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Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage [Hardcover]

Mary Buffett , David Clark
4.1 out of 5 stars  See all reviews (9 customer reviews)
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Book Description

Oct. 14 2008

With an insider's view of the mind of the master, Mary Buffett and David Clark have written a simple guide for reading financial statements from Warren Buffett's succccessful perspective.

Buffett and Clark clearly outline Warren Buffett's strategies in a way that will appeal to newcomers and seasoned Buffettologists alike. Inspired by the seminal work of Buffett's mentor, Benjamin Graham (The Interpretation of Financial Statements, 1937), this book presents Buffett's interpretation of financial statements with anecdotes and quotes from the master investor himself.

Potential investors will discover:

• Buffett's time-tested dos and don'ts for interpreting an income statement and balance sheet
• Why high research and development costs can kill a great business
• How much debt Buffett thinks a company can carry before it becomes too dangerous to touch
• The financial ratios and calculations that Buffett uses to identify the company with a durable competitive advantage -- which he believes makes for the winning long-term investment
• How Buffett uses financial statements to value a company
• What kinds of companies Warren stays away from no matter how cheap their selling price

Once readers complete and master Buffett's simple financial calculations and methods for interpreting a company's financial statement, they'll be well on their way to identifying which companies are going to be tomorrow's winners -- and which will be the losers they should avoid at all costs.

Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett.

Frequently Bought Together

Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage + The Intelligent Investor: The Definitive Book on Value Investing + Security Analysis: Sixth Edition, Foreword by Warren Buffett
Price For All Three: CDN$ 86.41

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Product Details

Product Description


"Just as top musicians memorize scales, and the best golfers perfect swings at the driving range, investors who want sustainable, good returns must master the critical basics that Mary Buffett and David Clark lay out for us in this clear explanation of Warren Buffett's methods. I don't think there has been a better time for investors to relearn the fundamentals. Follow these methods and you will see results!" - Timothy P. Vick, senior portfolio manager, The Sanibel Captiva Trust Company, and author of How to Pick Stocks Like Warren Buffett

About the Author

Mary Buffett is a bestselling author, international speaker, entrepreneur, political and environmental activist. Ms. Buffett appears regularly on television as one of the top finance experts in America.  She has been the principal speaker for prestigious organization around the world.  Ms. Buffett has worked successfully in a wide range of businesses including extensive work as a consultant to several Fortune 500 companies.  She lives in California.

David Clark holds degrees in both finance and law, and in the late seventies was the founding member of the original Buffettologists - a small group of early Berkshire shareholders who studied the investment methods of Warren Buffett. He is now recognized as one of the world's leading authorities on the subject and has written extensively on it. He lives in Warren Buffett's hometown, Omaha, Nebraska, and is the Managing Director of a private investment partnership.

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Customer Reviews

Most helpful customer reviews
7 of 7 people found the following review helpful
1.0 out of 5 stars Written for pre-teens Feb. 25 2010
While the book provides a few useful rules-of-thumb (which could be gleaned in the time it takes to have a cup of coffee), it's written in such a dumbed-down way as to prove annoying beyond belief.
The book's "chapters" are drawn from the line items on the income statement and balance sheet -- sample revelation: "Chapter 40: Long Term Debt: Something that great companies don't have a lot of". If you need to know that, you might want to avoid picking your own stocks and buy an ETF.
The average length of each chapter is 2-3 pages. Some merely say that the line item is not important for measuring the long-term competitive advantage of a company.
More annoying is the authors' use of glib, familiar phrases like "what makes Warren superrich", and the glib, cutesy wrap sentences that end each chapter. Check a few chapter endings out on-line or in store.
This book might be good for a Grade 9 intro to investing or accounting class, but anyone else would be better off with something more substantive. I like Graham's Intelligent Investor which is an enjoyable read but goes into great depth.
J Carson
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6 of 6 people found the following review helpful
Not only was the book brief and concise, it's also written in such a simple language that even an amateur can understand at the first glance. For the more advanced reader, or even the seasoned value investor, this book gives insight into Warren Buffett's "secret holy grail" to successful investing.

The basics of financial statements are briefly introduced, where the analysis of each of the three parts are structured neatly into small sections and chapters for the reader to understand more easily. Although it's not rocket science, these nuts and bolts of financial analysis can prove to be quite challenging for a beginner in accounting. Where appropriate, the book also clearly distinguishes Buffett's different views and arguments with traditional Graham-based value investors, which make this book an overall great book for both beginners and experts alike.
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5.0 out of 5 stars Easy read, very informative Jan. 4 2012
A short but useful book that I managed to read in under 24 hours. Very useful for beginner investors trying to learn the ways of Warren Buffett. My full book review is at [...]
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4.0 out of 5 stars very easy read July 8 2011
By smokey7
Well written, smart and original statements not ear by ear really lived and real experiences. Helps with your investments and the way you think about taking risk. top5 investment books
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Format:Hardcover|Verified Purchase
Borrowed this book from my brother, read it and decided it is a must have, keep & regularly refer to. Did not review and buy when available at COSTCO, was not available again, finally bought from AMAZON.

Excellent book, learn how to invest do your own analysis understand financial ratios & terms, be independant and make your own decisions. Income Statement, Balance Sheet & Cash Flow Statement explained line by line & how Warren Buffett analysis & invests.
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