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14 of 16 people found the following review helpful
5.0 out of 5 stars Once Again, Take It With A Grain of Salt
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...
Published on March 27 2004 by Gregory McMahan

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20 of 20 people found the following review helpful
3.0 out of 5 stars Amazed by good reviews of this book
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...
Published on April 3 1998


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20 of 20 people found the following review helpful
3.0 out of 5 stars Amazed by good reviews of this book, April 3 1998
By A Customer
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.
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14 of 16 people found the following review helpful
5.0 out of 5 stars Once Again, Take It With A Grain of Salt, March 27 2004
By 
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).
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5.0 out of 5 stars Good, June 19 2014
It was nice to make a purchase from you guys. Hope so in future too. Have a good weekend sir.
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1 of 1 people found the following review helpful
1.0 out of 5 stars This book is crap!, Sept. 3 1998
By A Customer
This review is from: The Warren Buffett Way: Investment Strategies of the World's Greatest Investor (Paperback)
The author of this book, Robert Hagstrom, has never spoken to Mr. Buffett about investing. Yet for some strange reason Hagstrom feels qualified to write about Buffett's investment methods. After the book came out Hagstrom started a mutual fund to exploit his readers' trust, Hagstom claimed that he was going to use Buffett's methods as outlined in this book. But Hagstrom's mutual fund turned in such poor results he had to close it down. If you use the investment methodology found in this book you too will get the same poor results that Hagstrom did. If you want to know how Buffett did it, you should look elsewhere.
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5.0 out of 5 stars Worth the read, June 22 2004
By A Customer
Forget B-school, read this book. Seriously, a great introduction to value investing and the Buffett mentality of risk.
Hagstrom's analysis is very easy to read and understand... a book everyone should read.
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5.0 out of 5 stars What if Mr. Market goes really crazy?, April 21 2004
By 
andris virsnieks (Seattle, WA USA) - See all my reviews
(REAL NAME)   
This review is from: The Warren Buffett Way: Investment Strategies of the World's Greatest Investor (Paperback)
If you are reading this book just to be better informed, I think you will get your money's worth. I feel I got a five-star education. But if you are going to read it to make a decision to buy or not to buy Berkshire Hathaway, you should keep these two points in mind: First, almost everyone considers Warren Buffet to be the world's greatest investor. This special attribute of Mr. Buffet might be reflected in the price of Berkshire Hathaway stock. If Warren Buffet were no longer around, what would that do to Berkshire Hathaway? Hasn't Mr. Buffet's greatness built in a premium in Berkshire Hathaway stock?
Second, this book proves that Mr. Buffet beat Mr. Market most of the time under normal circumstances. In abnormal circumstances, Mr. Market could beat Mr. Buffet. Abnormal circumstances would exist if Mr. Market went into a long, deep depression (like he did in the 1930's and dropped in value by 90%). And could a second terrorist attack similar to 9/11 cause Mr. Market to panic and create abnormal circumstances in the economy?
No matter how good the company, Mr. Market can and will hurt the value of its stock. If there is another terrorist attack like 9/11, Mr. Market will panic and Coca Cola, Washington Post, GEICO, etc., would all suffer terribly.
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5.0 out of 5 stars Value Investing the Proletariat Way, Jan. 29 2004
By 
V.I Lenin (Lenin's Summer Dacha, Santa Monica, CA) - See all my reviews
After reading this book, I have seen the errors in my ways.
I have discovered that the only way to real power is becoming a day trader.
At any rate, me and buddy Trotsky have founded a new investors club which meets at my crypt each Saturday.
Best of luck to my friends the Deaniacs.
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5.0 out of 5 stars Add this book to your investment books library!, Oct. 28 2003
By A Customer
For $9.99 this book is a steal. This book is full of good information on buying stocks. When I read a book, I underline any information I think is worth re-reading. I have underlined stuff on about 85% of the pages in the book (very high). This book is definitely a book to add to your investment library. After reading the book, you should go to [...] where you can enter a stock symbol and get an analysis. Choose the "Robert Hagstrom's The Warren Buffet Way" investing strategy to see how Buffet might analyse a particular stock. I am not in any way related to Quicken or the publisher of this book. I just trade stocks for a living.
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4.0 out of 5 stars A good book on fundamental investing..., July 4 2003
By 
Britt Gillette (Virginia - United States) - See all my reviews
(REAL NAME)   
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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5.0 out of 5 stars Six stars!, June 26 2003
By 
Bas Röling (Haarlem, The Netherlands) - See all my reviews
This book describes Buffet's investment principles and decisions in a clear, brief and very good way. Especially interesting is the discussion of the tenets that guide Buffet's purchases and the analysis of some of Buffet's investments, following these tenets. Buffet is the most succesful investor of the last decades, so studying his decisions and philosophy is, according to me, one of the best things an investor can do to learn about the business. This book offers an excellent opportunity to do so.
(By the way, if you really want to know how Buffet operates, reading the books of his masters, Fisher and especially Graham, is a requisite too!)
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