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The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
"Simply the most important new stock book of the 1990s, to date. Buy it and read it." -Kenneth L. Fisher Forbes
The runaway bestseller-updated with new material included for the first time!
"The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance." -from the Foreword by Peter S. Lynch Bestselling author, One Up on Wall Street and Beating the Street
". . . an extraordinarily useful account of the methods of an investor held by many to be the world's greatest." -The Wall Street Journal
"Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book." -John C. Bogle Chairman, The Vanguard Group
"It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home." -John Rothchild Financial columnist Time magazine
The runaway bestseller-updated with new material included for the first time!
"The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance." -from the Foreword by Peter S. Lynch Bestselling author, One Up on Wall Street and Beating the Street
". . . an extraordinarily useful account of the methods of an investor held by many to be the world's greatest." -The Wall Street Journal
"Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book." -John C. Bogle Chairman, The Vanguard Group
"It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home." -John Rothchild Financial columnist Time magazine
336 pages, Mass Market Paperback
First published January 1, 1994
1511 people are currently reading
25924 people want to read
About the author
Robert G. Hagstrom
49 books142 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 - 30 of 508 reviews
July 29, 2023
This book was surprisingly one of the best books I have read on investing.
The four principle steps of Buffett’s investing process are are:
1. Turn off the stock market. Check in only to see if people are offering things at stupidly low prices. If you think the stock market is worth checking, you probably think it is smarter than you are. In that case, just give it your money (invest in SPY)
2. Don’t worry about the economy, because you can’t predict it. Only buy companies that will do pretty well regardless of the economy. If you are buying companies that will benefit off of the next economic event then you will have to constantly adjust your portfolio and probably miss out on possible returns. Inflation is all that matters
3. Buy a business, not a stock. To understand a business, run that business or at least try being in that business world (learn more about walking by walking than talking about walking)
Focus on circle of competence, easy to understand, and well managed businesses
4. Manage a portfolio of businesses. Can’t make hundreds of good decisions over a lifetime, can only make a dozen or so. So focus on making a few great decisions.
Goes through Fisher's and Graham's influence on Buffett. The first 5 chapters of this book are just great. Definitely worth reading especially once you've read Klarman, Marks, Graham, Dodd, etc.
The four principle steps of Buffett’s investing process are are:
1. Turn off the stock market. Check in only to see if people are offering things at stupidly low prices. If you think the stock market is worth checking, you probably think it is smarter than you are. In that case, just give it your money (invest in SPY)
2. Don’t worry about the economy, because you can’t predict it. Only buy companies that will do pretty well regardless of the economy. If you are buying companies that will benefit off of the next economic event then you will have to constantly adjust your portfolio and probably miss out on possible returns. Inflation is all that matters
3. Buy a business, not a stock. To understand a business, run that business or at least try being in that business world (learn more about walking by walking than talking about walking)
Focus on circle of competence, easy to understand, and well managed businesses
4. Manage a portfolio of businesses. Can’t make hundreds of good decisions over a lifetime, can only make a dozen or so. So focus on making a few great decisions.
Goes through Fisher's and Graham's influence on Buffett. The first 5 chapters of this book are just great. Definitely worth reading especially once you've read Klarman, Marks, Graham, Dodd, etc.
May 21, 2017
In the end, Buffett triumphed using the power of rational thinking and conservative investing principles. His foes perished by their own hands, victims of herd mentality and folly.
June 3, 2019
وارن بفت اشهر المستثمرين في العالم وثالث اغنى رجل في العالم .. بدأ حياته بلا ثروة وحصل على ثروته التي تقدر ب٨٠ مليار من تأسيس شركة بيركشاير هاثاواي للاستثمار، اي ان عمل هذه الشركة هو ان تدير اموال الاغنياء كي تزيدها وبالمقابل تحصل على عمولة.
يعني ان وارن بفت عاش حياته وهو يخاطر باموال الاخرين ليشتري بها اسهم الشركات الناجحة،كان هذا هو مربط الفرس، كيف احرز وارن بفت هذه الثقة الكبيرة بالاسهم التي اشتراها، نتيجة حياة من الاستثمار انه استمر دائما في صعود كبير ومتفوق كثيرا عن السوق، الى درجة انه جمع كل هذه الثروة، فماذا يا ترى فعل ؟؟
وارن بفت لا يحب الاستثمار في قطاع التكنولوجيا، هو يحب الشركات العريقة التي تقدم منتجا او خدمة سيرغب فيها الناس الان وفي المستقبل، شركات يمكن ان تفهم ببساطة كيف تجني النقود ولا توجد صعوبة في التنبؤ بمستقبلها، مثل شركة كوكاكولا التي تقدم مشروبات غازية سيرغب الجيل القادم في شربها ايضا، او شركة جيليت التي تصنع شفرات حلاقة سيبقى الاحتياج لها ، او بنك يحتوي على نظام جيد للخدمات المصرفية وهكذا، جدير بالذكر انه استثمر في امازون ايضا وهذه من الشركات التكنولوجية، ولكن ربما وجد في مستقبلها الشيء الكثير، فشركة ابل مثلا مصيرها ضبابي فربما تسقط مثلما تسقط نوكيا او غيرها، اما امازون فهي سوق كبيرة وان كانت الكترونية ففيها جانب غير تكنولوجي.
ولكن هل يضارب وارن بفت؟ لا هو يشتري ويحتفظ لسنوات او عشرات السنين، ولكنني عرفت حديثا انه يبيع ويجدد اسهمه من فترة لأخرى. واذا جئنا لقاعدته الذهبية فهي ان تشتري الاسهم حينما تسقط سقوطا مدويا ولكن بشرط ان تعرف ان هذه الشركة هي شركة جيدة بالفعل، وهذا هو الامر الصعب في الموضوع، ان شركة بفت توظف الكثير من الباحثين الذي يتابعون الشركات ويتقصون الكثير من خفاياها ليعرفوا اذا كانت تصلح للشراء ام لا، وتوجد طرق لدى بفت في الاستحواذ على الشركات فهو يحب ان يتملك الشركات كلها اذا استطاع وهو يقول ان وضع البيض في سلة واحدة احيانا يكون ممتازا ، تتنوع مجالات الاستثمار لديه في قطاعات متنوعة وهو يحب كثيرا مجال التأمين ومجال اعادة التأمين.
فماذا يا ترى نستفيده من الكتاب؟ ان الشركات التي ربح منها بفت الكثير او استحوذ على غالبية اسهمها قد صارت الان غالية كثيرا، فالشراء منها وان كان مربحا بعض الشيء ولكنه لن يكون ربحا خرافيا كالسابق فهذه الشركات وصلت للعالمية بالفعل وحققت اعلى التصنيفات ومن الطبيعي ان تسلك طريق الأفول الان، واما الشركات التي سوف تكون مربحة في المستقبل فنحن لن نعرف عنها ذلك الا بفهم كبير لاداء الشركة وهذا امر غاية في العسر، لم يبق سوى ان نقلد هذا المستثمر او ذاك ماذا اشترى هذه السنة
ولكن حتى الان تزاولني الشكوك كيف استطاع بفت جمع هذا المبلغ المقدر بالمليارات من عملية بطيئة هي الاستثمار في الاسهم ، فاسهم الشركات الناجحة التي امتلكها بفت تستطيع مضاعفة اموالها كل عدة سنوات .. فهذه المضاعفة في الارباح لا تأتي بهذه السرعة فكيف بدأ هذا الرجل بشيء بسيط وضاعفه الى هذا الحد واخذ هامش ربح من عملائه ووصل الى هذا القدرالهائل من الثروة
يعني ان وارن بفت عاش حياته وهو يخاطر باموال الاخرين ليشتري بها اسهم الشركات الناجحة،كان هذا هو مربط الفرس، كيف احرز وارن بفت هذه الثقة الكبيرة بالاسهم التي اشتراها، نتيجة حياة من الاستثمار انه استمر دائما في صعود كبير ومتفوق كثيرا عن السوق، الى درجة انه جمع كل هذه الثروة، فماذا يا ترى فعل ؟؟
وارن بفت لا يحب الاستثمار في قطاع التكنولوجيا، هو يحب الشركات العريقة التي تقدم منتجا او خدمة سيرغب فيها الناس الان وفي المستقبل، شركات يمكن ان تفهم ببساطة كيف تجني النقود ولا توجد صعوبة في التنبؤ بمستقبلها، مثل شركة كوكاكولا التي تقدم مشروبات غازية سيرغب الجيل القادم في شربها ايضا، او شركة جيليت التي تصنع شفرات حلاقة سيبقى الاحتياج لها ، او بنك يحتوي على نظام جيد للخدمات المصرفية وهكذا، جدير بالذكر انه استثمر في امازون ايضا وهذه من الشركات التكنولوجية، ولكن ربما وجد في مستقبلها الشيء الكثير، فشركة ابل مثلا مصيرها ضبابي فربما تسقط مثلما تسقط نوكيا او غيرها، اما امازون فهي سوق كبيرة وان كانت الكترونية ففيها جانب غير تكنولوجي.
ولكن هل يضارب وارن بفت؟ لا هو يشتري ويحتفظ لسنوات او عشرات السنين، ولكنني عرفت حديثا انه يبيع ويجدد اسهمه من فترة لأخرى. واذا جئنا لقاعدته الذهبية فهي ان تشتري الاسهم حينما تسقط سقوطا مدويا ولكن بشرط ان تعرف ان هذه الشركة هي شركة جيدة بالفعل، وهذا هو الامر الصعب في الموضوع، ان شركة بفت توظف الكثير من الباحثين الذي يتابعون الشركات ويتقصون الكثير من خفاياها ليعرفوا اذا كانت تصلح للشراء ام لا، وتوجد طرق لدى بفت في الاستحواذ على الشركات فهو يحب ان يتملك الشركات كلها اذا استطاع وهو يقول ان وضع البيض في سلة واحدة احيانا يكون ممتازا ، تتنوع مجالات الاستثمار لديه في قطاعات متنوعة وهو يحب كثيرا مجال التأمين ومجال اعادة التأمين.
فماذا يا ترى نستفيده من الكتاب؟ ان الشركات التي ربح منها بفت الكثير او استحوذ على غالبية اسهمها قد صارت الان غالية كثيرا، فالشراء منها وان كان مربحا بعض الشيء ولكنه لن يكون ربحا خرافيا كالسابق فهذه الشركات وصلت للعالمية بالفعل وحققت اعلى التصنيفات ومن الطبيعي ان تسلك طريق الأفول الان، واما الشركات التي سوف تكون مربحة في المستقبل فنحن لن نعرف عنها ذلك الا بفهم كبير لاداء الشركة وهذا امر غاية في العسر، لم يبق سوى ان نقلد هذا المستثمر او ذاك ماذا اشترى هذه السنة
ولكن حتى الان تزاولني الشكوك كيف استطاع بفت جمع هذا المبلغ المقدر بالمليارات من عملية بطيئة هي الاستثمار في الاسهم ، فاسهم الشركات الناجحة التي امتلكها بفت تستطيع مضاعفة اموالها كل عدة سنوات .. فهذه المضاعفة في الارباح لا تأتي بهذه السرعة فكيف بدأ هذا الرجل بشيء بسيط وضاعفه الى هذا الحد واخذ هامش ربح من عملائه ووصل الى هذا القدرالهائل من الثروة
October 5, 2009
Don't bother. I expected better from the practitioner who wrote this, Robert Hagstrom of Legg Mason Capital Management, but in its audio version it's dry, simplistic, and badly read by someone who gears his pace toward eighth graders. That's probably the best audience for this book. All others, especially anyone who has even a passing familiarity with Buffet, should skip this and read "The Essays of Warren Buffett" or Berkshire Hathaway's annual reports instead.
January 1, 2019
من دو سال پیش کتاب گلوله برفی را خواندم. فکر می کردم که ته وارن بافت را در اوردم. الان که هر روز کتاب می خوانم سبکم این است که نویسنده ها را دنبال کنم و سعی دارم همه ی کتاب های نویسنده های مورد نظرم رو بخوانم. ته اکثر کتابهایی که میخوانم مقصد کتاب بعدی هست که برای مطالعه به سمتش می روم. وارن بافت کسی هست که من دنبالش می کنم و بعد از خواندن این کتاب تصمیم گرفتم به صورت خیلی عمیق تری مطالعه اش کنم. وارن بافت، من ته تو را در می آورم :)
نه این که بگویم به اندازه ی او می توانیم پولدار بشویم یا حتی به عنوان یک سرمایه گذار شناخته شویم. فلسفه ی وارن برای من جذاب است. دنیایی که همیشه بین انتخاب کردن اهداف است. انتخابی که وارن می کند همیشه شامل چیزی است که در آن مرامی وجود دارد که رویکرد و نتیجه ی کار را هر روز بررسی نمی کند بلکه بلند مدت است و بازه های زمانی در آن سال ها و بلکه دهه ها هستند. دنیایی که شامل صبر، نظم و خویشتن داری در کاری است که به آن باور داریم. خود به عینه دیدم که نتوانستم آن را انجام دهم. تجربه کرده ام که بارها دوست داشتم اینگونه باشم ولی همیشه وسوسه شدم و کوتاه مدت را انتخاب کردم. واقعاً سخت است که بلند مدت را ببینیم. واقعاً سخت است که کوتاه مدت را انتخاب نکنیم.
نه این که بگویم به اندازه ی او می توانیم پولدار بشویم یا حتی به عنوان یک سرمایه گذار شناخته شویم. فلسفه ی وارن برای من جذاب است. دنیایی که همیشه بین انتخاب کردن اهداف است. انتخابی که وارن می کند همیشه شامل چیزی است که در آن مرامی وجود دارد که رویکرد و نتیجه ی کار را هر روز بررسی نمی کند بلکه بلند مدت است و بازه های زمانی در آن سال ها و بلکه دهه ها هستند. دنیایی که شامل صبر، نظم و خویشتن داری در کاری است که به آن باور داریم. خود به عینه دیدم که نتوانستم آن را انجام دهم. تجربه کرده ام که بارها دوست داشتم اینگونه باشم ولی همیشه وسوسه شدم و کوتاه مدت را انتخاب کردم. واقعاً سخت است که بلند مدت را ببینیم. واقعاً سخت است که کوتاه مدت را انتخاب نکنیم.
May 23, 2013
This was a decent overview of the author's thoughts on Buffett's career and processes, but it provided no real insight outside of analyzing his moves through well known quotes and anecdotes. The book is almost voyeuristic in that the author had no actual contact with Buffett or anyone in his circle, but was obsessed with every move he made, even admitting to having a dedicated file for newspaper clippings about Buffett. After the book was written, Buffett met the author; I bet Buffett had bodyguards to protect him from this adoring fan. In the end, the author admits that he tried to replicate Buffet's methodology and achieved limited success. He blames this on the changing market, which I get, but I felt like that was a bit of a cop out after 200+ pages of trying to prove that Buffett's approach was timeless.
February 26, 2010
I am not an expert investment guy. I wanted to find out more who Warren Buffet is and I was not disappointed. Ultimately, Warren Buffett believes in research, research, research when BUYING a company. When you buy a stock, you are purchasing shares in a company. Therefore, know that company. He looks at everything from quality leadership, past and potential future earnings, and most importantly, he asks anyone who is purchasing stock - do you understand the company and what they do. If you don't, don't buy them. Lots of great nuggets in this book and I have a better understanding of Buffett and investing overall.
March 22, 2020
A sort of guide/educational related book, explaning how Warren Buffet tackles the world of investing, the book is easy to read, and the information that it is providing is easy for the reader to absorb, I found this book increased my knowledge and very useful, decent book cover, no editorial issues, suitable for the self-investor, professional investor, economic students, this book will appeal to all age groups, and if you have an interest in the world of investing, this book should be one that you read. it is a strong platform/base from which to obtain further knowledge. I always believe that if you read a book for educational reasons, that you should only read the book of a person and take advice from a person (or people) that have walked the path that you wish to walk, which makes it easier to respect their education and advice. Good book, wish I had read it years earlier.
December 11, 2020
يعطي فكرة أوضح عن مفهوم الاستثمار بالاسهم ومعاينة الشركات وفق قواعد منهجية لمراجعة اذا ما كانت تستحق الاستثمار
February 28, 2023
كتاب بعنوان واضح ومضمون اوضح…
هذا الكتاب كنز استثماري لكل من اراد ان يسلك طريق الاستثمار طويل الأجل، كما سلكه بافيت وما زال.
هذا الكتاب هو طريقة وارن بافيت في الاستثمار على مدار ٦٠ عاماً
في بداية الكتاب يطرح الكاتب حياة بافيت منذ الطفولة وتعليمه، وعن اول استثمار فاشل فشل فيه مالياً واستفاد منه عملياً.
كان بافيت مزيج من ٣ مستثمرين اساطير وهم بنيامين جراهام وفيليب فيشر وتشارلي مانجر، فهؤلاء الثلاث تعرف عليهم بافيت وقرأهم عن قرب.
في احد الفصول المفضلة بالنسبة لي تحدث الكتاب عن ا��مبادئ الاثنا عشر التي لا تتغير، وهي مبادئ الشركة- مبادئ الإدارة- المبادئ المالية- مبادئ السوق، وداخل كل مبدأ يوجد ٣ اسئلة، هذه المبادئ طرحها بافيت على نفسه قبل كل عملية استثمار قام بها.
ثم في الفصل التالي بعد ذكر وشرح المبادئ يستعين الكاتب بتسعة عمليات استثمارية قام بها وارن بافيت ويسقط المبادئ عليها، ويشرح كل عملية استثمار منذ دراسة الشركة إلى وضع اول دولار الى اخيراً جني الارباح💵💵
ليس أعظم من قراءة الكتاب إلا تطبيق طرق وارن بافيت🤍
November 18, 2013
Each edition of The Warren Buffett Way has been widely regarded as the authoritative guide to how Warren Buffett selects the businesses he buys.
It starts with a chapter on the people who taught Buffett how to think about investments, Benjamin Graham, Philip Fisher and Buffett’s business partner, Charlie Munger.
Hagstrom then outlines 12 immutable tenets for buying a business and gives examples from Berkshire Hathaway’s portfolio.
The remainder of the book explores the psychology of investing. Many people who seek to model Buffett’s strategies miss this critical part: when he buys a business or shares – the two are the same in his mind – he never plans to sell.
Part of the reason why the book is authoritative is that it’s comprehensive. Similar books I’ve read have skimmed over the ideas they present, leaving you feel like you’ve snacked rather than digested a full meal. Because you’ve eaten well, you put the book down knowing what actions you can take.
He tells readers that they won’t be Buffett, but they can use his investing approach to improve the performance of their investments. Hagstrom’s website reinforces your education.
VERDICT: Required reading for sharemarket investors of any level.
It starts with a chapter on the people who taught Buffett how to think about investments, Benjamin Graham, Philip Fisher and Buffett’s business partner, Charlie Munger.
Hagstrom then outlines 12 immutable tenets for buying a business and gives examples from Berkshire Hathaway’s portfolio.
The remainder of the book explores the psychology of investing. Many people who seek to model Buffett’s strategies miss this critical part: when he buys a business or shares – the two are the same in his mind – he never plans to sell.
Part of the reason why the book is authoritative is that it’s comprehensive. Similar books I’ve read have skimmed over the ideas they present, leaving you feel like you’ve snacked rather than digested a full meal. Because you’ve eaten well, you put the book down knowing what actions you can take.
He tells readers that they won’t be Buffett, but they can use his investing approach to improve the performance of their investments. Hagstrom’s website reinforces your education.
VERDICT: Required reading for sharemarket investors of any level.
February 14, 2022
• Değeri yüksek, fiyatı düşük hisse senetleri satın alın.
• Bilginiz ve ilginiz olan alanlarda yatırım yapın. Bilgi çemberinizin dışına çıkmayın.
• Şirketin üretim bandı kadar yönetim kısmı da önemli. İyi yöneticiler ve iyi bir yönetim kadrosu ve stratejisi olmayan şirketlere fiyatı düşük de olsa yatırım yapmayın.
• Sabırlı olun.
Artık kitabı satın alıp okumanıza gerek kalmadı. Rica ederim.
• Bilginiz ve ilginiz olan alanlarda yatırım yapın. Bilgi çemberinizin dışına çıkmayın.
• Şirketin üretim bandı kadar yönetim kısmı da önemli. İyi yöneticiler ve iyi bir yönetim kadrosu ve stratejisi olmayan şirketlere fiyatı düşük de olsa yatırım yapmayın.
• Sabırlı olun.
Artık kitabı satın alıp okumanıza gerek kalmadı. Rica ederim.
July 21, 2016
There is now way one could be another Warren Buffet. But reading this great book and learning at least part of it, can make us better investors and more cautious regarding the risks involved. A few interesting principles and lessons, and that is it. Worth reading, no doubt.
June 30, 2020
In The Warren Buffett Way by Robert G. Hagstrom, the author tries to capture the Buffett investing style. He is successful to an extent. W. Buffett keeps evolving as an investor; it’s hard to capture his way of investing. But the basic principles always remain the same – what he learned from Ben Graham and later ‘quality with growth’ from Charlie Munger. These can be summed up as:
• Be willing to study and learn about your companies
• Disregard short-term changes in the market.
• An investor must be able to think independently
• Remember your circle of competence.
• Buffett embraces simplicity and avoids the complicated companies/situations
• Look for a stable company with good cash flows, a business which is simple to understand and has pricing power
• Buy a business, not a stock
• Look for honest and competent management
• Should have favorable long-term prospects
• Look for companies with high profit margins (which have moats)
• Can the business be purchased at a significant discount to its value (there are many ways to calculate value)
• Be willing to study and learn about your companies
• Disregard short-term changes in the market.
• An investor must be able to think independently
• Remember your circle of competence.
• Buffett embraces simplicity and avoids the complicated companies/situations
• Look for a stable company with good cash flows, a business which is simple to understand and has pricing power
• Buy a business, not a stock
• Look for honest and competent management
• Should have favorable long-term prospects
• Look for companies with high profit margins (which have moats)
• Can the business be purchased at a significant discount to its value (there are many ways to calculate value)
January 16, 2019
I can't believe I'm reading investment strategy books. Who am I anymore? This gets three stars for being rather interesting and mostly readable (as readable as a book that bandies about risk and pricing formulas and accounting numbers can be), but it's not quite as practically useful for the beginning investor. I still found it quite interesting to learn about Buffet's history and his major mentors, and I think this book might serve as a useful shortcut for me in summarizing and highlighting Buffet's annual reports. IF we ever actually start practicing any of this Value/Focus investing strategy stuff, I may come back to this one. I still feel a bit like a fish out of water here, but the more I read, the more intriguing/fascinating I find all this stuff to be.
April 12, 2014
Warren Buffet is an American hero in my opinion. Humble, down-home, ethical, charming and intensely brilliant. The book is part biographical; part descriptive of the Buffet investment philosophies. Since Warren Buffet invests in simple, easy-to-understand businesses, the description of the companies in his portfolios are pure "Americana". Robert Hagstrom did a fantastic job writing the book....well-written and totally engaging. I was not bored for a minute. I enthusiastically recommend, particularly if you are Warren Buffet fan.
March 5, 2017
This book was fantastic. Not only did it teach readers some facts about investing and the history of several of the last century's successful investors, it also described the mindset that's so important to maintain as an investor. Understanding that mindset is almost more important than anything else. You're a business owner when you own shares in a company, therefore it's important to know the ins and outs of that company.
July 11, 2024
The Warren Buffett Way is the best Focus and Value Investment Theory book I have read thus far. Hagstrom is a Buffett purist who intricately breaks down Buffett's Investment Theory in a clear and concise format. He also takes the time to pick apart Modern Portfolio Theory, the most prevalent theory on Wall Street today.
This book can positively change the finances of anyone, whether a person is a casual investor or a portfolio manager. The proof is in the data and this methodology works.
This book can positively change the finances of anyone, whether a person is a casual investor or a portfolio manager. The proof is in the data and this methodology works.
January 27, 2024
متعة وفائدة في عالم الاستثمار، وخاصة عالم وارن بافيت، الذي لا شك انه اعظم مستثمر في العالم.
الجميل ان الكاتب مُلم ومطّلع بشتّى الجوانب التي تخص استثمارات وارن بافيت، حتى ان وارن بافيت نفسه اعجب بالكتاب.
الكتاب مفيد لكل مستثمر سواء كان مبتدئ او متوسط او متقدم. مليء بالاساسيات والمبادئ الاستثمارية. والاجمل من ذلك يحتوي الكتاب على معلومات تاريخية عن شركات كبيرة جدا مثل كوكاكولا، ماذا كانت قبل وبعد استثمار او استحواذ وارن بافيت على هذه الشركات، وكيف استحوذ عليها.
الجميل ان الكاتب مُلم ومطّلع بشتّى الجوانب التي تخص استثمارات وارن بافيت، حتى ان وارن بافيت نفسه اعجب بالكتاب.
الكتاب مفيد لكل مستثمر سواء كان مبتدئ او متوسط او متقدم. مليء بالاساسيات والمبادئ الاستثمارية. والاجمل من ذلك يحتوي الكتاب على معلومات تاريخية عن شركات كبيرة جدا مثل كوكاكولا، ماذا كانت قبل وبعد استثمار او استحواذ وارن بافيت على هذه الشركات، وكيف استحوذ عليها.
October 13, 2024
I have made €400,000,000 since I started reading this book.
However, I was expecting to break a billy. I'll have to knock off one star for that.
4.0/5
However, I was expecting to break a billy. I'll have to knock off one star for that.
4.0/5
April 14, 2018
Some basic guide lines from:
1. Benjamin Graham
- Investments must have a certain degree of safety for capitals and a reasonable return, otherwise it is speculation.
- Margin of safety: buy stock with lower market
price than the intrinsic value of the company and the price difference must be big enough
=> Buy companies with market cap lower than 2/3 the asset value or stocks with low P/E
- Market values stocks based on human greed and fear
2. Philip Fisher
- Companies have potentials over the average: growth of sales revenue and R&D investments (in similar field)
=> Analyze margin profits and cost management
- The quality of management board, characteristics of managment strategies
=> Understand companies from the inside and from every aspect and every rumor
=> Always make investments within the circle of your capability.
3. John Burr Williams
- DCF: discounted cash flow
=> Valuate a company true value based on the real future cash flow discounted to the present
4. Charlie Munger
- Some times have to pay more for more (over the book value which compromise Benjamin's analysis)
Basic principles
1. Business
- Business is easy enough to understand?
- Business history is reasonable?
- Business has long-term prospect?
2. Finance
- High ROE and low or no debt
- Owner earnings = net income + depreceation - average annual maintenance capex +/- non-cash charges +/- working capital changes
-> Calculate this figure form cash flow statement
- High Margin profits
3. Management
- Management is reasonable -> company capital distribution is reasonable -> affect stock price in future
- Management board is fair with shareholders -> integrity, honesty and treat companies as true owners
- Management board is persistent, and dare to resist trends from others
4. Intrinsic Value
- Use DCF to estimate the true value
-> Must know exactly the cash flow distribution of the company from now to a point in the future
-> Use a reasonable discount ratio
- Is the market price lower than the true value?
Portfolio managament
- Index Investing
- Active Investing
- Modern portfolio theory from Markowitz
-> Limit from 10 - 20 kinds of stocks
-> Be persistent and hold stocks for a long time
-> Be calm and control emotions before fluctuation from the market
1. Benjamin Graham
- Investments must have a certain degree of safety for capitals and a reasonable return, otherwise it is speculation.
- Margin of safety: buy stock with lower market
price than the intrinsic value of the company and the price difference must be big enough
=> Buy companies with market cap lower than 2/3 the asset value or stocks with low P/E
- Market values stocks based on human greed and fear
2. Philip Fisher
- Companies have potentials over the average: growth of sales revenue and R&D investments (in similar field)
=> Analyze margin profits and cost management
- The quality of management board, characteristics of managment strategies
=> Understand companies from the inside and from every aspect and every rumor
=> Always make investments within the circle of your capability.
3. John Burr Williams
- DCF: discounted cash flow
=> Valuate a company true value based on the real future cash flow discounted to the present
4. Charlie Munger
- Some times have to pay more for more (over the book value which compromise Benjamin's analysis)
Basic principles
1. Business
- Business is easy enough to understand?
- Business history is reasonable?
- Business has long-term prospect?
2. Finance
- High ROE and low or no debt
- Owner earnings = net income + depreceation - average annual maintenance capex +/- non-cash charges +/- working capital changes
-> Calculate this figure form cash flow statement
- High Margin profits
3. Management
- Management is reasonable -> company capital distribution is reasonable -> affect stock price in future
- Management board is fair with shareholders -> integrity, honesty and treat companies as true owners
- Management board is persistent, and dare to resist trends from others
4. Intrinsic Value
- Use DCF to estimate the true value
-> Must know exactly the cash flow distribution of the company from now to a point in the future
-> Use a reasonable discount ratio
- Is the market price lower than the true value?
Portfolio managament
- Index Investing
- Active Investing
- Modern portfolio theory from Markowitz
-> Limit from 10 - 20 kinds of stocks
-> Be persistent and hold stocks for a long time
-> Be calm and control emotions before fluctuation from the market
September 18, 2011
يقدم الكتاب الطريقه الامثل للتعامل فى بورصات الأسهم وهى التى استطاع من خلالها وارن بافيت تحقيق ارباح قدرها 42 مليار دولار
ويمكن تلخيص تلك الطريق فى تحديد الشركات شديدة التميز ذات التاريخ الطويل فى تحقيق الارباح والتى تديرها ادارات قويه ومتميزه وانتظار تدهور اسعار اسهم تلك الشركات مع الهبوط الشديد فى الأسواق وعندئذ يتم شرائها ... ثم الانتظار لبضعة سنوات لحين ارتفاع البورصه وعندئذ يتم البيع وفى ذلك الحين تكون قيمة الاسهم تضاعفت عدة مرات
الكتاب جيد وانصح بقرائته لكل من يفكر فى التعامل فى بورصات الاسهم
من الجدير بالذكر ان وارن بافت هو صاحب اكبر ثروه تم تكوينها من البورصه عبر التاريخ
كتبت هذا التعليق بعد اطلاعى على الطبعه العربيه من الكتاب المسماه ( الاستثمار فى الاسهم على طريقة وورن بفت) ... من ترجمة مروان ابو جيب وهى الطبعه الأولى وصدرت عن مكتبة العبيكان فى عام 2007 ميلاديه
ويمكن تلخيص تلك الطريق فى تحديد الشركات شديدة التميز ذات التاريخ الطويل فى تحقيق الارباح والتى تديرها ادارات قويه ومتميزه وانتظار تدهور اسعار اسهم تلك الشركات مع الهبوط الشديد فى الأسواق وعندئذ يتم شرائها ... ثم الانتظار لبضعة سنوات لحين ارتفاع البورصه وعندئذ يتم البيع وفى ذلك الحين تكون قيمة الاسهم تضاعفت عدة مرات
الكتاب جيد وانصح بقرائته لكل من يفكر فى التعامل فى بورصات الاسهم
من الجدير بالذكر ان وارن بافت هو صاحب اكبر ثروه تم تكوينها من البورصه عبر التاريخ
كتبت هذا التعليق بعد اطلاعى على الطبعه العربيه من الكتاب المسماه ( الاستثمار فى الاسهم على طريقة وورن بفت) ... من ترجمة مروان ابو جيب وهى الطبعه الأولى وصدرت عن مكتبة العبيكان فى عام 2007 ميلاديه
August 16, 2019
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
The Warren Buffett way by Robert G Hasstrom focuses on investment journey, philosophy and principles of Warren Buffett.
Michal Mausbousinee rightly stated “There is a measure of both luck & skill in business, in sports, in investing. The only way to distinguish whether luck or skill prevails is by examining results over time. Luck may play a role in short run, but time will let us know whether skill was involved”. The exceptional journey and success of Warren Buffett in the field of investing over more than 50 years generating above market return is very much a statement that skill played a big role in his success.
Efficiency to beat the Efficient Market Hypothesis
According to Efficient Market Hypothesis, the combined efforts of millions of intelligent, motivated, objective and informed investors cause information to immediately be reflected in the market price such that assets will provide a risk adjusted fair return, no more and no less. Prices are never low or so high that they can be taken advantage of, and no investor can be capable of consistently identifying opportunities to benefit. One cannot beat the market. And its very much true most investors are unable to beat market.
But it’s also true that market efficiency is not such strong a force that it’s impossible to generate above market return. It is merely asserted that no one does it to a sufficient degree and consistently to disapprove the efficient market hypothesis.
Market frequently misprices stocks, usually because of human emotion of fear and greed. At the height of optimism, greed moves stocks beyond their intrinsic value, creating an overpriced market. At other times, fear moves prices below intrinsic value, creating an undervalued market. But investors like Warren Buffett, Ben Graham, Peter Lynch, George Soros are different. Their success shows that exceptional investors can beat the market through skill, not chance.
Ben Graham, Philip Fisher and Charlie Munger greatly influenced & nurtured Warren Buffett’s principles of investment.
Analytical, Unemotional and Contrarian
Warren Buffett is fiercely focused, analytical, unemotional and contrarian investor. He does not need to know and consider every data point, he only focuses on the things that he needs to know about the business. He does not need a cadre of analysts pushing numbers.
“Be earful when others are greedy, and be greedy when others are fearful.”
“Buy great business when they are having a temporary problem or when the stock market declines and create bargain price for outstanding franchises”
The principles or foundations of Warren Buffett investment are;
• Viewing Stocks as a piece of business. It completely changes the approach to understand the field of investing.
• Focused low turnover portfolio is key to wealth creation over a long period.
• Invest only in Circle of competence i.e. business that you can understand and analyze
• Margin of safety in terms of both price and business are very important.
• Invest in high quality companies with competitive advantage & pricing power.
Annual Letters as Chairman of Berkshire Hathway
Warren Buffett uses his Berkshire Hathway Annual Report to give overview of his investments and principles behind it to his shareholders. In addition to his own shareholders, these letters offer great educational value to understand the field of investing to the general public to become better investors.
Quantitative & Qualitative judgement of the business
Quantitative judgement of the business and qualitative judgement of the management is crucial to understand any business. Numbers, ratios, formulas are important but it’s not everything to understand business. Understanding of the products and services of the company that ultimately generate those numbers, the people managing the company & their decision making is crucial. The credibility, integrity and quality of the management is extremely important for long term success of any business.
Economics of the business
Overall economics of the business plays a very important role in the success of any business. The importance of sound economics of business is very much evident by the statement of Warren Buffett as;
“When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that stays intact. “
Long term approach towards business
Buffet looks for companies with long term favorable prospects, that are operated by honest and competent people, and are available at attractive prices. If people are drawn to an investment because of superficial notions rather than business fundamentals, they are more likely to be scared away at the first sign of the trouble and, in all likelihood, will lose money in the process.
“The speed at which a business’s success is recognized, is not that important as long as the company’s intrinsic value is increasing at satisfactory rate. In fact, delayed recognition can be an advantage. It may give you a chance to buy more of a good thing at a bargain price.”
Allocation of Company’s Capital
The most important management act is the allocation of the company’s capital. It is the most important because allocation of capital, over time, determines shareholders value creation. Retaining earnings in order to reinvest in the company at less than the average cost of capital is completely irrational. It erodes shareholders value over long term.
Honesty & Integrity of Management
Buffett holds in high regards managers who report their company’s financial performance fully and genuinely, who admits mistakes and share success honestly.
Low Portfolio turnout
It’s important to keep portfolio turnout ratio low. When a stock appreciates in price but is not sold, the increase in value is an unrealized gain. No capital gain tax is owed until the stock is sold. If you leave the gain in place, the money compounds more forcefully. Buffett rightly called this unrealized gain as interest free loan from the treasurer.
Reading & Understanding Business Reports
Reading & understanding annual reports, balance sheet, Profit & Loss statement of the business are far more valuable than reading analysts’ reports or trying to understand fluctuations in the share price.
Psychology & Investment
Psychologist have divided our cognition system as System 1 & System 2 thinking. System 1 thinking involves intuition and quick response, whereas System 2 thinking involves reflection and analysis. System 1 thinking where simple and straightforward ideas travel quickly, whereas System 2 thinking means conscious effort to understand and reflect, it is slow in nature. The slow moving ideas that require reflection and judgement are part of System 2 thinking.
Using System 1 thinking, the investor would tabulate a company’s price to earnings ratio, book value, and divided yield. Seeing that the ratios are trading near historical lows and the company has raised the dividend every year for the past years, the investor might quickly conclude that the stock is a good value.
Too many investors rely almost exclusively on System 1 thinking to make a decision, rather than engaging in System 2 thinking of understanding and analyzing the company by reading company’s annual report, annual report of competitors, understanding the economics of the business. But it’s much more laborious and requires some mental effort rather than simply figuring out current price to earnings ratio of the business.
Both System 1 thinking and System 2 thinking are important, the application of the two way of thinking described by Daniel Kanheman as thinking slow and fast depends on the context and scenario. Stock Market is a complex field; it requires System 2 thinking approach. The cases where available response time is low, System 1 thinking may be much more important i.e. sports, driving etc.
The Warren Buffett way by Robert G Hasstrom focuses on investment journey, philosophy and principles of Warren Buffett.
Michal Mausbousinee rightly stated “There is a measure of both luck & skill in business, in sports, in investing. The only way to distinguish whether luck or skill prevails is by examining results over time. Luck may play a role in short run, but time will let us know whether skill was involved”. The exceptional journey and success of Warren Buffett in the field of investing over more than 50 years generating above market return is very much a statement that skill played a big role in his success.
Efficiency to beat the Efficient Market Hypothesis
According to Efficient Market Hypothesis, the combined efforts of millions of intelligent, motivated, objective and informed investors cause information to immediately be reflected in the market price such that assets will provide a risk adjusted fair return, no more and no less. Prices are never low or so high that they can be taken advantage of, and no investor can be capable of consistently identifying opportunities to benefit. One cannot beat the market. And its very much true most investors are unable to beat market.
But it’s also true that market efficiency is not such strong a force that it’s impossible to generate above market return. It is merely asserted that no one does it to a sufficient degree and consistently to disapprove the efficient market hypothesis.
Market frequently misprices stocks, usually because of human emotion of fear and greed. At the height of optimism, greed moves stocks beyond their intrinsic value, creating an overpriced market. At other times, fear moves prices below intrinsic value, creating an undervalued market. But investors like Warren Buffett, Ben Graham, Peter Lynch, George Soros are different. Their success shows that exceptional investors can beat the market through skill, not chance.
Ben Graham, Philip Fisher and Charlie Munger greatly influenced & nurtured Warren Buffett’s principles of investment.
Analytical, Unemotional and Contrarian
Warren Buffett is fiercely focused, analytical, unemotional and contrarian investor. He does not need to know and consider every data point, he only focuses on the things that he needs to know about the business. He does not need a cadre of analysts pushing numbers.
“Be earful when others are greedy, and be greedy when others are fearful.”
“Buy great business when they are having a temporary problem or when the stock market declines and create bargain price for outstanding franchises”
The principles or foundations of Warren Buffett investment are;
• Viewing Stocks as a piece of business. It completely changes the approach to understand the field of investing.
• Focused low turnover portfolio is key to wealth creation over a long period.
• Invest only in Circle of competence i.e. business that you can understand and analyze
• Margin of safety in terms of both price and business are very important.
• Invest in high quality companies with competitive advantage & pricing power.
Annual Letters as Chairman of Berkshire Hathway
Warren Buffett uses his Berkshire Hathway Annual Report to give overview of his investments and principles behind it to his shareholders. In addition to his own shareholders, these letters offer great educational value to understand the field of investing to the general public to become better investors.
Quantitative & Qualitative judgement of the business
Quantitative judgement of the business and qualitative judgement of the management is crucial to understand any business. Numbers, ratios, formulas are important but it’s not everything to understand business. Understanding of the products and services of the company that ultimately generate those numbers, the people managing the company & their decision making is crucial. The credibility, integrity and quality of the management is extremely important for long term success of any business.
Economics of the business
Overall economics of the business plays a very important role in the success of any business. The importance of sound economics of business is very much evident by the statement of Warren Buffett as;
“When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that stays intact. “
Long term approach towards business
Buffet looks for companies with long term favorable prospects, that are operated by honest and competent people, and are available at attractive prices. If people are drawn to an investment because of superficial notions rather than business fundamentals, they are more likely to be scared away at the first sign of the trouble and, in all likelihood, will lose money in the process.
“The speed at which a business’s success is recognized, is not that important as long as the company’s intrinsic value is increasing at satisfactory rate. In fact, delayed recognition can be an advantage. It may give you a chance to buy more of a good thing at a bargain price.”
Allocation of Company’s Capital
The most important management act is the allocation of the company’s capital. It is the most important because allocation of capital, over time, determines shareholders value creation. Retaining earnings in order to reinvest in the company at less than the average cost of capital is completely irrational. It erodes shareholders value over long term.
Honesty & Integrity of Management
Buffett holds in high regards managers who report their company’s financial performance fully and genuinely, who admits mistakes and share success honestly.
Low Portfolio turnout
It’s important to keep portfolio turnout ratio low. When a stock appreciates in price but is not sold, the increase in value is an unrealized gain. No capital gain tax is owed until the stock is sold. If you leave the gain in place, the money compounds more forcefully. Buffett rightly called this unrealized gain as interest free loan from the treasurer.
Reading & Understanding Business Reports
Reading & understanding annual reports, balance sheet, Profit & Loss statement of the business are far more valuable than reading analysts’ reports or trying to understand fluctuations in the share price.
Psychology & Investment
Psychologist have divided our cognition system as System 1 & System 2 thinking. System 1 thinking involves intuition and quick response, whereas System 2 thinking involves reflection and analysis. System 1 thinking where simple and straightforward ideas travel quickly, whereas System 2 thinking means conscious effort to understand and reflect, it is slow in nature. The slow moving ideas that require reflection and judgement are part of System 2 thinking.
Using System 1 thinking, the investor would tabulate a company’s price to earnings ratio, book value, and divided yield. Seeing that the ratios are trading near historical lows and the company has raised the dividend every year for the past years, the investor might quickly conclude that the stock is a good value.
Too many investors rely almost exclusively on System 1 thinking to make a decision, rather than engaging in System 2 thinking of understanding and analyzing the company by reading company’s annual report, annual report of competitors, understanding the economics of the business. But it’s much more laborious and requires some mental effort rather than simply figuring out current price to earnings ratio of the business.
Both System 1 thinking and System 2 thinking are important, the application of the two way of thinking described by Daniel Kanheman as thinking slow and fast depends on the context and scenario. Stock Market is a complex field; it requires System 2 thinking approach. The cases where available response time is low, System 1 thinking may be much more important i.e. sports, driving etc.
January 3, 2023
Il libro pecca di superficialità e mancanza di approfondimento tecnico, probabilmente per essere abbordabile ai più.
Integrato con le lettere annuali di Buffet agli azionisti della Berkshire può comunque consentire un primo approccio alla strategia di investimento di uno degli uomini più ricchi del mondo.
Integrato con le lettere annuali di Buffet agli azionisti della Berkshire può comunque consentire un primo approccio alla strategia di investimento di uno degli uomini più ricchi del mondo.
September 6, 2021
Bố cục cuốn sách hơi rối, bản dịch mình đọc thì dịch quá tệ.
Dù có hiểu nhưng không ai có thể đầu tư theo cách mà Buffet đã làm, nhưng cũng note lại kha khá kiến thức. Quan trọng nhất vẫn là đầu tư trong vòng tròn hiểu biết của mình, và dựa vào vòng trong hiểu biết, phân tích doanh nghiệp để xác định được các doanh nghiệp bị thị trường định giá thấp.
Dù có hiểu nhưng không ai có thể đầu tư theo cách mà Buffet đã làm, nhưng cũng note lại kha khá kiến thức. Quan trọng nhất vẫn là đầu tư trong vòng tròn hiểu biết của mình, và dựa vào vòng trong hiểu biết, phân tích doanh nghiệp để xác định được các doanh nghiệp bị thị trường định giá thấp.
February 6, 2019
كتاب مفيد للمتخصصين في المالية بشكل كبير
80% من المعلومات الواردة فيه تخصصية، وبشكل أدق يعرفها أهل الاستثمار والأسهم والتجارة
ما تبقى منه يطرح فيها فلسفة المال بالنسبة لثري من أكبر أثرياء العالم الذي تبلغ ثروته حتى كتابة المراجعة [ 85 مليار دولار ]
بقراءتك الكتاب لن تصبح ثرياً أؤكد لك، ولن تزداد ثراءً مالياً في ظرف 5 أيّام، لكن تتعلم أنّ لعبة المال يجتمع فيها أشياء كثيرة منها الحظ والبيئة والدعم والظروف وكثير من الاجتهاد وشيء من الذكاء.
ما يهمني في الكتاب هو التأكيد على عدة نقاط رأيتُ أنها تهم كل شخص سواء قرر أن يدخل عالم المال أو رغب بأن يكون مطلعاً فقط:
1- وارن بافيت لم يُصبح مليونيراً ثم مليارديراً في يوم وليلة، بل هذه حصيلة جهد وتعب أكثر من 50 سنة
2- لا يوجد خلط سحرية للثراء، بل هناك طرق وأساليب كثيرة
3- التعلّم _ على عكس ما يروّجه الدجالون_ أنه ليس مهماً في الثراء غير صحيح، وران استعان ب3 رجال وقال عنهم إنهم صنعوا شخصيته المالية واستفاد من كتبهم وعلمهم وأحدهم كان شريكه الإداري مدة طويلة، وحتى وارن نفسه تعلّم في الجامعة ثم توجه لسوق العمل متسلحاً بالعلم الذي حصله ومجرباً ما تعلّمه ومستفيداً من خبرات رجالات المال في القرن الماضي.
4- الصبر والجهد أهم من الذكاء في عملية الثراء.
5- المال يجلب المال، والإفلاس والخسارة متوقعة لأي شخص، المهم كيف تقوم بعد أن تسقط.
6- هناك دوماً مبادئ عامة [ للشركات والإدارة والمال والسوق ] من اتبعها وطورها سيفوز، والذكي من يعرف كيف يستفيد من الفرص السانحة.
7- لا يوجد شيء خاص مميز بشخصية وارن بافيت، بل هو شخص أقرب ما يكون لشخص عادي محبّ للعمل والمال، لكنه ليس ساحراً ولا عبقرياً [ وذلك باعترافه أنّه مجرد محب للمال والعمل ]
8- قضية بخله الشخصية لوارن تصلح للصحافة الصفراء لكن ليس لها علاقة بثراءه، فهو لا يحبّ التبذير على أشياء تافهة، ولكنه في الوقت نفسه تبرّع لشركة بيل غيتس وزوجته بأكثر من 4 مليار دولار.
9- الفصول الأخيرة أهم للمتلقي العادي من الفصول الأولى بكثير وهي ما تهمك.
10- هناك دروس كثيرة يمكنك أن تتعلمها من وارن بافيت لكن سيكون التطبيق أجدى لو كنتَ في أوهايو :)
تلك عشرة كاملة ..
80% من المعلومات الواردة فيه تخصصية، وبشكل أدق يعرفها أهل الاستثمار والأسهم والتجارة
ما تبقى منه يطرح فيها فلسفة المال بالنسبة لثري من أكبر أثرياء العالم الذي تبلغ ثروته حتى كتابة المراجعة [ 85 مليار دولار ]
بقراءتك الكتاب لن تصبح ثرياً أؤكد لك، ولن تزداد ثراءً مالياً في ظرف 5 أيّام، لكن تتعلم أنّ لعبة المال يجتمع فيها أشياء كثيرة منها الحظ والبيئة والدعم والظروف وكثير من الاجتهاد وشيء من الذكاء.
ما يهمني في الكتاب هو التأكيد على عدة نقاط رأيتُ أنها تهم كل شخص سواء قرر أن يدخل عالم المال أو رغب بأن يكون مطلعاً فقط:
1- وارن بافيت لم يُصبح مليونيراً ثم مليارديراً في يوم وليلة، بل هذه حصيلة جهد وتعب أكثر من 50 سنة
2- لا يوجد خلط سحرية للثراء، بل هناك طرق وأساليب كثيرة
3- التعلّم _ على عكس ما يروّجه الدجالون_ أنه ليس مهماً في الثراء غير صحيح، وران استعان ب3 رجال وقال عنهم إنهم صنعوا شخصيته المالية واستفاد من كتبهم وعلمهم وأحدهم كان شريكه الإداري مدة طويلة، وحتى وارن نفسه تعلّم في الجامعة ثم توجه لسوق العمل متسلحاً بالعلم الذي حصله ومجرباً ما تعلّمه ومستفيداً من خبرات رجالات المال في القرن الماضي.
4- الصبر والجهد أهم من الذكاء في عملية الثراء.
5- المال يجلب المال، والإفلاس والخسارة متوقعة لأي شخص، المهم كيف تقوم بعد أن تسقط.
6- هناك دوماً مبادئ عامة [ للشركات والإدارة والمال والسوق ] من اتبعها وطورها سيفوز، والذكي من يعرف كيف يستفيد من الفرص السانحة.
7- لا يوجد شيء خاص مميز بشخصية وارن بافيت، بل هو شخص أقرب ما يكون لشخص عادي محبّ للعمل والمال، لكنه ليس ساحراً ولا عبقرياً [ وذلك باعترافه أنّه مجرد محب للمال والعمل ]
8- قضية بخله الشخصية لوارن تصلح للصحافة الصفراء لكن ليس لها علاقة بثراءه، فهو لا يحبّ التبذير على أشياء تافهة، ولكنه في الوقت نفسه تبرّع لشركة بيل غيتس وزوجته بأكثر من 4 مليار دولار.
9- الفصول الأخيرة أهم للمتلقي العادي من الفصول الأولى بكثير وهي ما تهمك.
10- هناك دروس كثيرة يمكنك أن تتعلمها من وارن بافيت لكن سيكون التطبيق أجدى لو كنتَ في أوهايو :)
تلك عشرة كاملة ..
October 21, 2016
Robert Hagstrom is one of many authors hoping to make a few bucks by telling people how they can make their own millions investing like Warren Buffett. Hagstrom gives helpful details about how Buffett calculates owner's earnings, but otherwise he doesn't know much more than anyone else does about Buffett's specifics. Hagstrom outlines Buffett's basic tenets of investing, based on what he has read in the Berkshire Hathaway annual reports and a handful of other Buffett writings. This is an excellent outline of Buffett's fundamental principles of investing and how they were applied to various investments that Buffett made at Berkshire. The most interesting and useful part is Hagstrom's focus in the second half of the book on the focus portfolio. A study of 12,000 computer-generated portfolios showed that the number of stocks in a portfolio directly correlates to the portfolio's chance of beating the market. The small number of stocks in Buffett's portfolio may be the most important factor that allowed Buffett to outperform the market consistently for nearly 60 years.
April 8, 2014
Fascinating.
Clearly, Robert G. Hagstrom Jr.has a great respect for his subject and well he might. Warren Buffett is a man focused on the job in hand that of making money from his investments. Over the decades Buffett has proved himself to be the world's shrewdest investor and has made himself and his fellow investors VERY rich. When Hagstrom lays out the process in this book it appears worryingly straightforward - find a quality brand with few competitors in an industry you understand, look at the return on capital then buy the shares and let the good management have the time to prove their worth. It is that simple and yet few of us ever achieve financial security. Why not ? Perhaps that is the next book waiting to be written ? Anyway, if you are looking for a fascinating insight into how the 'Old Man of Omaha' operates, this book is a pretty good start.
Clearly, Robert G. Hagstrom Jr.has a great respect for his subject and well he might. Warren Buffett is a man focused on the job in hand that of making money from his investments. Over the decades Buffett has proved himself to be the world's shrewdest investor and has made himself and his fellow investors VERY rich. When Hagstrom lays out the process in this book it appears worryingly straightforward - find a quality brand with few competitors in an industry you understand, look at the return on capital then buy the shares and let the good management have the time to prove their worth. It is that simple and yet few of us ever achieve financial security. Why not ? Perhaps that is the next book waiting to be written ? Anyway, if you are looking for a fascinating insight into how the 'Old Man of Omaha' operates, this book is a pretty good start.
June 21, 2008
Nick has been studying Warren Buffer by way of news articles and Berkshire's annual reports for many years. From these studies, the author has built what he thinks is the strategy that Warren uses to analyze and eventually purchase companies. The book explains how Buffet is part Ben Graham, part Philip Fisher and part Charlie Munger and explains how each of their theories has influenced Buffet's business purchasing techniques.
May 28, 2015
The Warren Buffett’s Way - You want to smarter investment? well, then do it the Warren Buffet’s way. Warren Buffett is a man focused on the job in hand that of making money from his investments. This book is a part biographical; part classifying of the Buffet investment philosophies. I was not bored even a single minute. This is a book you will want to listen to several times. Simple, classic and elegant and completely makes sense. I would give this book a 4 stars.
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