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The Warren Buffett Way Paperback – Oct 4 2005


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Product Details

  • Paperback: 272 pages
  • Publisher: Wiley; 2 edition (Oct. 4 2005)
  • Language: English
  • ISBN-10: 0471743674
  • ISBN-13: 978-0471743675
  • Product Dimensions: 15.4 x 2 x 23 cm
  • Shipping Weight: 318 g
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: #126,471 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

As one of the world's most successful investors, the modest Mr Buffett and his strategies are a recipe for success.' (The National Personal Finance, October, 2010). --This text refers to the Hardcover edition.

From the Inside Flap

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 philosophy
  • Outlines 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 others
  • Discusses 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 them

Change 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. --This text refers to the Hardcover edition.


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3.8 out of 5 stars
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Most helpful customer reviews

Format: Paperback Verified Purchase
I was hoping to have some insight into Warren Buffet method with this book, but it just contain the history of his accomplishment. A lot of this book give me a deja-vu feeling like I've read it somewhere else.

The book doesn't feel very organize and it looks like it was put together by cut-and-paste from a number of different articles.
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By ibmasterblaster on Jan. 15 2011
Format: Paperback Verified Purchase
This was a great book to read. I liked that it was written about Buffet, and not by Buffet. Doing this gave a bit more insight from an external perspective and also highlighted failures as well as successes. Good examples and great quotes throughout the book
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By Amazon Customer on April 26 2013
Format: Kindle Edition Verified Purchase
This book is good for beginners. You can have the same information by just reading the Berkshire Hathaway annual reports. The autors good have gone deeper on value investing. Overall, it's a good read.
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By Camilo on Jan. 26 2013
Format: Hardcover Verified Purchase
The definitive book about Warren Buffet. Robert G. Hagstrom describes like nobody the habits that made Warren the master of investments.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 115 reviews
452 of 480 people found the following review helpful
Amazed by good reviews of this book April 3 1998
By A Customer - Published on Amazon.com
Format: Mass Market Paperback
I am continually amazed by the good reviews this book receives; so I finally felt compelled to write. There is nothing in this book that Warren Buffett hasn't already said in his annual letters. Robert Hagstrom revealed his true reason for writing this book when the first paperback edition came out and in it, in fine print, was a notice stating that Hagstrom had started an investment fund designed to invest using Warren Buffett's principles (read: way). That is, he wrote the book so you would learn his name, become confident in his ability to analyze investments like Buffett does, and invest in his fund (which has a hefty expense ratio and has performed quite poorly I understand). So he writes this page book, in which he recommends that if you ever have the chance to read Buffett's annual letters, you should, since they "read like a book on his investment philosophy". I took his suggestion, ordered the back annual letters (sold by Berkshire Hathaway for $15) and found they repeated everything in this book - sometimes word for word (now how could Buffett have known what Hagstrom was going to write?). I get the feeling that Hagstrom has never met Buffett and never discussed investing with him (unlike Lowenstein, Lowe, Train, etc.) and his only research for this book was Buffett's annual letters. I learned more about Buffett's style from Roger Lowenstein's biography. Take Robert Hagstrom's advice and purchase the annual letters; they say the same thing - except Buffett's sense of humor is better.
167 of 180 people found the following review helpful
A tedious read with very little practical application July 1 2002
By A. Jonsson - Published on Amazon.com
Format: Mass Market Paperback
First let me say that the low rating I'm giving does not reflect my opinion of Warren Buffett and his methods in general, but rather specifically this book by Hagstrom.
I was quite disappointed by this book. It seems confused about whether it is an investment guide or historical narrative, and so fails to do an adequate job of either. (For a much more interesting account of Buffett's life and investments, read Roger Lowenstein's biography).
I was hoping this book would explain in specific detail HOW Buffett determines whether a company's shares are undervalued by the market and by how much. However I found that the few explanations in this book are too vague to be of any real practical application in analyzing companies and making investment decisions. The book spends more time detailing WHAT Buffett has invested in, as opposed to WHY. And more time discussing what happened to these companies AFTER Buffett had invested in them, rather than what specifically made them attractive to Buffett beforehand.
Maybe this would be a good enough book for someone to read as an introduction to Buffett, if it wasn't just so boring!
40 of 43 people found the following review helpful
Great Philosophy, Good Read, Average Practical Use Dec 8 2002
By Bryan Vacek - Published on Amazon.com
Format: Mass Market Paperback
The "Warren Buffet Way" never ventures too far from common sense but whether that makes it ingeniously sound or blandly uninspired will be left for the reader to decide. The techniques Warren Buffet employed to attain success (and wealth) are well documented here with summaries of his investments from early life to recent times (1994). Each investment in analyzed through the lense of Warren Buffets economic principles, a blend of widely recognized economic minds and Warren Buffets own basic philosophy, and the result is an appreciation for his business sense and stock selecting ability.
This hindsight review of his choices is partially intended to teach you, the reader, how to make equally good investments and turn a profit without extensive risk. The problem lies in the fact that Buffet's confident simplicity is hard to obtain. The crux of his theory is calculating the intrinsic value of a company through research that is probably second nature to long-time professional investors like Buffet but is vague or downplayed in the book. Technological methods and industry readings are turned down in favor of a physical appraisal of the company and its management and an unexplained calculation of its potential.
But who has the time or money to visit and interview every possible investment they are considering? And to do so when they are only just starting out with little idea of where to start or what is an important indicator of value and while being told to expect only long-term gains? The book tells you to look past the popular and fickle market at the company itself but it is unclear what to focus on. The idea is good, I'll try to put it to good use in my own investing, but its too general to nail down or check off on a list.
Overall though, it will provide an insightful look at one of the richest men in the world. You'll learn some basic investment strategies and a little history. Its not an economic Bible but it may help beat the crowd without going too far over your head.
88 of 101 people found the following review helpful
Once Again, Take It With A Grain of Salt March 27 2004
By Gregory McMahan - Published on Amazon.com
Format: Mass Market Paperback
I am not Warren Edward Buffett. Unlike Mr. Buffett, who has the delightful headache of trying to figure out where to put his steadily growing billions, I am a non-investor, sitting on the sidelines, wondering what all the fuss is about. Like most readers of this book, I have been told incessantly to invest for retirement, and not knowing exactly how I should do so, I figured it might be a good idea to glean a few secrets from a proven successful investor. Hence, I read The Warren Buffett Way from cover to cover, hoping to learn a few things.
And what did I learn? I learned that I am not Warren Edward Buffett. Unlike Mr. Buffett, whose circle of associates includes all of the Beautiful People of Corporate America, I am surrounded by ordinary people, more than a few of whom are looking for a way to get rich quick. Whereas Mr. Buffett is patient and thoughtful with his investments, most of the people I encounter are thoughtless and reckless with their gambles. These two things, which I increasingly began to ponder as I read this book, distinguish me from the Oracle of Omaha, and quite possibly from most readers of this book.
The book consists of nine chapters, and is mostly historical in nature. It details many of Buffett's past exploits in the stock market, mostly the good moves but also some bad ones, and offers some of the principles guiding Mr. Buffett's stock investing strategy, grouped into three classes called Management, Financial and Market Tenets. The first four chapters of the book delve into the early history of Berkshire Hathaway, the key influences on Mr. Buffett which helped to shape his investment philosophy, Mr. Buffett's perspective on the financial markets, and the principles by which he goes about purchasing a business. The last five chapters of the book give example after example of some of Mr. Buffett's past stock moves, and tries to show his Tenets in action.
The style of the book is mostly active until the fifth chapter, whereupon it becomes plodding. The book is extremely repetitive at points, and as other reviewers have pointed out, key concepts are not fully explained up front, suggesting that the possible target audience for this book are those having a strong background in the general principles of economics and business.
In all honesty, I have previously encountered most of the content of this book in coursework or self-study. I previously read Mr. Hagstrom's The Warren Buffett Portfolio, and found the two books to be similar in some respects. That said, I still found this book to be very interesting and useful, primarily because it exposed me to an investment approach which utilizes these concepts in ways I had not previously considered. I also found it highly interesting on an anecdotal level, given that Mr. Buffett's investment career spans The Go-Go Years, The Nifty Fifty Stocks and the 80s and 90s Tech Stock Boom, and yet he never once participated in these tech-stock manias but handily outperformed tech stock investors nonetheless.
Like I said, I am not Warren Edward Buffett and I can not expect or even hope to do what he does, but that does not mean that I can not think like him. Even Mr. Buffett cautions the small investor in this regard, as there are things that he can do that none of little guys can do. Yet, he also has said that there are things the little guy can do that he can not do. That said, the book deserves to be read by any one lacking the ability to reason through the process of investing. However, readers at all levels should not stop with this book. Others have pointed out that one could get even more information straight from the horse's mouth- the Berkshire Hathaway website.
On the other hand, as this information details past moves for which the conditions surrounding them are most unlikely to come around again, I believe that the more astute reader looking to learn more should consult The Money Game by Adam Smith for a brief historical look at financial foolishness (albeit the late sixties but the resemblance to Right Now is striking), The Theory of Investment Value by John Burr Williams for Buffett's original basis for valuation, and The Intelligent Investor by Benjamin Graham for a more detailed explanation of the concepts of margin of safety, intrinsic value, and the benefits associated with ignoring the market noise. These three books will help one learn how to reason through the investment problem, as this is the most important step, aside from finding smart people (as Mr. Smith admonishes forcefully in The Money Game and Buffett has consistently done) and thinking more but acting less (as Buffett has said- do a few things right and screw everything else).
13 of 13 people found the following review helpful
A good book on fundamental investing... July 4 2003
By Britt Gillette - Published on Amazon.com
Format: Mass Market Paperback
With "The Warren Buffett Way", Robert Hagstrom attempts to bring the financial genius of the world's greatest investor within reach of the average man on the street. The book is a good overview of Buffett's career, outlining the types of companies he looks for, the calculations he uses to determine a company's value, and the type of earnings history he looks for in an investment. These are basic principles that need to be hammered home to even the most seasoned of investors, and the book serves as a good primer for that reason. I have bought it as a gift on more than one occasion. (Although the "Buffettology" workbook is better.)
However, I give the book four stars for the following reason: hindsight is twenty-twenty. Hagstrom seems to believe that returns comparable to Buffett's are attainable to the average investor. But the average investor knows little about interpreting financial statements and little credit is given to Buffett's instincts and ability to see opportunity where others do not. Although it is well within the reach of the average investor to achieve above-average returns, this book should be viewed as a first step in that goal. There is still much to learn. I recommend this book solely for its emphasis on investment in companies with consumer-monopoly products, strong earnings histories, etc. The book helps reinforce the fundamentals of common stock investing, but I like Hagstrom's book "The Warren Buffett Portfolio" much better...
Britt Gillette
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