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Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds Paperback


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Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds + The New Buffettology: The Proven Techniques for Investing Successfully in Changing Markets That Have Made Warren Buffett the World's Most Famous Investor + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
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Product Details

  • Paperback: 320 pages
  • Publisher: Scribner; 1st Fireside Ed edition (June 8, 1999)
  • Language: English
  • ISBN-10: 068484821X
  • ISBN-13: 978-0684848211
  • Product Dimensions: 2.2 x 3.3 x 0.3 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (119 customer reviews)
  • Amazon Best Sellers Rank: #196,347 in Books (See Top 100 in Books)

Editorial Reviews

Amazon.com Review

Americans are infatuated with the stock market. The number of households that own stock has increased from around 20 percent in the early 1980s to over 40 percent today. The market offers the hope of quick wealth and early retirement, and just about everyone who is in the market is looking for an edge, from sources such as CNBC and Wall Street Week to the Beardstown Ladies and "The Motley Fool." So it should be no surprise the most successful investor of our time--Warren Buffett--has been the subject of dozens of books and magazine articles. The value of Buffett's company, Berkshire Hathaway, has increased from $18 per share in 1965 to over $70,000 per share today. The interest in Buffett has spawned an approach to investing called "Buffettology," which is the subject of a book by the same name written by Buffett's former daughter-in-law, Mary Buffett.

In Buffettology, Mary Buffett, with the help of David Clark, details Warren Buffett's approach to investing. It's a style of investing based on the work of Benjamin Graham and one that requires a quality that most investors lack--discipline. Mary Buffett writes, "As you read through this book you will come to see that having a business perspective on investing is more about discipline than philosophy.... In short, other people's follies, brought on by fear and greed, will offer you, the investor, the opportunity to take advantage of their mistakes and benefit from the discipline of committing capital to investment only when it makes sense from a business perspective.... You will find that almost everything that relates to business perspective investing is alien to Wall Street folklore.

Buffettology examines Buffett's methods for valuing companies and selecting stocks--it even encourages you to buy a calculator and work through the valuation formulas that Buffett uses when researching companies to buy. The book not only serves as a useful guide to understanding how Buffett invests, it's an excellent primer to investing in stocks, whether you plan to become a Buffettologist or not. Highly recommended. --Harry C. Edwards, Business editor --This text refers to an out of print or unavailable edition of this title.

Review

Stevin Hoover Hoover Capital Management Absolutely the best book ever written on Warren Buffett's investment methods.

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Customer Reviews

I would give this book 2,5* stars.
Straddle1985
The them of the book is how Warren Buffett made his Billions through value investing.
Gr33n4blu3
If I could only recommend one stock investing book, this would be it!
F. Martinez

Most Helpful Customer Reviews

60 of 63 people found the following review helpful By Real Name - Real Name on January 24, 2006
Format: Hardcover
This book is a mixed blessing. I have read a stack of investing texts over the last 10 years, and this is the first to introduce the concept of purchasing a stock on the basis of a calculable return, as one would any other investment such as a bond or T-bill. For this alone the book is worth reading.

It's also a very enjoyable read. I couldn 't put it down. However, part of what made it so rivetting was the promise that the author(s) will (1) teach me exactly how Warren determines which companies to buy, and (2) the later chapters would teach me in detail how to value a stock and determine what price to pay for it just as Warren does. Unfortunately, the first promise falls a little short, and the second promise proves to be a flat-out lie.

Problem 1: She tells us the math is so complex that she had to enlist the aid of a second author to help with that part of the book. But the math turns out to be junior high school level stuff. She shows us a couple of way theat one CAN attempt to calculate a reasonable price for a stock, but does NOT show us how Warren does it, nor does she show any current examples of how we can go about to a stock today.

Problem 2: The truth is, she doesn't know how to apply Warren Buffet's techniques, because if she did, she would have included at least one CURRENT example (at the time of printing). She would have chosen a stock and explained why it is a great investment and would have told us what price to pay for it, and would have shown how she made these determinations. After all, that is why we are interested in learning Warren's methods, so we can buy excellent investments TODAY. Merely showing us how much money he made on some stock he bought 20 years ago doesn't prove that she knows HOW he did it.
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35 of 36 people found the following review helpful By James H. McDuffie on February 9, 2003
Format: Paperback
Although I agree with some reviewers about the origin of the book I believe it should be judged by its merits rather than by whether or not Mary Buffett is capitalizing on her relationship with Buffet's son. The book makes a great deal of sense actually and I have made a great deal of money in the stock market using methods almost identical to those espoused in the book.
However, the authors fail to explain why low debt, high return on equity companies are so attractive. They dance around but never hit the correct answer. This makes me wonder if they really understand it. For the reader's future reference, once this simple fact is truly understood the investor is on his or her way to understanding investment. Another difficulty is that there are mathematical errors in the book and simplistic mathematical calculations. But the errors induced thereby are not large and no one seems to realize that the calculations are just a poor man's replacement for calculus. As someone with a extensive mathematical background I find this perfectly acceptable. Quite frankly, I have never needed more than simple algebra to understand investments anyhow so restricting the reader to this is good. Also, some sections of the book wander about somewhat aimlessly trying to explain rather simple concepts. I just think the authors don't have a quantitative background. As I said above that is ok but these concepts can be explained better in words than they are in the book.
Finally, other reviewers are correct. Mary Buffett using Warren said this and Warren said that etc. throughout the book grates after a very few pages.
But in the final analysis the book is worth the time and effort.
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48 of 53 people found the following review helpful By A Customer on October 1, 1999
Format: Paperback
I've read Robert Hagstrom's "The Warren Buffett Portfolio", Ben Graham's "The Intelligent Investor", James O'Shaughnessy's "What Works on Wall Street", and Peter Lynch's "One Up On Wall Street". "Buffettology" is better than all of them combined. It tells you Warren's basic investment strategies AND the mathematics to calculate what is and isn't a good buy. It goes far beyond just P/E ratios and ROE.

Before I bought the book, I wondered if maybe Mary Buffett didn't really know Warren's investment strategies and was just using her name to sell books. I was wrong. She goes into great detail about how he picks stocks. Far more detail than is in Hagstrom's book or in BRK's Annual Reports (but those are good sources too).
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19 of 20 people found the following review helpful By Value Seeker on March 26, 2005
Format: Paperback
Some people writing reviews of this book have criticised Mary Buffett for cashing in on her former relationship to Warren Buffett. I don't have a problem with that. Everyone who has written a book about Buffett has done it to make money. What I found interesting about this book was that Mary Buffett has not included a single example of her using the information in this book to buy a company's shares in the stock market and make money. Mary Buffett doesn't provide the name of one company she made money on - or her reasoning behind buying it. We all know Warren Buffett can make money in the stock market. Mary Buffett doesn't show us that by using the information in her book she has ever made a dime.

The book is written for a reading level of about junior high school. The book might be helpful to someone that age just getting interested in investing. If a parent has a child that age getting interested in the stock market, this might be an OK present. There is some good information in chapter 16 on the characteristics of excellent businesses and in chapter 18 on where to find information on companies that have shares listed on stock exchanges. A key point made in the book is that there are two separate parts to successfully investing in the stock market: 1) identifying excellent businesses 2) after you have found several excellent businesses buying shares of any of these companies ONLY at times when their shares are trading at low bargain prices.

Warren Buffett's company is Berkshire Hathaway. The best place to learn about Warren Buffett is the Berkshire website. It's free. The quality of the man's writing on business and the stock market (almost) matches his skill as an investor. If you are really interested in learning about investing you will appreciate and enjoy reading Warren Buffett's letters to shareholders posted for free on the Berkshire website far more than this book.
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