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The Warren Buffett Way Workbook
"The Warren Buffett Way Workbook" consists of over 500 questions and answers to help readers of "The Warren Buffett Way" reinforce and cement their knowledge of Buffett's hugely successful investment approach. The Workbook follows "The Warren Buffett Way, 3e," providing a combination of multiple choice and essay questions for each chapter in the core book. Given the depth and range of questions, a reader who masters the material in the Workbook will be equipped with the knowledge to begin to apply Buffett's methods to his/her own investment portfolio. All answers are provided in the Workbook, including answers to the essay questions. The perfect accompaniment to "The Warren Buffett Way, 3e" and "The Warren Buffett Way Video""Course," the Workbook will provide readers with a sure path to begin investing just like Warren Buffett.
226 pages, ebook
First published January 1, 2013
About the author
Robert G. Hagstrom
40 books119 followersRobert G. Hagstrom is Senior Vice President and Director of Legg Mason Focus Capital. He has authored the New York Times best-selling The Warren Buffett Way and The Warren Buffett Portfolio, as well as The Nascar Way. He lives with his family in Wayne, Pennsylvania.
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Displaying 1 - 16 of 16 reviews
November 28, 2020
Buffet soube usar os números de B. Graham, a emoção do Fisher e a parceria de C. Munger na construção de uma trajetória de sucesso, de uma empresa diversificada e admirável.
May 16, 2020
Um livro que lhe dará uma bela base para investir. O modo simples que Buffet trabalha chega a ser intrigante, mas a prova de que funciona não poderia ser melhor do que a história que ele tem.
Um método direto e frio de analisar as empresas e melhorar seu portfólio.
Um método direto e frio de analisar as empresas e melhorar seu portfólio.
May 2, 2021
Livro bom e cumpre o propósito de ensinar uma abordagem de investimento. Esta abordagem é bem fundamentada e explicada.
February 2, 2020
I’m always conflicted reading another Buffett book, but I still found the Warren Buffett Way a worthwhile read. In particular, I liked the investing framework Hagstrom built around Buffett’s investment process (Business Tenets, Management Tenets, Financial Tenets, and Market Tenets) and how he broke down all of the various companies Buffett has bought over the years. I found chapters 5-7 not as interesting (they went into Portfolio Management, The Psychology of Investing, and the Value of Patience), but ok additions overall. I would recommend this book to anyone looking for a good primer on Buffett and how he thinks about the world. For any Buffett aficionado, the various longer Buffett biographies out there is required reading.
Here were the key takeaways/sections of the book I found interesting (the first four describe the Buffett investment framework and questions to ask):
1. Buffett’s Tenets Business Tenets - (1) Is the business simple and understandable? (2) Does the business have a consistent operating history? (3) Does the business have favorable long-term prospects?
2. Management Tenets - (4) Is management rational? (5) Is management candid with its shareholders? (6) Does management resist the institutional imperative?
3. Financial Tenets - (7) Focus on return on equity, not earnings per share. (8) Calculate “owner earnings.” (9) Look for companies with high-profit margins. (10) For every dollar, the company retained, make sure the company has created at least one dollar of market value.
4. Market Tenets - (11) What is the value of the business? (12) Can the business be purchased at a significant discount to its value?
5. 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.
6. Fundamentals will eventually win the day: “Let’s say you are going away for ten years,” he said, “and you wanted to make one investment and you know everything that you know now, but you couldn’t change it while you were gone. What would you think about?” Of course the business would have to be simple and understandable. Of course the business would have to have demonstrated a great deal of business consistency over the years. And of course, the long-term prospects would have to be favorable. “If I came up with anything in terms of certainty, where I knew the market was going to grow, where I knew the leader was going to be the leader—I mean worldwide—and where I knew there would be big unit growth, I just don’t know anything like Coke,” Buffett explained. “I’d be relatively sure that when I came back they would be doing a hell of a lot more business than they do now.”
7. Focus investing summed up exceptionally well: Buffett, however, would be quick to point out that there is a third alternative, a very different kind of active portfolio strategy that significantly increases the odds of beating the index. That alternative is focus investing. Reduced to its essence, focus investing means this: Choose a few stocks that are likely to produce above-average returns over the long haul, concentrate the bulk of your investments in those stocks, and have the fortitude to hold steady during any short-term market gyrations.
8. Classic value versus growth discussion: Investors who seek to purchase value must often choose between the “value” and “growth” approaches. Buffett admits that years ago he participated in this intellectual tug-of-war. Today, he thinks the debate between these two schools of thought is nonsense. Growth and value investing are joined at the hip, he says. Value is the discounted present value of an investment’s future cash flow; growth is simply a calculation to determine value.
Here were the key takeaways/sections of the book I found interesting (the first four describe the Buffett investment framework and questions to ask):
1. Buffett’s Tenets Business Tenets - (1) Is the business simple and understandable? (2) Does the business have a consistent operating history? (3) Does the business have favorable long-term prospects?
2. Management Tenets - (4) Is management rational? (5) Is management candid with its shareholders? (6) Does management resist the institutional imperative?
3. Financial Tenets - (7) Focus on return on equity, not earnings per share. (8) Calculate “owner earnings.” (9) Look for companies with high-profit margins. (10) For every dollar, the company retained, make sure the company has created at least one dollar of market value.
4. Market Tenets - (11) What is the value of the business? (12) Can the business be purchased at a significant discount to its value?
5. 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.
6. Fundamentals will eventually win the day: “Let’s say you are going away for ten years,” he said, “and you wanted to make one investment and you know everything that you know now, but you couldn’t change it while you were gone. What would you think about?” Of course the business would have to be simple and understandable. Of course the business would have to have demonstrated a great deal of business consistency over the years. And of course, the long-term prospects would have to be favorable. “If I came up with anything in terms of certainty, where I knew the market was going to grow, where I knew the leader was going to be the leader—I mean worldwide—and where I knew there would be big unit growth, I just don’t know anything like Coke,” Buffett explained. “I’d be relatively sure that when I came back they would be doing a hell of a lot more business than they do now.”
7. Focus investing summed up exceptionally well: Buffett, however, would be quick to point out that there is a third alternative, a very different kind of active portfolio strategy that significantly increases the odds of beating the index. That alternative is focus investing. Reduced to its essence, focus investing means this: Choose a few stocks that are likely to produce above-average returns over the long haul, concentrate the bulk of your investments in those stocks, and have the fortitude to hold steady during any short-term market gyrations.
8. Classic value versus growth discussion: Investors who seek to purchase value must often choose between the “value” and “growth” approaches. Buffett admits that years ago he participated in this intellectual tug-of-war. Today, he thinks the debate between these two schools of thought is nonsense. Growth and value investing are joined at the hip, he says. Value is the discounted present value of an investment’s future cash flow; growth is simply a calculation to determine value.
February 4, 2023
Interesting book, learnt a lot from the book...Work smarter, not harder. You can turn any business into passive income if you are smart about it. Do your research, price well, and automate. One thing is to invest. Some do crypto, real estate, and others. Do your research before jumping into anything. Another is to affiliate. It needs a little investment to begin, but done correctly it can become a passive income stream. It's important to do your research beforehand to avoid getting scammed. Whatever route you choose, make sure to consult with an expert so you can make the most informed decision possible. I just received over $35K payment as pure profit from https://fundlabllc.com/, which is paying so much. I wish everyone knows about this program. Fundlabllc is paying crazy profits. You need to check out them and see them for yourself.
November 15, 2019
Great Book. A simple walk down Buffet way of looking at investment
August 17, 2020
Excellent book for beginners in stock market.
November 20, 2021
Good Reads does not have the actual 3 rd addition of the actual book on its lists. So interesting hearing the events, why, partnerships, education etc. Fabulous to read!!
November 22, 2021
Investing is all about patience, discipline, and rationality
January 4, 2022
Insightful and well written. One to go back to with notes and a calculator
June 7, 2022
It would have been a great book if I had not read other books either on Investing in general or on Buffet in particular.
December 1, 2023
Read again. best book on breaking down how Warren invests.
July 29, 2021
nice one. but to grab the concept behind Investing or the principle Mr. Charlie & Mr Buffet follows, you need to give yourself time. It's not about how easily you get the returns, it's all about how you take advantage of the situation.
I'ld say, go slow but the concepts or keys of the minds of these beautiful investors.
I'ld say, go slow but the concepts or keys of the minds of these beautiful investors.
April 7, 2020
Gostei da forma que Buffett pensa, ser paciente é a alma do negócio, mesmo sendo um puta investidor ele buscou muitos treinamento fora da área da economia para trazer para o mundo dele. Ele não investe em empresa ou mercado que não conhece, ele não colocou dinheiro em empresa de tecnologia durante anos até começar conhecer o mínimo.
"As pessoas não tem paciências para ser milionário"
"As pessoas não tem paciências para ser milionário"
December 29, 2023
The book details the thought before the investment action of major investments that warren Buffett had undertaken. However, it has to be understood that the same pattern of investments by any person wouldn't have made him as famous as Warren Buffett.
The book outlies the importance of action with a thought instead of jumping on multiple opportunities one after other.
The book outlies the importance of action with a thought instead of jumping on multiple opportunities one after other.
August 18, 2020
Comecei a investir a pouco tempo e comecei com esse livro que para mim foi muito bom, aprendi bastante e muda completamente as coisas o
Displaying 1 - 16 of 16 reviews