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Book Description
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.
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Most helpful customer reviews
6 of 6 people found the following review helpful
5.0 out of 5 stars
A "Strong Buy" and an Absolutely Durable Investment,
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This review is from: Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage (Hardcover)
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.
3.0 out of 5 stars
A good read but will not make you rich...,
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Amazon Verified Purchase(What's this?)
This review is from: Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage (Hardcover)
Pretty interesting read... should include where we can find financial statements... however, this is information that 95% of the financial world already has access... so a good starting point...
3 of 3 people found the following review helpful
1.0 out of 5 stars
Written for pre-teens,
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This review is from: Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage (Hardcover)
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 Ottawa
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