style - the classical Graham value approach as well as the focus on growth and quality of management. Prior authors essentially ignored the importance of growth to accomplish high returns. More importantly, Prem Jain uses Buffett's investment technique to illustrate how everyone should approach investing. This is a terrific book for both the novice as well as any advanced investor.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


4 of 5 people found the following review helpful
5.0 out of 5 stars An Essential Stock Picking, Portfolio Management, and Business Management Book, March 27, 2010
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
Prem Jain's book, "Buffet Beyond Value", provides a concise, witty and practical synthesis of investment lessons learnt over the last century. This is an essential read for novice or expert investors, academic researchers and practitioners.

I like the clear organization of topics. The book covers a broad range of investment subjects from investment style, sector analysis, market structure and after-tax returns. Prem Jain analyzes each investment subject with academic rigor but presents conclusions in Warren Buffet's folksy manner. Some of the more important but generally ignored ideas presented in this book are the role of psychology in investment performance and the significance of corporate governance in company management. I particularly enjoyed the chapter titled "Who Wins in Highly Competitive Industries?" This chapter provides basic, simple yet effective guidance to a business owner.

Prem Jain has followed Warren Buffet's investment style for the last twenty plus years. He has been to several of the Berkshire Hathaway annual meetings, taught courses analyzing Buffet's investment methods and provided his students opportunities to directly interact with the Sage of Omaha. More importantly, Professor Jain has implemented Buffet's investment methods for his own investments with excellent results over the last two decades.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


4 of 5 people found the following review helpful
5.0 out of 5 stars Buffett's investment approach - clearly explained, May 18, 2010
By 
Bal K. Narang (Pittsford, NY USA) - See all my reviews
(REAL NAME)   
Verified Purchase(What's this?)
This review is from: Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Hardcover)
Given his consistently stellar track record, we all have read and heard a lot about Berkshire Hathaway stock and Warren Buffett, the mastermind behind it. It is but natural to wonder how he is able to perform so well over a span of decades.
Now here comes a book that explains and clarifies the fundamental principles on which his investment philosophy is based. This book not only takes us behind the scenes to explain core ideas but it does so by using real live examples to discuss them. It is done with a clarity that is hard to beat - in such a way as to make it easy for an amateur investor to understand.
I liked the manner in which the book is organized to expound on key points. And revisit them in several different ways along the way as you move from one chapter to the next. I found the layout of chapters to be "modular" so that they can be read independently of one another. At the same time there is a sense of continuity of thought along the way.
At our book club, we read this book as our "book-of-the-month" last month and found it to be very fascinating. So much so that we have decided to form an investement club in order to practice (and have fun) using the investment principles outlines in the book. This is despite the fact that none of the book club members has any prior investment experience.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


‹ Previous | 1 26 | Next ›
Most Helpful First | Newest First

Details

Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing
$27.95 $18.70
In Stock
Add to cart Add to wishlist
Search these reviews only
Send us feedback How can we make Amazon Customer Reviews better for you? Let us know here.