The Warren Buffett Way, Second Edition
Buffett is back . . . and better than before! A decade has passed since the book that introduced the world to Warren Buffett -- The Warren Buffett Way by Robert Hagstrom -- first appeared. That groundbreaking book spent 21 weeks on the New York Times Hardcover Nonfiction Bestseller list and sold over 1 million copies. Since then, Warren Buffett has solidified his reputation as the greatest investor of all time -- becoming even richer and more successful, despite the wild fluctuation of the...
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A decade has passed since the book that introduced Warren Buffett to the world–The Warren Buffett Way by Robert Hagstrom–first appeared. Since then, Buffett has solidified his reputation as the greatest investor of all time–quietly amassing a multibillion-dollar fortune, despite the wild fluctuation of the markets. Although Buffett has claimed time and again that what he does is not beyond anybody else’s competence, some people still do not understand how this value investing legend can consistently perform so well. That’s where Robert Hagstrom and the Second Edition of The Warren Buffett Way come in. This completely revised and updated look at the Oracle of Omaha encompasses Buffett’s numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner.Rather than presenting Buffett’s strategies by stock purchases–as he did in the first edition–Hagstrom makes "Buffett’s Way" more accessible to you, the individual investor, by presenting Buffett’s basic tenets of investing and illuminating these principles with relevant and up-to-date examples from Buffett’s investments, including common stocks, private companies, and high-yield bonds. Standing far above the market madness, this timely guide distills the wisdom and insight of the world’s greatest investor. It skillfully . . .Presents a brief history of Buffett from boyhood to Berkshire Hathaway, and reveals the individuals and events that shaped his investing philosophyOutlines the business, management, finance, and value tenets that make up the core of Buffett’s investing approach Examines Buffett’s ongoing process of managing a portfolio from knowing which stocks to hold, and for how long, to deciding if, when, and how to cash out some investments and move into othersDiscusses the psychology of money and how Buffett uses this concept to avoid common investment mistakes and recognize other people’s mistakes in time to profit from themChange is constant, but the investment principles outlined in this book have remained the same. In an environment that seems to favor the speculator over the investor, Buffett’s investment advice has proven, time and again, to be a safe harbor for millions of lost investors. No one understands Warren Buffett like Robert Hagstrom, and in the Second Edition of The Warren Buffett Way, Hagstrom will help you–whether you’re a seasoned investor or just getting started–understand and employ the investment strategies that have made Buffett so successful for over five decades. John C. Bogle 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.
Foreword to the second editionForeword to the first editionIntroduction1The world's greatest investor12The education of Warren Buffett113"Our main business is insurance" : the early days of Berkshire Hathaway294Buying a business415Investing guidelines : business tenets616Investing guidelines : management tenets817Investing guidelines : financial tenets1098Investing guidelines : value tenets1219Investing in fixed-income securities14110Managing your portfolio15711The psychology of money17712The unreasonable man189Afterword : managing money the Warren Buffett way199
\ Charles D. EllisWarren Buffett is surely the Greatest Investor of this century—not so much because he built a great fortune within a free market as because he has shared his important thinking with us and has openly demonstrated the sagacity and courage so vital to success. Berkshire Hathaway has been my largest, longest investment. Warren has been my best teacher.\ \ \ \ \ John C. BogleRobert 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 RothchildIt'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.\ —Time\ \ \ \ \ Kenneth L. FisherSimply the most important new stock book of the 1990s, to date. Buy it and read it.\ —Forbes\ \ \ \ \ Martin S. FridsonWarren Buffett is often characterized simply as a 'value investor' or a 'Ben Graham disciple.' Hagstrom fills in the rest of the story with some immensely practical pointers on prospering in the market.\ \ \ \ \ Peter S. LynchThe 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.\ \ \ \ \ Phil FisherIn simple language this book tells the rules by which the most successful American stock investor of modern time got that way. It could be a godsend to the legion of unhappy investors who keep floundering because they ignore the basics of major investment success.\ \ \ \ \ Wall Street Journal. . . an extraordinarily useful account of the methods of an investor held by many to be the world's greatest.\ \ \ \ \ Wall Street JournalAn extraordinarily useful account of the methods of an investor held by many to be the world’s greatest.\ \ \ \ \ Publishers WeeklyStarting with $10,000 in 1956 and today worth some $8.5 billion, with significant holdings in Coca-Cola, Capital Cities/ ABC and the Washington Post Company, Omaha, Nebr.-based Buffet is a major player on Wall Street. Financial consultant Hagstrom, who did not interview his subject but obtained permission to quote from his Berkshire Hathaway annual reports, here outlines Buffet's iconoclastic tenets for investing. Unlike many entrepreneurs who take over companies to sell them off in bits, Buffet buys and holds. He rejects the ``efficient market theory''; he doesn't worry about the stock market; and he buys a business, not a stock. He manages with a small staff, no computers and a ``hands off'' strategy. Learning his secrets here, now the rest of us can do a Buffet? Illustrations. Fortune Book Club dual main selection. (Nov.)\ \ \ \ \ Library JournalHagstrom, a principal in a Philadelphia investment firm, describes the investment strategies and techniques used by Warren Buffett to realize enormous success as a professional investor. Aiming his analysis at the individual investor, Hagstrom reviews the influence of Buffett's mentors, Ben Graham and Philip Fisher, and illustrates Buffett's synthesis of their investment philosophies. Hagstrom provides case studies of Buffett's major investments, showing the qualities of the companies that had appeal. Buffett's investment philosophy espouses long-term investing, respect for good management, and recognition of the value of a business franchise. This insightful work is a worthwhile complement to Graham's classic writings, considered essential for new investors.-Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.\ \
