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The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of and What You Can Learn From Them [Kindle Edition]

Matthew Schifrin
3.8 out of 5 stars  See all reviews (33 customer reviews)

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Book Description

A practical guide for investors who are ready to take financial matters into their own hands

The Warren Buffetts Next Door profiles previously unknown investors, with legendary performance records, who are proving every day that you don't need to work for a hedge fund or have an Ivy League diploma to consistently beat the best performing Wall Street professionals.

These amazing individuals come from all walks of life, from a globe drifting college dropout and a retired disc jockey to a computer room geek and a truck driver. Their methods vary from technical trading and global macro-economic analysis to deep value investing. The glue that holds them together is their passion for investing and their ability to efficiently harness the Internet for critical investment ideas, research, and trading skills.

  • The author digs deep to find the best of the best, even finding those who are making money during these turbulent times
  • Contains case studies that will explain to you how these great individual investors find and profit from stocks and options.
  • Shows you how to rely on your own instincts and knowledge when making important investment decisions

In an era when the best professional advice has cracked many investor nest eggs and Madoff-style frauds have shattered investor trusts, the self-empowered investors found in The Warren Buffetts Next Door offer an inspiring and educational tale.



Editorial Reviews

Review

‘…an easy read…I'm confident you'll find someone to inspire you in The Warren Buffetts Next Door.' (Interactive Investor Blog, December 2010). ‘The Warren Buffetts Next Door will entertain you' (Fool.co.uk, December 2010).

From the Inside Flap

From February 2001 through March 2010, an investment in a well-run index fund like Vanguard Total Stock Market would have earned you an annual return of less than 2%. The same investment in Warren Buffett's Berkshire Hathaway would have netted 6.25% on average per year. Had you invested in Mike Koza's portfolio, your total return would have averaged 34% per year.

Who's Mike Koza? He's a civil engineer for the Sacramento County Department of Waste Management. He's also one of a growing number of armchair investors taking control of their investment portfolios and routinely beating the Street's biggest names. The Warren Buffetts Next Door is Mike Koza's story, and the stories of nine others like him. And it's your guidebook should you decide to take control of your financial future.

In The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard of and What You Can Learn from Them, Forbes's Matthew Schifrin provides case studies of ten successful investors—everyday people—who are investing in themselves, and in the process, experiencing extraordinary returns. Schifrin details their personal stories, along with their investment strategies, trading philosophies, and rules for investing. You'll learn about:

  • Christopher Rees, who spent close to thirty years of his life roaming from one town to the next working at any job that would pay him enough to continue his travels. Since October 2000, his investments have seen an average annual return of 25% versus 0.21% for the S&P 500

  • Jack Weyland, a former truck driver whose average annual return since July 2002 is 36% vs. 7% for the S&P 500

  • Alan T. Hill, a retired educational software executive whose cumulative return since July 2005 is 1,026% vs. 28% forthe S&P 500

There are more than fifty million online investors. Many of these "amateurs" are achieving professional results without the professional commissions. Their names may never be on the level of a Buffett or a Bogle, but people like Koza, Rees, Weyland, and Hill aren't out to make a name for themselves. They're out to make enough money to enjoy a lifestyle of their choosing. And that's exactly what they're doing. And with The Warren Buffetts Next Door, it's what you can do, as well.

The only real prerequisite to becoming a good investor is committing the time to educate yourself. The Warren Buffetts Next Door offers timeless advice and inspiration for any investor hoping to profit by investing in themselves.


Product Details

  • File Size: 1723 KB
  • Print Length: 224 pages
  • Publisher: Wiley; 1 edition (October 1, 2010)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B0046ZRFZ8
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Enabled
  • Amazon Best Sellers Rank: #394,396 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
69 of 76 people found the following review helpful
2.0 out of 5 stars Not worth the time and not related to Buffett February 21, 2011
Format:Hardcover|Verified Purchase
The idea that individual investors, with some hard work, research and common sense can follow in the footsteps of Warren Buffett is highly appealing. Unfortunately, this book, and its misleading title, prays upon those desires without executing.

I was disappointed by a number of things with this book:

a) it has nothing to do with Warren Buffett or even Buffett style investing. The profiles include trend following traders, technical analyst investors and macro investors. There is an effort to suggest some of them have a value bent but it's a stretch at best.

b) these are not all successful investors. Their "success" is based entirely upon following imaginary portfolios from marketocracy.com. One of them doesn't even follow his own virtual success and only buys mutual funds!! If someone doesn't follow value investing and isn't financially secure, how can you call them a Warren Buffett Next Door?

c) it left me wondering if the book was sponsored by a couple of online investing sites. Marketocracy.com is mentioned on virtually every page.

There were some interesting profiles and the background as to how people get into investing is a good read but this seems like a stretched out magazine article more than a detailed book. And the title is hugely misleading. If you want to invest like Buffett there are many more interesting and relevant options out there.

d)
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41 of 48 people found the following review helpful
2.0 out of 5 stars A disservice to actual investors...... January 31, 2011
By alkemi
Format:Hardcover
There are nuggets of investment wisdom to be found in this book, but why the inclusion of investment advice from individuals who DO NOT actually trade real money? The fact that this book does take that step into the land-of-make-believe and allow paper-traders to wax poetic on investment theory is where I believe it falls irreparably short. I would not go to an avid air-guitarist for lessons on how to actually play the guitar. So why should I, or would I, want investment advice from one who has never actually committed a dollar of his own to the whims of the markets? It's a slap in the face to in-the-trenches investors looking for real-world advice.
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10 of 11 people found the following review helpful
4.0 out of 5 stars Stories of Success January 16, 2011
Format:Hardcover|Verified Purchase
I did enjoy most of the stories and the investment strategies profiled in this book. However, I did not think investors who relied on quant's and what I would classify as day trading belonged in a book with Warren Buffett's name in the title. Mr. Buffett would most likely be very amused when some of the investors didn't know the name of the company they invested in because they used mathematical formulas or charts as a basis for buying part of a company.

Some of the investment returns seemed unrealistic because the amount of money invested in a virtual portfolio was in the millions of dollars. However, the author did say he did not look at the one investors brokerage statement to verify actual rates of return leading one to believe he was able to verify real the rates of return for the other investors profiled.

If you are looking for a book that teaches you how to invest, this book will not get the job done. On the back cover, one of the endorsements says "... their unique styles may not be replicable..." and I have to agree. Some of the participants would not fully disclose exactly how they made their investment decisions.

The take away from this book is anyone can be a successful investor if they are willing to first educate themselves and then put in the time necessary for research to generate above average returns. Overall this is a good book and it may give you some ideas how to improve your own investment returns as some investors reveal screening criteria and the websites they use to perform their due diligence. If nothing else, this book will inspire you to work at improving your own investment returns. And since Mr. Buffett's own investment strategy is not replicable, isn't that why we read books with his name in the title?
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11 of 13 people found the following review helpful
1.0 out of 5 stars Beyond Useless April 20, 2013
Format:Hardcover
I have been investing and reading about investing, business, economics and related topics since the early 1970's, and this book has the distinction of being the absolute worst "investment" book I have ever read. I take no pleasure in trashing this book, but if someone actually used this advice, God help them. I actually threw away this book after reading it, but I wish I had kept it now so that I could quote verbatim from it, because some of the things in it was truly incredible. For example, one of the "investors" is a high-frequency trader with a 3,000 + turnover percentage in his portfolio. He doesn't even know what most of the companies do! Definitely Warren Buffett investing. Not. One profile has what has to be the single most convoluted paragraph I have ever read. It seemed to be basing an investment strategy on the Elliott Wave theory, and it's enough to make my head spin. I cannot believe that a publishing house would actually put out something this terrible. This book is like a gory train wreck, only worse. I think that it is actually irresponsible to publish a book like this. Someone who is simple-minded might actually try some of these "strategies". The horror...
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5 of 5 people found the following review helpful
2.0 out of 5 stars Minimal insight--wouldn't recommend. July 20, 2013
By NYman82
Format:Hardcover|Verified Purchase
Well, the book does contain some novel ideas; however, the majority of the "Warren Buffets Next Door" in this book aren't even using REAL money. Sorry Mr. Schifrin, I'd rather gain knowledge and insight from the Peter Lynch, Bill Gross, and Warren Buffett types who've don't use play dollars. The fact that most of the characters in this book DON'T use real money isn't something that potential readers should overlook. The author tries to dismiss this key fact but there is a certain psychology involved in investing that can't be replicated via "play money" online portfolios. Thanks but no thanks.
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Most Recent Customer Reviews
4.0 out of 5 stars Four Stars
Informative and good as reference book.
Published 1 month ago by Mick Myers
5.0 out of 5 stars Great book
I bought this for my hubby and he liked it.
Published 1 month ago by Sharon
5.0 out of 5 stars Five Stars
Gave it as a gift and the person loved it
Published 1 month ago by Nan Watt
5.0 out of 5 stars Five Stars
fine
Published 2 months ago by R. Chevalier
3.0 out of 5 stars Title and description misleading
The title and description of this book are misleading. These "investors" didn't invest with real money. They are virtual investors who played an internet investing game. Read more
Published 2 months ago by Charles Kincade
5.0 out of 5 stars valuable for traders
Successful entrepreneurs detail how they achieved results. A valuable asset for any trader.
Published 2 months ago by Amazon Customer
5.0 out of 5 stars Five Stars
still reading it, trying to get an insight into the stock market.
Published 3 months ago by Grandma P.
4.0 out of 5 stars Very Good!
Very practical approach for investing. The only thing I would recommend is that readers should be warn regarding the risks implicit when buying stocks
Published 6 months ago by Martin S Panizza
5.0 out of 5 stars Different Styles of Value Investing
These 'different Buffetts each have their own Value Investing method. I learned a lot from studying 2-3 of these people, especially Kai Petainan from UMich'
Published 8 months ago by Sunil V. Kololgi
4.0 out of 5 stars pretty good!
The only problem I sense now in Feb/14 is the book becoming a little dated. But all in all I think it motivates one to keep digging and working on your investment game.
Published 8 months ago by wm gilmore
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More About the Author

Matt Schifrin was born in Brooklyn New, York and grew up on Long Island. He studied economics at Cornell University. After a brief stint at Financial News Network (now CNBC), Matt was hired by Forbes as a reporter-researcher whose primary role was to check facts and report for senior journalists ranging from the late Ben Weberman to award-winning financial reporter Alan Sloan. He spent 15 years as an investigative reporter and editor at Forbes while the magazine was being edited by James W. Michaels. He has been a finalist for an American Society of Magazine Editors National Magazine Award.

In 1999 Matt created Forbes Best of the Web magazine and Web site and later went on to build Forbes Newsletter Group. Forbes publishes and distributes more than 40 investment newsletters. Matt is currently vice president and investing editor for Forbes Media, LLC.

Besides newsletters, Schifrin also oversees Forbes virtual event business, Forbes iConferences, as well as the Intelligent Investing section on Forbes.com. Schifrin is responsible for investing coverage on Forbes including its financial columnists, its Makers & Breakers section and several blogs including its Intelligent Investing blog. Schifrin has appeared numerous times on television and radio, and has spoken at numerous investment seminars. Matt Schifrin lives in Northern, New Jersey with his wife, two children, dog and cat. He enjoys playing guitar, digital photography, fishing and tennis. The Warren Buffetts Next Door is his first book.

You can find out more about Matt at www.mattschifrin.com and get updates on the Warren Buffetts Next Door at http://blogs.forbes.com/schifrin

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