- Hardcover: 246 pages
- Publisher: Wiley; 1 edition (February 11, 2005)
- Language: English
- ISBN-10: 0471655848
- ISBN-13: 978-0471655848
- Product Dimensions: 6.4 x 1 x 9.3 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 23 customer reviews
- Amazon Best Sellers Rank: #1,139,219 in Books (See Top 100 in Books)
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Trade Like Warren Buffett 1st Edition
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From the Inside Flap
Warren Buffett has had one of the longest and most successfulinvestment careers of all time. While he's considered the "world'sgreatest value investor," there's another side to Buffett that isnot very well known. Although Buffett has gained recognition forhis value investing approach to the markets, the fact is thatnobodyover the past fifty yearshas traded and investedwith a more diverse group of strategies than Buffett.
Given the fact that Buffett's investment career has spanned fivedecades and multiple styles and disciplines, is it possible toTrade Like Warren Buffett? It's impossible to trade exactly likeWarren Buffett, but with author James Altucher as your guide,you'll come close.
Trade Like Warren Buffett challenges the current coverage ofthis great investor by including details of all of Buffett'sinvesting and trading methods, including mean reversion,commodities, bonds, arbitrage, market timing, funds, as well asGraham-Dodd. In addition to the value investing approach, this bookdiscusses other, lesser-known trading strategies and techniquesthat have helped to make Buffett the greatest investor in history.To augment the discussion of each strategy, Trade Like WarrenBuffett also includes interviews with leading financialprofessionals, who reveal in detail how they've successfully usedthe same techniques.
Altucher skillfully details Buffett's career and uncovers thepaths that led to his success. You'll have a front row seat to thebest that Buffett has to offer, including:
- The Early Years: Buffett's hedge fund years, when he built hisfortune from essentially nothing to about $25 million
- The Middle Years: During the '70s and '80s, Buffett made thefull transition from successful hedge fund manager to operator,asset allocator, and insurance company magnate
- The Later Years: During the '90s and '00s, there was a flightto safety from the dot-com bubble as well as a diversification intobonds, silver, fixed-income arbitrage, and ultimately, foreigncurrencies
There is no one way to sum up Warren Buffett's investment style.But if you're interested in boosting the performance of yourportfolio, taking a page from Warren Buffett is the best way tostart.
From the Back Cover
"Trading is notoriously tough. But Altucher's new book adds anoteworthy addition to the library on Warren Buffett. He shows alot of Buffett that isn't readily available in the existing commonliterature. Definitely required reading for any serious Buffettbuff."
Kenneth L. Fisher, Forbes' "Portfolio Strategy" ColumnistFounder and CEO, Fisher Investments
"Finally, someone blows apart the myth that Warren Buffett is abuy-and-hold investor. Altucher has given us an insightful andwell-written commentary on how Buffett has amassed his trackrecord, and what we can do to emulate him. He details thetrade-by-trade examples. This is a must read for anyone wanting tolearn about how the Master Investor works."
John Mauldin, author, Bull's Eye Investing editor of Thoughtsfrom the Frontline (www.2000wave.com)
While Warren Buffett is considered the "world's greatest valueinvestor," there's another side to Buffett that is rarely talkedabout. Although Buffett has gained recognition for his valueinvesting approach to the markets, the fact is thatnobodyover the past fifty yearshas traded and investedwith a more diverse group of strategies than Buffett.
Trade Like Warren Buffett challenges the current coverage ofthis great investor by including details of all of Buffett'sinvesting and trading methods, including mean reversion,commodities, bonds, arbitrage, market timing, funds, as well asGraham-Dodd. To augment the discussion of each strategy, Trade LikeWarren Buffett also includes interviews with leading financialprofessionals, who reveal in detail how they've successfully usedthe same techniques.
There is no one way to sum up Warren Buffett's investment style.But if you're interested in boosting the performance of yourportfolio, Trade Like Warren Buffett can show you how.
Top customer reviews
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The book is lacking in too many areas to illustrate them all. I'll use the chapter on merger arbitrage as an example. Mr Altucher mentions some studies on merger arbitrage and how you can improve your success rate. He completely fails mention Graham's criteria for entering a merger arbitrage transaction as stated in the Intelligent Investor. The criteria are annualized 20% expected return and an estimated success probability of 80% or greater. Buffett probably still uses these. His overall treatment of merger arbitrage is woefully superficial. Anyone can calculate the return on capital if the merger succeeds. How do you determine the expected return on capital if the merger fails? How can you determine the implied probability of success from current market pricing? These and many other critical areas to one who practices merger arbitrage are not discussed.
While the book is not written in sufficient detail to actually be useful, Mr Altucher did cite many academic studies that I am anxious to read when I have the time. Mr Altucher, you got me. You put "Buffett" in the title and I bought the book.
True, some of Buffett's holdngs are shorter than others, but in a CNBC interview with Ron Insana, he said sure he sells.
He made pretty good money using other strategies, but unfortunately many of these opportunities do not exist in the same way as they did years ago. The reason for this is the Internet and the growing number of hedge funds exploiting these same opportunities. I found it interesting to learn how Buffett evolved as the financial environment was changing. I think that Buffett's experience with so many investment strategies gives him an edge over other money managers because it makes him well-rounded.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market