- Audio CD
- Publisher: Tantor Audio; Unabridged CD edition (Dec 8 2008)
- Language: English
- ISBN-10: 1400110297
- ISBN-13: 978-1400110292
- Product Dimensions: 16.3 x 2.8 x 13.5 cm
- Shipping Weight: 136 g
- Average Customer Review: 13 customer reviews
- Amazon Bestsellers Rank: #500,606 in Books (See Top 100 in Books)
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage Audio CD – Audiobook, CD, Unabridged
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"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 --This text refers to the Hardcover edition.
About the Author
Mary Buffett's own business acumen can be measured by her success as CEO of Superior Assembly, a very successful commercial and motion picture editing company, with clients including Madonna and Coca-Cola. She lives in Southern California.
David Clark is a portfolio manager and a leading authority on Warren Buffett's investment methods.
Karen White has been narrating audiobooks since 1999, with more than two hundred to her credit. Honored to be included in AudioFile's Best Voices and Speaking of Audiobooks's Best Romance Audio 2012 and 2013, she is also an Audie Award finalist and has earned multiple AudioFile Earphones Awards.
Top Customer Reviews
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.
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.
Every day former Fund Manager Jim Cramer comes on TV and tells the world how to trade and invest. His credo isn't ' buy and hold' but 'buy and homework'. That is, you don't buy stocks then forget about them; you check in on them on a weekly basis. This book is the answer to the question: ' What does it mean to 'check on' them?'
If that's what you're looking for, this book is terrific. It's a quick read, and they break down the Financial dry-as-cardboard stuff into simple language anyone can understand. What I was really looking for from this was a set of rules, a set of 'if/then' guidelines to consider when reading financial reports. Again, Cardboard. What a lot of guys do is make a 'Shopping List' of great stocks you want to own, as soon as the price comes down.
The first part: identifying great companies, that's what Buffett can help you with. He explains what exactly he's looking at when he sees Microsoft's or Hershey's financial statements. Buffett is looking for not just 'good' companies, he's looking for companies that have pseudo-monopolies. He calls them 'moats' (like a castle) when a company has protection from competition, something like a patent, or a powerful brandname, that means it keeps raking in the dough year after year after year, even without much in the way of 'new products'!
The second part: buying at the right price. He touches on that as well. For that you just need to know the historical prices and have patience that, in time, you'll get your opening. Stocks are underpriced all the time on the Market. The way it works is when a drugstore chain complains that the market is bad in their quarterly conference call (when the media pelts the Chief Financial Officer with questions), every company in their sector (competing drugstores) are devalued. People overreact! That's when you can buy a good drugstore for cheap. Timing is everything.
The third part? When to sell. Buffett does touch on this as well, and its all great advice. But for the record, Buffett hates selling. Get this: Warren Buffet has about $64B in Capital Gains that he's never paid taxes on. That's always been part of his investing style: that if you buy and sell quick trades, you'll keep paying capital gains tax, and that means 10-30% less profit each time. If you never sell, you never pay that.
And if you only invest in Excellent companies with mini monopolies, why would you ever sell?
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