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13 of 14 people found the following review helpful
on December 25, 2006
Pardoe has written an easy-to-read book, split up into 24 short chapters. He gives us an insight into the investment method of Warren Buffett, without going into details. It seems that he really had to stretch himself to fill 24 chapters, as some thoughts are repeated in various chapters. "Don't follow the herd", "Practice independent thinking", "Buy when everybody else is selling" are covered in different chapters, although they cover the same thing. The main success factor of Warren Buffett, however, is touched upon only very briefly: Buy companies below their intrinsic value, in other words: Buy the 1-Dollar-bill for 40 cents.
What is this intrinsic value? How do you determine it? How can Buffett forecast future cash flows more accurately than all the other highly paid wall street experts? This is what the reader would like to know!
The reader is not interested in common sense statements like "Buy companies whose products are needed or desired and have no close substitute". Everybody will agree to that, but how do you find such a company before everybody else finds out, and the market cap reflects this potential?
This is a major shortcoming of this book. However, since it is an easy-to-read book, it can be viewed as a good starter for the Buffet investment method, before the reader turns to more serious books like Benjamin Graham's "The Intelligent Investor".
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3 of 3 people found the following review helpful
on January 10, 2008
An excellent primer on value investing. I never thought I would enjoy a book about investing as much I did this one. James Pardoe does an excellent job when he talks about the 24 simple investing strategies that has made Warren Buffett the second richest man in the world. This is not a how to book, but there is very good information in here that will put you on the right path to value investing. We all won't become a Warren Buffett but using these strategies will make you money and you can become your own financial advisor.

Some so-called experts make the world of investing seem like rocket science and that is exactley what they want you to believe. Buffett's strategies are common sense and he has often said anyone with average intelligence can impliment them.

However, as simple as they are, to become a good value investor you must do your homework, know the business you are going to buy and have the proper temperament. Buffett does not use any computer software to analyze a business, the only thing he uses a computer for is to play Bridge online with friends and family. However, he is an avid reader and this book tells you to do the same. Buffett reads six hours a day and the rest of the time he is thinking about what he just read. Before you buy a business you must read, read and read some more.
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4 of 5 people found the following review helpful
on August 12, 2009
Warren Buffett is by far the wealthiest and most famous investor of all time. Why not learn how he achieved his success and follow his example? This is a short book, but features the most important elements of Mr. Buffett's philosophy:

* Buy businesses, not stocks
* Buy companies with competitive advantages or moats
* Practice inactivity, not hyperactivity
* Choose simple and easy to understand businesses
* View market downturns as buying opportunities (2008 and 2009 is a perfect and opportune time)
* Concentrate your investments

Other investment theories may try to persuade investors that it is impossible to beat the market because most money managers cannot. But do they ever tell investors to concentrate investments, meaning not to diversify too much? Of course not. Most money managers fail to beat the market because they own way too many investments. My favorite quote from this book on diversification is:

"If you've found the right stock, why buy only a little?"

I highly recommend this book and any other book that talks about Warren Buffett's investment style. We are fortunate enough that he is willing to share it with all of us.

-Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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1 of 1 people found the following review helpful
This book is a great example of the architectural and design mantra, "form follows function." Its "form" is that of an easy-to-read handbook explaining the basics of value investing. Its "function" is to explain how Warren Buffett, a self-made investor who is now worth about $40 billion, used value investing to make his fortune. Buffett's premise is that people should base their investing strategies on common sense and search out assets that are selling for less than they are worth. For this, you don't need esoteric mathematical formulas; all you need are the guidelines that this book clearly enumerates. Although author James Pardoe often merely reiterates what Buffett has said in his own books, Pardoe deserves credit nevertheless for packing his handbook with illuminating examples and stories. We believe this book will be practical for anyone intimidated by investing, overwhelmed by data or vulnerable to pressure from brokers. In his description of value-investing, Pardoe raises a good question: Why does Wall Street dislike it so much? Buffett's answer: "It's too simple."
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on October 2, 2014
I happened to pick-up this book at a roadside book-cart for 70 rupees (about 1 USD), and it turned out to be a pretty good value investment in itself.

The book does a fantastic job of explaining the simple common-sense principles of Buffet's investment philosophy ("value investing"). The tone is very informal and friendly, so it makes for an easy read. Scattered throughout the book are some great metaphors that make for an entertaining read and also helps get the point across very well.

"focus on the tree rather than the forest"
"don't swing at every pitch"
"you can be the best jockey in the world, but you can't win the race riding a broken-down nag"
"watch the field of play rather than the scoreboard"
"It takes time for an acorn to grow into an oak tree"
"If you are already on the right flower, stay there. Resist the temptation of hyperactivity"
"In the short run, the market is a voting machine; In the long run, it is a weighing machine"

Note that this book is a very basic introduction to Buffet's strategy. It is a "principles" book. It is not a "details" or "numbers" book. You will not find details on *how* to identify businesses with great earnings potential, *how* to measure intrinsic-value of a business, or what is the optimum value of any financial ratio.

To put simply, this book is about the *art* of value investing, rather than the *science*. For the science, one would have to look elsewhere. (other reviewers here have some recommendations).
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TOP 1000 REVIEWERon December 4, 2008
The world of finance and investing strategies are complex. This primer of Warren Buffet's principles of investing is a smart approach and introduction to value investing. Each chapter introduces sound principles upon which James Pardoe, the author, elaborates in a concise format.

This book will not show you what to do or in what company to invest your money. However, this book will give you guidance on how to approach formulating your portfolio.

There are other books that further elaborate the basic principles of Warren Buffet and his mentor, Benjamin Graham.

The Warren Buffett Way, Second Edition

How to Think Like Benjamin Graham and Invest Like Warren Buffett

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)

VERDICT:

This book serves as a stepping stone into the world of Value Investing.

This book is worthwhile if you are looking for an introduction into basic instructions, and is similar to the genre of the Life's Little Instruction Book of the 1980s Life's Little Instruction Book: A Few More Suggestions, Observations, and Remarks on How to Live a Happy and Rewarding Life (Life's Little Instruction Books)

If you're looking for details, look elsewhere. If you want things, plain and simple on Value Investing, this is a good start.
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on December 30, 2007
Firs of all: this book will not make you rich. Nor will explain you a secret which will help you become rich.
After all, it was not written by Warren Buffet himself - that should give you additional warning sign.
This book explains some principles Buffet used in his way to the top, it explains differences between him and many others and many other things, but it doesn't bring any magic formula. Some things you will find in are useful, of course and in general it is worth reading, but in general nothing spectacular. It explains Buffet's general philosophy and strategy, but without some key things: how to find "gold share" and how will you know when you find it. Also, my opinion is that it's applicable to USA only, if you are in Europe - take care. Shares available in some smaller countries are not even close to ones you can buy in USA. But can still offer high revenues if you NOT follow some rules in this book.
Anyway, I would recommend this book to anyone dealing with shares because it gives you some wider perspective and ideas you will not hear from your own broker, but still - use your own head.
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on December 29, 2011
There are dozens of books on Value investing and dozens more on Warren Buffett.
I have read many of those and some. This particular book is concise and deals with the main themes of the Buffett method of Value investing. It is clear from this book that Mr. Buffett has taken from his mentors Graham and Dodd and built upon that with the wisdom of decades of investment. The book is a must for anyone who wants to be a sensible investor, no matter what their style of investment.
A MUST READ.
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on May 19, 2014
This is a book which provides us the strategy followed by Warren Bufftet in simple but effective way.The 24 strategies provides the entire fundamentals required for a value and long term investor. Before reading the book i had a view that investing requires considerable technical knowledge and also was meant only for professionals. But this book has changed my view of investing.
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on September 7, 2013
The information in this book could have been written on 24 pages. It's a very easy, quick read. And I must admit, he got the points across. Because the ideas were simple, they stick in your mind. I now find myself thinking about these ideas with every company I think about investing in.
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