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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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Length: 288 pages Word Wise: Enabled

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Business Week A probe inside the head of a financial genius.

About the Author

Mary Buffett is a bestselling author, international speaker, entrepreneur, political and environmental activist. Ms. Buffett appears regularly on television as one of the top finance experts in America.  She has been the principal speaker for prestigious organization around the world.  Ms. Buffett has worked successfully in a wide range of businesses including extensive work as a consultant to several Fortune 500 companies.  She lives in California.

David Clark holds degrees in both finance and law, and in the late seventies was the founding member of the original Buffettologists - a small group of early Berkshire shareholders who studied the investment methods of Warren Buffett. He is now recognized as one of the world's leading authorities on the subject and has written extensively on it. He lives in Warren Buffett's hometown, Omaha, Nebraska, and is the Managing Director of a private investment partnership.

Product Details

  • File Size: 1202 KB
  • Print Length: 288 pages
  • Page Numbers Source ISBN: 0684871742
  • Publisher: Scribner (September 27, 2002)
  • Publication Date: September 3, 2002
  • Sold by: Simon and Schuster Digital Sales Inc
  • Language: English
  • ASIN: B000FC0S7I
  • Text-to-Speech: Not enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Not Enabled
  • Amazon Best Sellers Rank: #228,425 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews

78 of 81 people found the following review helpful By John C. Dunbar on April 1, 2003
Format: Hardcover
This book is an improved version of their original. Particularly better was the coverage on what makes a durable competitive advantage. Also, the formulas and approach was organized better.
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.
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56 of 59 people found the following review helpful By James H. McDuffie on March 5, 2003
Format: Hardcover
Please see my review of the original Buffettology. The comments there largely apply here also. This second book is supposedly written with a down market in mind whereas the first was more bull market oriented. Actually, the second book is a very slightly more sophisticated version of the first where the authors have expanded and clarified several topics. For choosing strong consumer oriented companies with durable competitive advantages the authors include the return on total capital in the selection process. This is simply an additonal filter to what was in the first volume. There is also a more sophisticated study of when to sell a stock and a discussion of what makes a company profitable. This info and a reworded rehash of several chapters of the original are what make up the first 168 pages. There is some new information here that was not in the original. The writing in this first section is better than in the original Buffettology. Most of the remaining holes the reader can fill in with some additional research. Pages 169-189 are a discussion of "Where Warren Is Investing Now." There is definitely overlap with the first book here and a lot of it. There are a few additions however and some are worth noting. The section on arbitrage remains lightweight in this version although that may be good for the average investor. The final sections which deal with the mathematical equations are virtually reproduced from the original Buffettology and the workbook. This is sad for that is the portion of the book which could have used rewriting the most. My comments from Buffettology are still true. The math is not as terrible as some believe but the sections could have been written better. Frankly this is just laziness on the authors' part and nothing else. In the final analysis what is probably most useful to note about both books is that they could have used a good financial appendix and a good financial glossary. The value of these already excellent books would have doubled.
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19 of 19 people found the following review helpful By Joe Waynick VINE VOICE on December 11, 2006
Format: Hardcover
This book is a "most of what you need to know about value investing but didn't know what to ask" approach to the investment philosophy of Warren Buffett. I also own the first book, but didn't review it. This one is much better.

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.
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