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The New Buffettology: The Proven Techniques for Investing Successfully in Changing Markets That Have Made Warren Buffett the World's Most Famous Investor Kindle Edition
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Top Customer Reviews
By reading the negative reviews of this book and its original you will find that this is a book written to be easily read. The authors did a great job of cleaning up the the "I knew Warren" tone of the first book.
The only drawback of this book is its over-simplifying the complications that can occur when you do a value approach - particularly when you look at real data. Still, this new book gives many examples to walk the reader through the methodology.
There is no statistical results shown that this method does indeed beat the market. You have to take it on faith that this methodology is used by Buffet, that it is what produced his great success, and that it can be duplicated in today's market.
Still, this is a great book, and I recommend it to investors, and to businessmen who need to understand more about "durable competitive advantage" and the kinds of businesses they should be creating. There is much more that needs to be said about competitive advantage. There are several books on this (starting with Michael Porter). This book gives a simplified version.
I think it is important to know that Buffet is not a Jack Welch type of manager. I would say he is closer to a Harold Geneen in that he is more of a "rentier" than a get-in-the-trenches manager/leader like Welch. This effects his choice of businesses. His approach is to own the only gravel pit in the county, and milk it for many years. This is certainly a good approach, but one that is difficult to pull off because a competitive advantage is difficult to hold on to.Read more ›
The New Buffettology is a book of examples. I think that's what I like most about it. It has plenty of theory about the importance of a company having a durable competitive advantage, honest and able management, staying within a circle of competence, ensuring a margin of safety exists, how interest rates affect stock prices, and more. That's great, but the rubber hits the road with the numerous case studies of actual Buffett investments and how he applied the above concepts to help him decide to invest in Coca Cola, Gillette, the Washington Post, and Geico, to name a few.
Along with the case studies come the formulas. Lots and lots of formulas. Does the company have strong earnings with an upward trend? Plug 10 years worth of earnings into your spreadsheet and calculate the annual earnings growth rate. Does the company return an above average Return-On-Equity? Mary Buffett & David Clark show you how to break out those Value Line reports and plug in 10 years worth of ROE numbers into your spreadsheet to calculate the average annual return on shareholders equity for the last decade. What's the stock's value relative to a Treasury bond? You'll learn how to calculate the answer here.
The exercises go on case study after case study. I love it. Roll up your sleeves; dust off your BA-35 solar calculator and get ready to rock. If you want the skinny on value investing ala Buffett style, you had better be prepared to get your hands dirty because this is a thinking investor's book.
This book doesn't just TALK about financial analysis.Read more ›
Most Recent Customer Reviews
Of the somewhere around 50 books I've read on finance, this is in my top 3 recommendations, to be sure. Read morePublished 7 days ago by Matthew Waterman
I have the older edition, and this edition, and I believe an Audible version too. Just a great compilation of principles that Warren Buffett follows in his investing. Read morePublished 1 month ago by Bogumil K. Baranowski
Fantastic and simple to read and simple to understand. This book takes the mystery out of investing for us beginning investors.Published 3 months ago by Brad
The New Buffettology ( TNB )book is the nitty gritty of Buffett's knowledge. You better read The Tao of Warren Buffett first before you read this book. Read morePublished 18 months ago by Alfredo Atwater