Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage Hardcover – Oct 14 2008
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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
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.
For over twenty years, David Clark has been considered the world’s leading authority on the subject of Warren Buffett’s investment methods. His international bestselling investment books, Buffettology, The Buffettology Workbook, The New Buffettology, The Tao of Warren Buffett, Warren Buffett and the Interpretation of Financial Statements, The Management Secrets of Warren Buffett, Warren Buffett and The Art of Stock Arbitrage, and The Warren Buffett Stock Portfolio, have been translated into over hundred different foreign languages and are considered “investment classics” the world over. He holds a B.S. degree in finance and a law degree from the University of California, Hastings College of the Law. He is also the principal adviser to Keith Ashford Lord of the top ranked UK Buffettology Fund in the United Kingdom. He is presently writing Berkshire Hathaway: Fortress of Capital, a corporate biography. When not consumed with matters of finance, he is engaged in the second great passion of his life, which is trial law and maintains an active national practice.
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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.
This book is best for novice investors intrigued by this Warren Buffett character and looking to learn about financial statements and what metrics might be important to look at when buying stocks. I found this an accessible and useful starting point in learning about very basic security analysis but would not suggest that it is the best or only source someone should look at. Don't buy this book if you are "trying to get superrich like Warren"--you should probably read his more nuanced annual letters (available for free online) (or get an MBA?) instead. But if you have an interest in the stock markets and want to learn more (without falling asleep) about how to read a company's financials, this is a good place to start.Read more ›
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.Read more ›
Most recent customer reviews
Pretty interesting read... should include where we can find financial statements... however, this is information that 95% of the financial world already has access... Read morePublished on April 20 2012 by Amazon Customer
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 [...]Published on Jan. 4 2012 by Michael Austin
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. Read morePublished on July 8 2011 by smokey7
Borrowed this book from my brother, read it and decided it is a must have, keep & regularly refer to. Read morePublished on Nov. 2 2010 by Dara Anary
A very good book for rational investors who invest in share market.It based on Warren Buffet's way of selecting share's in the stock market to minimize your risks but maximizing... Read morePublished on Oct. 8 2009 by Susantha. Nanayakkara
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