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The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of and What You Can Learn From Them Hardcover – November 9, 2010
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an easy read I m confident you ll find someone to inspire you in The Warren Buffetts Next Door . (Interactive Investor Blog, December 2010). The Warren Buffetts Next Door will entertain you (Fool.co.uk, December 2010).
From the Inside Flap
From February 2001 through March 2010, an investment in a well-run index fund like Vanguard Total Stock Market would have earned you an annual return of less than 2%. The same investment in Warren Buffett's Berkshire Hathaway would have netted 6.25% on average per year. Had you invested in Mike Koza's portfolio, your total return would have averaged 34% per year.
Who's Mike Koza? He's a civil engineer for the Sacramento County Department of Waste Management. He's also one of a growing number of armchair investors taking control of their investment portfolios and routinely beating the Street's biggest names. The Warren Buffetts Next Door is Mike Koza's story, and the stories of nine others like him. And it's your guidebook should you decide to take control of your financial future.
In The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard of and What You Can Learn from Them, Forbes's Matthew Schifrin provides case studies of ten successful investorseveryday peoplewho are investing in themselves, and in the process, experiencing extraordinary returns. Schifrin details their personal stories, along with their investment strategies, trading philosophies, and rules for investing. You'll learn about:
Christopher Rees, who spent close to thirty years of his life roaming from one town to the next working at any job that would pay him enough to continue his travels. Since October 2000, his investments have seen an average annual return of 25% versus 0.21% for the S&P 500
Jack Weyland, a former truck driver whose average annual return since July 2002 is 36% vs. 7% for the S&P 500
Alan T. Hill, a retired educational software executive whose cumulative return since July 2005 is 1,026% vs. 28% forthe S&P 500
There are more than fifty million online investors. Many of these "amateurs" are achieving professional results without the professional commissions. Their names may never be on the level of a Buffett or a Bogle, but people like Koza, Rees, Weyland, and Hill aren't out to make a name for themselves. They're out to make enough money to enjoy a lifestyle of their choosing. And that's exactly what they're doing. And with The Warren Buffetts Next Door, it's what you can do, as well.
The only real prerequisite to becoming a good investor is committing the time to educate yourself. The Warren Buffetts Next Door offers timeless advice and inspiration for any investor hoping to profit by investing in themselves.
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In telling the stories of so many people and their various ways of beating the market, the book also performs a crucial service to the reader: It lets you know whether your own quirky method(s) might to be better than you assumed, even if don't have a degree in economics. I think too many people buy and sell stocks with too little confidence, assuming their methods are probably flawed because only Wall Streeters really know what they're doing. This book proves that's not true and that there are a lot of workable ways to get from Point A to Point B -- perhaps including your own method.
They all have exit criteria - that point at which they sell their stocks for a reason they have determined makes sense.
They have all made mistakes, loosing a significant portion of their investment in some stock.
They all spread their investments among several stocks so a bad loss doesn't wipe them out.
I like the approach taken with this book, looking at their biographies, methods, web sites they use, biggest hit and biggest wipeout.
For someone interested in becoming an investor this is a useful and encouraging book.
In addition to providing biographical material on the traders featured in the book, Schifrin details their rules of investing. I found these tenets to be especially helpful and surprisingly varied. The strategy tips and the quotes from each of the people interviewed are ones I can use.
A great book that was fun to read and taught me a lot!
Some of the investment returns seemed unrealistic because the amount of money invested in a virtual portfolio was in the millions of dollars. However, the author did say he did not look at the one investors brokerage statement to verify actual rates of return leading one to believe he was able to verify real the rates of return for the other investors profiled.
If you are looking for a book that teaches you how to invest, this book will not get the job done. On the back cover, one of the endorsements says "... their unique styles may not be replicable..." and I have to agree. Some of the participants would not fully disclose exactly how they made their investment decisions.
The take away from this book is anyone can be a successful investor if they are willing to first educate themselves and then put in the time necessary for research to generate above average returns. Overall this is a good book and it may give you some ideas how to improve your own investment returns as some investors reveal screening criteria and the websites they use to perform their due diligence. If nothing else, this book will inspire you to work at improving your own investment returns. And since Mr. Buffett's own investment strategy is not replicable, isn't that why we read books with his name in the title?