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The Warren Buffett Way Kindle Edition

by Robert G. Hagstrom (Author), Howard Marks (Foreword), Bill Miller (Foreword), Format: Kindle Edition
4.7 4.7 out of 5 stars 2,588 ratings
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Warren Buffett is the most famous investor of all time and one of today’s most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett's spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett.

New material includes:

  • How to think like a long-term investor – just like Buffett
  • Why "loss aversion", the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome.
  • Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett's investing success
  • Analysis of Buffett's recent acquisition of H.J. Heinz and his investment in IBM stock

The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett's approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.

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  1. Print length
    388 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    September 13, 2013
  5. File size
    5091 KB
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The Warren Buffett Way, 30th Anniversary Edition (Wiley Investment Classics)
The Warren Buffett Way, 30th Anniversary Edition (Wiley Investment Classics)
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  1. “An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.”
    Highlighted by 1,103 Kindle readers
  2. He looks for companies he understands, with favorable long-term prospects, that are operated by honest and competent people, and, importantly, are available at attractive prices.
    Highlighted by 1,095 Kindle readers
  3. 1. Focus on return on equity, not earnings per share. 2. Calculate “owner earnings” to get a true reflection of value. 3. Look for companies with high profit margins. 4. For every dollar retained, make sure the company has created at least one dollar of market value.
    Highlighted by 949 Kindle readers
  4. The key lesson that Buffett took from Graham was: Successful investing involves purchasing stocks when their market price is at a significant discount to their underlying business value.
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More to Explore: See More Warren Buffett Guides



 Title The Warren Buffett Way, + Website The Warren Buffett Way Workbook The Warren Buffett Way Video Course Guide Type Professional Guide Workbook Video Course Audience Level Professional Professional Professional Pages 320 224 DVD List Price $29.95 $24.95 $40.00 Publication Date September, 2013 September, 2013 September, 2013 Author(s) Hagstrom Hagstrom and Rhodes Hagstrom Imprint Wiley Wiley Wiley ASIN 1118503252 1118574710 1118614402 Edition 3 1 1 Brief Description Third edition of the international bestselling guide to Warren Buffett's investment methods - completely revised and updated. Consists of over 500 questions and answers to help apply and reinforce learning from The Warren Buffett Way third edition. A video course by Robert Hagstrom that accompanies The Warren Buffett Way book and workbook. Can be used as a standalone or as enhancement to the book.

From the Inside Flap

Over an investment career that is six decades and counting, Warren Buffett has confronted countless challenges and navigated his way to unparalleled success. His humility, integrity, and intellectual spirit have endeared him to millions of investors around the world, and continue to ignite intense interest in how he goes about his business. That's why Robert Hagstrom has returned with the Third Edition of The Warren Buffett Way.

Despite the avalanche of information available to today's investor, many still struggle to earn a profit. But far above the market madness stands the insights and experience of Warren Buffett. In this latest edition of The Warren Buffett Way, Hagstrom puts the "Oracle of Omaha's" investment philosophy in perspective, while revealing how you can incorporate his effective approach into your own endeavors.

Opening with an engaging look at Buffett's personal and professional history, this timely book quickly moves on to introduce the individuals from Benjamin Graham and Philip Fisher to Charlie Munger who influenced the way Buffett looks at investing.

From here, Hagstrom begins to breakdown Buffett's methodology and makes a case for why what Buffett does is "not beyond anybody else's competence." You'll become familiar with Buffett's proven approach to selecting stocks as well as buying businesses both of which follow a similar pattern built on timeless principles codified into twelve tenets. You'll discover firsthand how his principles are applied to many Berkshire Hathaway purchases, including the classic purchase of Coca-Cola and more recent transactions involving IBM and Heinz. And after learning how to make rational decisions about which stocks to buy, Hagstrom shows you how to pull it all together by addressing why Buffett thinks focus investing greatly simplifies the task of portfolio management. Along the way, you'll gain essential insights into the psychological challenges of managing a Warren Buffett portfolio as well as the role of patience in long-term investing.

Warren Buffett's career of successfully managing money spans nearly sixty years. Integrating his tenets into your thinking and basing your investment decisions on them may not make you billions, but it will put you in a better position to improve your portfolio's bottom line over time.

Product details

  • ASIN ‏ : ‎ B00FAMMZN8
  • Publisher ‏ : ‎ Wiley; 3rd edition (September 13, 2013)
  • Publication date ‏ : ‎ September 13, 2013
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 5091 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 388 pages
  • Customer Reviews:
    4.7 4.7 out of 5 stars 2,588 ratings

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Robert G. Hagstrom

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Customer reviews

4.7 out of 5 stars
2,588 global ratings

Customers say

Customers find the book useful and inspiring. They also say it provides a good source of information, pointers, and understanding of the industry. Readers mention the 12 business tenets are especially useful.

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ReadabilityInformation quality
50 customers mention "Readability"50 positive0 negative

Customers find the book useful, excellent, and inspiring. They say it's well-written, easy to digest, and the tenets are great checklists for thinking as they evaluate the merits of a company.

"...Full of knowledge and construct in a very clean and easy to understand way to help someone like me with concrete steps to use." Read more

"nicely summarized investment principleas well as good background necessary knowledge with persuasive explanation..." Read more

"...His tenets are great checklist for your thinking as you evaluate the merits of a company and its value and then apply a margin of safety to figure..." Read more

"It’s a good read about investments in stocks. But it’s easier to just use his portfolio because it’s really good." Read more

19 customers mention "Information quality"19 positive0 negative

Customers find the book a good source of information, providing pointers for following the most successful investor of the last 50 years. They appreciate the 12 business tenets and examples. Readers also say the book provides an understanding of the industry and incisive study of Warren Buffett's investment and thought processes.

"...This book is the exact thing that I wished for. Full of knowledge and construct in a very clean and easy to understand way to help someone like me..." Read more

"nicely summarized investment principleas well as good background necessary knowledge with persuasive explanation..." Read more

"...Here it provides an understanding of the industry and having hands on experience does help but in not letting money be your guide is best...." Read more

"An excellent book with a detailed insight of the best investor known...." Read more

Top reviews from the United States

Oded Regev
5.0 out of 5 stars Excellent book to complement Berkshire annual letters
Reviewed in the United States on May 17, 2023
Verified Purchase
I got deep into the Warren Buffet rabbit hole in the past year. Got to read all of Berkshire annual letters. I searched for a good complementary book that will allow me to learn more directly about how can I use WB methods in my own portfolio selection. This book is the exact thing that I wished for. Full of knowledge and construct in a very clean and easy to understand way to help someone like me with concrete steps to use.
6 people found this helpful
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Kyungbae Kim
5.0 out of 5 stars enjoying legendary stories of the investment giant
Reviewed in the United States on October 7, 2017
Verified Purchase
nicely summarized investment principle
as well as good background necessary knowledge with persuasive explanation

I personally got the answer to my life long unsolved question; what does common stock investment (especially in the secondary market) really contribute to the society really? (other than just betting on the company’s share price which gives no additional value either to the company nor to the society)

the answer I realized is that becoming long term value investor could contribute to both the company and society because it helps to find right share price eventually and sound investment environment
8 people found this helpful
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Karol
4.0 out of 5 stars Good book
Reviewed in the United States on August 24, 2020
Verified Purchase
If you want to learn about Warren Buffet and his way of investing I believe this is a good book to start with.
One person found this helpful
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Amazon Customer
5.0 out of 5 stars Chew, enjoy and digest the Buffett Way
Reviewed in the United States on October 25, 2014
Verified Purchase
I am not finished yet merely half-way into the book but I wanted to review this book; I just could not wait ;-) to tell you all about it. I am taking my time and digesting it all because the meat needs to be chewed, enjoyed and digested thoroughly. I am enjoying each aspect of this book and can't say enough...............I am loving this book.

I have purchased several books pertaining to Buffett and have followed him and his work for a few years. I was interested in him not only because of his investments but his character is to be rewarded; money isn't everything. I have not finished the other books that I have purchased about him but want to be able to absorb this one first before moving forward into the others. Nor have I gotten a chance to delve into the website yet, I can't wait.

This book helps you to see and delve into the ways into which Buffett processes his investments but also shows how his upbringing, mentors and experiences has helped him in his investment endeavors and the investment choices that he makes as seen in Chapter 2: The Education of Warren Buffet. Here it provides an understanding of the industry and having hands on experience does help but in not letting money be your guide is best. Once you understand then you can make better and educated decisions.

Everyone may not be able to have the same types of successes as Buffett has had but to understand the method behind the man says a lot. Robert G. Hagstrom does a good job in breaking down the book. As in Chapter 4: Common Stock Purchases - Nine Case Studies in the tenets that he uses are valuable from Simple and Understandable and Price Point to Candor/Rationality. Stay tuned for a follow-up from me once I finish the book and review the website.

Up unto this point this book is Highly Recommended.
23 people found this helpful
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Joshua
5.0 out of 5 stars Practical advice on Buffett-like Value Investing
Reviewed in the United States on December 12, 2014
Verified Purchase
I have read many books on value investing. This is far and away among the top books that I will re-read over the years to come. (Others include The Intelligent Investor; The Most Important Thing; Common Stocks, Uncommon Profits; The Essays of Warren Buffett; and Margin of Safety). Mr. Hagstrom has put together a great primer on how to evaluate a company as an investment. His tenets are great checklist for your thinking as you evaluate the merits of a company and its value and then apply a margin of safety to figure out if it is attractively priced. I would highly suggest that you also purchase something along the lines of William Sahlman's Note on Free Cash Flow Valuation Models available through Harvard Business Review if you're now sure how to perform a discounted cash flow model. I would definitely recommend buying and studying this book.
46 people found this helpful
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Ash W
5.0 out of 5 stars Gift it
Reviewed in the United States on January 11, 2024
Verified Purchase
bought as a gift, recipient was happy
One person found this helpful
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dan
5.0 out of 5 stars It’s a book by Robert Hagstrom, best portfolio manager.
Reviewed in the United States on August 6, 2022
Verified Purchase
It’s a good read about investments in stocks. But it’s easier to just use his portfolio because it’s really good.
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TN Colby
5.0 out of 5 stars Great Book
Reviewed in the United States on January 2, 2020
Verified Purchase
This is a great book with insight into Warren Buffett's style of stock picking. I would not recommend the workbook that companies this book. I liked this book enough I gave a copy to my nephew who's interested in learning about investing. Two other books that partner well with this are Warren Buffett's Three Favorite Books and Warren Buffett Accounting by Broderson and Pysh.
4 people found this helpful
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Top reviews from other countries

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Raphael Cavalcanti
5.0 out of 5 stars Excellent! Amazing book
Reviewed in Canada on March 8, 2022
Verified Purchase
Excellent! Amazing book for all investors strategies.
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João Curral
2.0 out of 5 stars Encomenda com danos
Reviewed in Spain on September 14, 2023
Verified Purchase
 
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João Curral
2.0 out of 5 stars Encomenda com danos
Reviewed in Spain on September 14, 2023

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Dama Demolizioni
5.0 out of 5 stars Ottimo libro
Reviewed in Italy on February 18, 2023
Verified Purchase
Per la scuola
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Neelesh Das
5.0 out of 5 stars Incredible and Outstanding Book
Reviewed in India on August 9, 2021
Verified Purchase
The Warren Buffett Way Investment is a patience game. All investors need to have patience to become successful one. In this book, “The Warren Buffett Way”, written by Robert G Hagstorm has given several key aspects of Warren Buffett ideology in stock market investment. We all know Buffett has accumulated all of his wealth by investing in stock market. According to him there is no significant difference between buying a business outright and buying a piece of business in the form of share of stock. Thi s book has been divided into eight chapters; each chapter has given a significant lesson for the investors to accumulate wealth in stock market. Chapter 1: A Five Sigma Event: The World’s Greatest Investors Chapter
2: The Education Of Warren Buffett Chapte r 3: Buying a Business: The Twelve Immutable Tenets
Chapter 4: Common Stock Purchase: Nine Case Studies Chapter
5: Portfolio management: The Mathematics of Investing Chapter
6: The Psychology of Investing
Chapter 7: The Value of Patience
Chapter 8: The Wor ld’s Greatest Investors

Key Takeaways:
❖ Business Tenets: While investing in stock market Buffett doesn’t think about the market theory, macroeconomic factors, sectors trends etc. He focuses on,
• Concept Of Business: Invest in those stocks which is relevant to understand their business models for you . Before investing all the investors need to have a clear generated models idea about the mode of operations, revenue , capital allocation model, cash flow etc. Understanding the business model allows investors to manage their portfolio efficiently.
• Consistent Operating History: All businesses need to have consistency in their operation. If a business is able to generate consistent result over a period of time wi th same product and services, then it is reasonable to assume that those result will continue .
Favourable long-Term Prospect: Every organisation needs to have long term plan sustainable planning. While investing investors need to have focus on long term prospect of business.
❖ Management Tenet: Organisation can’t be succeeded in long term if the management is not honest and consistent. Role of the managers is not only to make organisation profitable but also to efficient allocation of capital for creating shareholders wealth. Managers need to be,
• Rational
• Candor: Management need report company’s performance with genuinely before shareholders and admits mistakes as well as share success.
Strong management can make the company’s head held high. Every individual investors need to analyse behaviour of management before investing.
❖ Financial Tenets: One of the most important tenets of investing is to analyse the financial position of an Organisation. Investors need to invest by keeping following things in mind,
• Chose those companies whose profit margin is high to avoid loss.
• The value of the company should be accurate with the share price.
• Past Performance of the company and how management has accomplished its goal of creating shareholders value.
❖ Market tenets: Rational investing of a company has two components,
• What is the value of the business?
• Can the business be purchased at a significant discount to its value?
Determining the cash flow with a degree od certainty plays an important role while investing.
❖ Besides all the above points its also important to build a focus portfolio. In this chapter several examples of focus investors are there which will help investors to build efficient portfolio for long term success.
❖ Patience is the key factor in stock market investing, slowly and careful analysis of every situation is an important factors all investors need to do.

Several ways of Warren Buffett have been mentioned here which will help the investors for creating efficient portfolio and help them to maximise their wealth. All words will fall short to describe how outstanding book it is.

Conclusion: In this book the Buffett’s principles of investment have been analysed in a broader way. Author has also captured the ideology of Benjamin Graham, Philip Fisher and Charlie Munger. Individual investors can navigate the rule, ideology and principles of the world greatest investors. Author has n icely combined the psychological phenomenon of investment with probability theories. In one sentence it’s not a Investment book it’s an Investment Bible.
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David
5.0 out of 5 stars Excelente
Reviewed in Mexico on December 31, 2019
Verified Purchase
Excelente
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