Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor [Hardcover]

Robert P. Miles (Author)

Book Description

Publication Date: March 29, 2004

The strategies and techniques of THE investment legend
Warren Buffett Wealth follows the world's greatest investor from the beginning of his career, as he takes a 100-dollar investment and turns it into one of the most successful multibillion-dollar companies in the world. By carefully detailing how Buffett began his career and discussing what he learned from Benjamin Graham, this book reveals the true secrets to Buffett's success. Readers will see how Buffett reached the pinnacle of his profession by following certain key principles such as investing in old-style traditional American companies, holding the companies forever, and hiring and keeping the same managers.
Robert P. Miles (Tampa, FL) is a writer, speaker, and consultant. He is also the author of The Warren Buffett CEO (0-471-44259-3) and 101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway (0-471-41123-X).

Editorial Reviews

From the Inside Flap

Warren Buffett is both a unique investor and individual. He is one of the few to ever become a billionaire by investing in the stock market, yet he still does his own tax return, has never issued himself stock options, and doesn’t want or need a building with his or his company’s name on it.

Not too long ago, several members of the media and the investment community were writing off Buffett’s investment principles and style as not being in step with technology investments and new methods of investing. But time has proven these critics wrong. Now, more than ever, the principles, values, and methods used by Buffett to create wealth are sought after and carefully considered.

Warren Buffett Wealth does not discuss any of the latest get-rich-quick investment fads. Instead, it focuses on the straightforward, ethical factors and principles of building wealth, sustaining it, and passing it on to future generations for the betterment of society.

Written by longtime Buffett expert Robert Miles, this book outlines the principles and practical methods that have made Buffett one of the greatest investors of our time. You’ll learn how to be the best by studying the best and discover how Buffett has built his wealth over time–not overnight. Through careful observations and in-depth research, Miles examines Buffett’s philosophy and illustrates how you can apply it in your own investment endeavors. Some of the topics discussed will help you:

• Discover what kind of investor you are
• Develop an investment philosophy
• Understand what you own
• Invest in Main Street, not Wall Street
• Learn from Buffett’s investment mistakes

Take-away exercises found at the end of each chapter will further your understanding of the philosophies, principles, and practical methods used by Warren Buffett.

As a value investor and a value manager, Warren Buffett has become one of the world’s richest citizens. His wealth principles and methods are available to anyone who chooses to use them. With Warren Buffett Wealth as your guide, you’ll learn how to become wealthy in both the stock market and in life.

From the Back Cover

Praise for WARREN BUFFETT WEALTH

Open your mind and prepare to learn proven investment and wealth-building methods and philosophies from the greatest investor of all time.

"Australian audiences are totally captivated by the investing principles of Warren Buffett . . . convinced that these simple methods work anywhere in the world."
–Peter Spann, Founder and CEO, Freeman Fox

Australia’s foremost wealth educator

"Warren Buffett Wealth teaches that indeed it is possible to create a fortune without compromising your principles."
–Norman Rentrop, founder and Chairman

Rentrop Publishing, Bonn, Germany

"This book paints a picture of capitalism at its finest. Creating wealth by building an enterprise, unleashing the capital inside the business by selling to Berkshire, preserving the unique management culture and values, and passing the wealth on for the benefit of others. A beautiful and masterful showcase of the circle of wealth."
–Bill Child, Chairman, R.C. Willey Home Furnishings, Salt Lake City, Utah

See all Editorial Reviews

Product Details

• Hardcover: 272 pages
• Publisher: Wiley; 1 edition (March 29, 2004)
• Language: English
• ISBN-10: 0471465119
• ISBN-13: 978-0471465119
• Product Dimensions: 9.1 x 6.3 x 1 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #191,213 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

14 of 14 people found the following review helpful:

4.0 out of 5 stars A good read for starters, October 16, 2004

By 

Poh Teck Leng (Singapore, Asia) - See all my reviews

This review is from: Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor (Hardcover)

Design of book:
Chapters headings and sections headings are structured to be captivating and clear, making it easy to convey the purposes and meanings of the principles.

Content:
The initial chapters of the book build on some of Buffett's stories and are intended to persuade the reader into following Buffett's principles of investing. You will unfold more of Buffett ways as you read, but most of the essential tips are already mentioned in the first half of the book. The later chapters merely serve as unnecessary elaborations. Principles and examples are also recycled at the later chapters giving readers a feeling that they were reading the book again, before they finished reading.

Buffett debunks the Efficient Market Theory (EMT) by emphasizing on knowing the stocks you buy, buying at a discount and his track records. He also believes that knowledge of basic finances and accounting (GAAP) are necessary to value businesses. However, it will be hard to replicate his success given the difficulties of finding under-valued firms and attaining his wealth of experiences in interpreting annual reports.

For who:
More for first-time readers of Buffett's principles and books, though the author suggests that readers of other Buffett books would find it beneficial as well. Like most books, its persuasive content might not be relevant for readers who are already believers of his principles.

This is also not a `get-rich at once' book. Further readings like The Intelligent Investor and Security Analysis (both written by Benjamin Graham) are necessary for savvy investing. Discipline, morals and experiences are also vital when following his principles.

Readers should also have the mature mindset to determine the usefulness of some principles, which might be out-dated in today's context. In fact, the reason behind the popularity of Buffett and his principles are due to his simple and conservative approach towards investing, something which simple people are attracted to at the start.

5 of 5 people found the following review helpful:

4.0 out of 5 stars Insightful!, August 5, 2004

By 

Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
(HALL OF FAME REVIEWER)    (TOP 500 REVIEWER)    (REAL NAME)   

This review is from: Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor (Hardcover)

Warren Buffett is a legendary financial wizard who has built a fortune based on the principles of value investing. Many volumes have been written about his investing approach, but Robert P. Miles' treatise is a bit different from most of the others. The author is obviously a great fan of Buffett - at times, the book borders on plutocratic hagiography - but his all-encompassing admiration lends his work a distinctive tone. Reading this exposition is like hearing a star-struck fan discuss the techniques of a favorite movie star. Dazed admiration helps Miles see patterns, connections and details about Warren Buffett that you might not find in a more objective or more focused tome. If you want a nitty-gritty, pros and cons analysis of Buffett's investing style, go elsewhere. If a down-home and frankly admiring analysis, complete with investing advice based on Buffett's principles, is more your style, we assure you, you've come to the right place. No naysayers allowed.

3 of 4 people found the following review helpful:

5.0 out of 5 stars definitely the best book written on Warren Buffett, June 19, 2004

By 

maarten verheyen (Belgium) - See all my reviews

This review is from: Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor (Hardcover)

I've read a lot of books on Warren Buffett and this one is the best reading on the topic available. Robert Miles shares some unique insights into the strategies of this brilliant investor.