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The Warren Buffett Way, Second Edition
 
 
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The Warren Buffett Way, Second Edition [Paperback]

Robert G. Hagstrom (Author), Kenneth L. Fisher (Introduction), Bill Miller (Foreword)
3.9 out of 5 stars  See all reviews (102 customer reviews) |
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Book Description

Publication Date: October 4, 2005
Buffett is back . . . and better than before!

A decade has passed since the book that introduced the world to Warren Buffett -- The Warren Buffett Way by Robert Hagstrom -- first appeared. That groundbreaking book spent 21 weeks on the New York Times Hardcover Nonfiction Bestseller list and sold over 1 million copies.

Since then, Warren Buffett has solidified his reputation as the greatest investor of all time -- becoming even richer and more successful, despite the wild fluctuation of the markets. How does this value investing legend continue to do it? That's where Robert Hagstrom and the Second Edition of The Warren Buffet Way come in. This edition is a completely revised and updated look at the Oracle of Omaha -- comprising Buffett's numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner. This edition is especially accessible as Buffett's basic tenets of investing are presented and illuminated with relevant and up to date examples.

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Editorial Reviews

From Publishers Weekly

Starting with $10,000 in 1956 and today worth some $8.5 billion, with significant holdings in Coca-Cola, Capital Cities/ ABC and the Washington Post Company, Omaha, Nebr.-based Buffet is a major player on Wall Street. Financial consultant Hagstrom, who did not interview his subject but obtained permission to quote from his Berkshire Hathaway annual reports, here outlines Buffet's iconoclastic tenets for investing. Unlike many entrepreneurs who take over companies to sell them off in bits, Buffet buys and holds. He rejects the "efficient market theory"; he doesn't worry about the stock market; and he buys a business, not a stock. He manages with a small staff, no computers and a "hands off" strategy. Learning his secrets here, now the rest of us can do a Buffet? Illustrations. Fortune Book Club dual main selection.
Copyright 1994 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

Hagstrom, a principal in a Philadelphia investment firm, describes the investment strategies and techniques used by Warren Buffett to realize enormous success as a professional investor. Aiming his analysis at the individual investor, Hagstrom reviews the influence of Buffett's mentors, Ben Graham and Philip Fisher, and illustrates Buffett's synthesis of their investment philosophies. Hagstrom provides case studies of Buffett's major investments, showing the qualities of the companies that had appeal. Buffett's investment philosophy espouses long-term investing, respect for good management, and recognition of the value of a business franchise. This insightful work is a worthwhile complement to Graham's classic writings, considered essential for new investors.
Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1994 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Paperback: 272 pages
  • Publisher: Wiley; 2 edition (October 4, 2005)
  • Language: English
  • ISBN-10: 0471743674
  • ISBN-13: 978-0471743675
  • Product Dimensions: 9.1 x 6.1 x 0.8 inches
  • Shipping Weight: 11.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (102 customer reviews)
  • Amazon Best Sellers Rank: #19,988 in Books (See Top 100 in Books)

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More About the Authors

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Peter Lynch
Robert G. Hagstrom

Customer Reviews

Most Helpful Customer Reviews
414 of 441 people found the following review helpful
By A Customer
Format:Mass Market Paperback
I am continually amazed by the good reviews this book receives; so I finally felt compelled to write. There is nothing in this book that Warren Buffett hasn't already said in his annual letters. Robert Hagstrom revealed his true reason for writing this book when the first paperback edition came out and in it, in fine print, was a notice stating that Hagstrom had started an investment fund designed to invest using Warren Buffett's principles (read: way). That is, he wrote the book so you would learn his name, become confident in his ability to analyze investments like Buffett does, and invest in his fund (which has a hefty expense ratio and has performed quite poorly I understand). So he writes this page book, in which he recommends that if you ever have the chance to read Buffett's annual letters, you should, since they "read like a book on his investment philosophy". I took his suggestion, ordered the back annual letters (sold by Berkshire Hathaway for $15) and found they repeated everything in this book - sometimes word for word (now how could Buffett have known what Hagstrom was going to write?). I get the feeling that Hagstrom has never met Buffett and never discussed investing with him (unlike Lowenstein, Lowe, Train, etc.) and his only research for this book was Buffett's annual letters. I learned more about Buffett's style from Roger Lowenstein's biography. Take Robert Hagstrom's advice and purchase the annual letters; they say the same thing - except Buffett's sense of humor is better.
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157 of 167 people found the following review helpful
Format:Mass Market Paperback
First let me say that the low rating I'm giving does not reflect my opinion of Warren Buffett and his methods in general, but rather specifically this book by Hagstrom.

I was quite disappointed by this book. It seems confused about whether it is an investment guide or historical narrative, and so fails to do an adequate job of either. (For a much more interesting account of Buffett's life and investments, read Roger Lowenstein's biography).

I was hoping this book would explain in specific detail HOW Buffett determines whether a company's shares are undervalued by the market and by how much. However I found that the few explanations in this book are too vague to be of any real practical application in analyzing companies and making investment decisions. The book spends more time detailing WHAT Buffett has invested in, as opposed to WHY. And more time discussing what happened to these companies AFTER Buffett had invested in them, rather than what specifically made them attractive to Buffett beforehand.

Maybe this would be a good enough book for someone to read as an introduction to Buffett, if it wasn't just so boring!

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35 of 37 people found the following review helpful
Format:Mass Market Paperback
The "Warren Buffet Way" never ventures too far from common sense but whether that makes it ingeniously sound or blandly uninspired will be left for the reader to decide. The techniques Warren Buffet employed to attain success (and wealth) are well documented here with summaries of his investments from early life to recent times (1994). Each investment in analyzed through the lense of Warren Buffets economic principles, a blend of widely recognized economic minds and Warren Buffets own basic philosophy, and the result is an appreciation for his business sense and stock selecting ability.

This hindsight review of his choices is partially intended to teach you, the reader, how to make equally good investments and turn a profit without extensive risk. The problem lies in the fact that Buffet's confident simplicity is hard to obtain. The crux of his theory is calculating the intrinsic value of a company through research that is probably second nature to long-time professional investors like Buffet but is vague or downplayed in the book. Technological methods and industry readings are turned down in favor of a physical appraisal of the company and its management and an unexplained calculation of its potential.

But who has the time or money to visit and interview every possible investment they are considering? And to do so when they are only just starting out with little idea of where to start or what is an important indicator of value and while being told to expect only long-term gains? The book tells you to look past the popular and fickle market at the company itself but it is unclear what to focus on. The idea is good, I'll try to put it to good use in my own investing, but its too general to nail down or check off on a list.

Overall though, it will provide an insightful look at one of the richest men in the world. You'll learn some basic investment strategies and a little history. Its not an economic Bible but it may help beat the crowd without going too far over your head.

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Most Recent Customer Reviews
Warren Buffet's methodology on quicken
It's funny to see that Warren Buffet methodology to select strong interest stocks on quicken website fails to give strong interest to IBM stock that Warren Buffet recently bought. Read more
Published 2 months ago by Sergej Ujemov
Nothing original or enlightening
I don't know about Buffet's annual letters, but I have read books that talk about his style/philosophy of investing. And this book seems to do the same. Read more
Published 6 months ago by Kevin Longfo
Very practise
This book must be in front of many business people, many problems of this time don't exist if the traitors politics read this book and love their own
countries
Published 7 months ago by Morgan Palmer
The Warren Buffet Way, second edition
Warren Buffet has a number of very strong followers. Among them is Robert Hagstrom who portrays Buffet as a very practical person who has a masterful understanding of the share... Read more
Published 9 months ago by BG
Best introduction to Warren Buffett's investment philosophy
I read this book as a fledgling value investor along with dozens of other value investment tomes. I found this book to be the most easily understandable breakdown of Warren... Read more
Published 10 months ago by GR
The Warren Buffett Way
This is an excellent look at the investment style of Warren Buffett. It is extremely well written and very clear, I'd even go so far to say that you don't need an in-depth... Read more
Published 14 months ago by Spider Monkey
Interesting read, but light on "strategy"
I enjoyed reading this book, but as one other reviewer noted, you can read all about Warren Buffet's "way" by reading his own writings--many are free online. Read more
Published 20 months ago by Jonathan J. Hall
Excellent book for everyone interested in the stock market!
It's a great book on value investing, but not only in "monetary" terms, but also in "human" terms. I've been investing in the US and Mexican market for about 12 years, and always... Read more
Published 22 months ago by Raul A. Medina Nussbaum
Good, Practical, Easy to Understand Summary of the Buffett Way
An excellent, nuts and bolts discussion of Warren Buffett's investment thesis and strategy. After about a 75 page background on Buffett, Berkshire and the Buffett history and... Read more
Published 22 months ago by Edward J. Barton
Worth Reading but not Very Insightful
You know that Buffett buys stocks based on a "margin of safety" concept, buys only a handful of stocks (focused portfolio) of companies that are simple and easy to understand, and... Read more
Published on May 14, 2010 by Mr. Wan
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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Inside This Book (learn more)
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
investing guidelines, managing your portfolio, value tenets, security analysis, financial tenets, average return, consistent operating history, management tenets, business tenets, owner earnings, reinsurance group, focus investing, pretax margins, true investors, textile group
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Berkshire Hathaway, Washington Post, Wells Fargo, United States, Katherine Graham, Charlie Munger, Ben Graham, Benjamin Moore, Fruit of the Loom, Wall Street, Pampered Chef, American Express, Larson Juhl, Fixed-Income Securities, John Burr Williams, Bill Ruane, National Indemnity, Our Main Business Is Insurance, Sequoia Fund, Fort Worth, Doris Christopher, The Psychology of Money, Benjamin Graham, The Unreasonable Man, The Intelligent Investor
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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