- 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: 22 customer reviews
- Amazon Best Sellers Rank: #702,707 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 successful investment careers of all time. While he's considered the "world's greatest value investor," there's another side to Buffett that is not very well known. Although Buffett has gained recognition for his value investing approach to the markets, the fact is that nobodyover the past fifty yearshas traded and invested with a more diverse group of strategies than Buffett.
Given the fact that Buffett's investment career has spanned five decades and multiple styles and disciplines, is it possible to Trade Like Warren Buffett? It's impossible to trade exactly like Warren Buffett, but with author James Altucher as your guide, you'll come close.
Trade Like Warren Buffett challenges the current coverage of this great investor by including details of all of Buffett's investing and trading methods, including mean reversion, commodities, bonds, arbitrage, market timing, funds, as well as Graham-Dodd. In addition to the value investing approach, this book discusses other, lesser-known trading strategies and techniques that have helped to make Buffett the greatest investor in history. To augment the discussion of each strategy, Trade Like Warren Buffett also includes interviews with leading financial professionals, who reveal in detail how they've successfully used the same techniques.
Altucher skillfully details Buffett's career and uncovers the paths that led to his success. You'll have a front row seat to the best that Buffett has to offer, including:
- The Early Years: Buffett's hedge fund years, when he built his fortune from essentially nothing to about $25 million
- The Middle Years: During the '70s and '80s, Buffett made the full 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 flight to safety from the dot-com bubble as well as a diversification into bonds, silver, fixed-income arbitrage, and ultimately, foreign currencies
There is no one way to sum up Warren Buffett's investment style. But if you're interested in boosting the performance of your portfolio, taking a page from Warren Buffett is the best way to start.
From the Back Cover
"Trading is notoriously tough. But Altucher's new book adds a noteworthy addition to the library on Warren Buffett. He shows a lot of Buffett that isn't readily available in the existing common literature. Definitely required reading for any serious Buffett buff."
Kenneth L. Fisher, Forbes' "Portfolio Strategy" Columnist Founder and CEO, Fisher Investments
"Finally, someone blows apart the myth that Warren Buffett is a buy-and-hold investor. Altucher has given us an insightful and well-written commentary on how Buffett has amassed his track record, and what we can do to emulate him. He details the trade-by-trade examples. This is a must read for anyone wanting to learn about how the Master Investor works."
John Mauldin, author, Bull's Eye Investing editor of Thoughts from the Frontline (www.2000wave.com)
While Warren Buffett is considered the "world's greatest value investor," there's another side to Buffett that is rarely talked about. Although Buffett has gained recognition for his value investing approach to the markets, the fact is that nobodyover the past fifty yearshas traded and invested with a more diverse group of strategies than Buffett.
Trade Like Warren Buffett challenges the current coverage of this great investor by including details of all of Buffett's investing and trading methods, including mean reversion, commodities, bonds, arbitrage, market timing, funds, as well as Graham-Dodd. To augment the discussion of each strategy, Trade Like Warren Buffett also includes interviews with leading financial professionals, who reveal in detail how they've successfully used the 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 your portfolio, Trade Like Warren Buffett can show you how.
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Top customer reviews
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
The author could have been a tad more thorough both in presentation and in analysis. For example, he classifies, Berkshire Hathaway's investment in Cap Cities as a short term trade, which it was not. It was only short term because Disney bought out Cap Cities, after Buffett invested.
"Trade like Buffett" is a useful addition to the Buffett library and reviews some of the strategies that made the "oracle" who he is today. The author does not idolize Buffett and even admits to being jealous of him, but he delivers a brief but interesting tour through some aspects of special situation investing.