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Customer Review

86 of 93 people found the following review helpful
2.0 out of 5 stars Not worth the time and not related to Buffett, February 21, 2011
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This review is from: The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of and What You Can Learn From Them (Hardcover)
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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Showing 1-2 of 2 posts in this discussion
Initial post: Mar 17, 2012 6:24:59 PM PDT
Last edited by the author on Mar 17, 2012 6:35:32 PM PDT
RogerDoger says:
While the book could have been better titled, only one of the traders, Justing Uyehara, was the trend follower, active trader type. Another subscribed to Elliot Wave theory along with incorporating a value approach. It should be noted Paul Tudor Jones also gives some credence to Elliot Wave theory.

Most of the investors were value oriented.

One of the investors does not follow the investment methodology he uses in Marketocracy and that is because he is basically a kid, a college student, who lacks the capital to buy positions in twenty or so stocks that his method requires.

Marketocracy was not metioned on every page, however it was used as the selection pool, so of course it would be mentioned now and then.

People keep harping on the fact that these returns were the result of paper trading as if somehow this invalidates the results. This seems very illogical and short sighted to me. They still had to pick investments with all the same unknowns as if they were placing real bets. The only difference is that they didn't invest actual funds. Therefore the only difference in that case is the psychological aspect which will be different from investor to investor since all investors have different risk tolerances. Further these results were achieved over several years. Joe Greenblatt essentially did the same thing with his book, "The Little Book Beat that Beat the Market". In some respects this is no different than back testing which many investors and traders do all the time, at least the smart ones, to test out various investment strategies. Read about Bridgeport Capital, one of the largest and most successful hedge funds in the world.

As the old saying goes you can lead a horse to water but you can't make it drink.

Posted on Oct 1, 2015 7:45:08 AM PDT
Last edited by the author on Oct 1, 2015 7:46:07 AM PDT
DC says:
dmreader said, "If you want to invest like Buffett there are many more interesting and relevant options out there."

What relevant reading options (on Buffett) would you suggest?

Btw, thanks for your review. It helps!
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