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PRAISE FOR
THE WARREN BUFFETT WAY "An extraordinarily useful account of the methods of an investor held by many to be the world's greatest."
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The Wall Street Journal "It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. A comprehensive primer on applying Buffett's investment strategy. Fascinating."
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Fortune "Simply the most important new stock book.... If you think you know all about Warren Buffett, you have a lot to learn from this book."
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Forbes "Nobody has described what Buffett practices better than Hagstrom."
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Time "Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something useful here."
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The Economist
Inhaltsverzeichnis
Foreword to the First Edition ix
Foreword to the Second Edition xv
Foreword to the Third Edition xvii
Preface xxvii
Chapter One World's Greatest Investor 1 Understanding Patterns 3
The Making of an Entrepreneur 4
Buffett Limited Partnership 16
Berkshire Hathaway: Compounding Conglomerate 20
Chapter Two The Education of Warren Buffett 25 Howard Homan Buffett: Earliest Influence 26
Benjamin Graham: Developing an Investment Methodology 33
Philip Fisher: Discerning a Good Business 41
Charlie Munger: An Intellectual Perspective 50
Chapter Three Business- Driven Investing 65 Business Tenets 68
Management Tenets 71
Financial Tenets 79
Value Tenets 85
An Intelligent Investor 91
Chapter Four Common Stock Purchases 93 The Washington Post Company 96
GEICO Corporation 107
Capital Cities/ABC 120
The Coca- Cola Company 130
Apple, Inc. 140
The Value of Retained Earnings 159
Chapter Five Managing a Portfolio of Businesses 163 Portfolio Management Today: A Choice of Two 164
A Third Choice: Focus Investing 166
The Superinvestors of Buffettville 170
Three Thousand Focus Investors 181
A Better Way to Measure Performance 185
High Active- Share Investing 200
Chapter Six It's Not That Active Management Doesn't Work 203 High Priests of Modern Finance 204
Efficient Market Hypothesis 218
Investment and Speculation: Understanding the Difference 225
Investing in a Parallel Universe 230
Chapter Seven Money Mind 235 Sportsman, Teacher, Artist 238
Berkshire Hathaway: An American Institution 245
Appendix A Berkshire's Performance versus S&P 500 Index (1965-2022) 251
Appendix B Berkshire's Common Stock Portfolios (1977-2021) 253
Notes 279
Acknowledgments 293
About the Author 297
Index 299
Über den Autor / die Autorin
ROBERT G. HAGSTROM is one of the best-known authors of investment books including the
New York Times bestseller
The Warren Buffett Way and
Investing: The Last Liberal Art. He has followed, studied, and written about Warren Buffett since 1984. Robert has over 40 years of experience as a professional investor. He is currently the Chief Investment Officer of EquityCompass Investment Management, LLC and Senior Portfolio Manager of the Global Leaders Portfolio. Robert was the institutional portfolio manager of the Growth Equity Strategy at Legg Mason Capital Management when he received honorable mention as Morningstar's Domestic Stock Fund Manager of the year in 2007.
Zusammenfassung
An insightful new take on the life and work of one of the world's most remarkable investors: Warren Buffett
In the 30th Anniversary Edition of The Warren Buffett Way, celebrated author and investor Robert Hagstrom delivers the definitive version of his bestselling compendium of the investment strategies made famous by Warren Buffett. The Warren Buffett Way describes the twelve investment tenets of Warren Buffett's strategy called business-driven investing and his distinct approach to managing a portfolio of businesses. You'll learn how you can apply these same principles to building your own portfolio and find discussions on the psychology of long-term investing, its optimal benefits, and how to avoid the most common pitfalls and mistakes encountered by investors.
This latest edition includes:
* A new author preface to complement the existing forewords from Peter Lynch, Bill Miller, and Howard Marks.
* Insights on how to achieve worldly wisdom advanced by Warren Buffett's longtime business partner Charlie Munger.
* Footnotes and references to academic work that supports and expands on Warren Buffett's investment approach and portfolio management.
* The complete Berkshire Hathaway common stocks portfolios from 1977-2021.
An indispensable guide to the remarkable work and accomplishments of Warren Buffett, The Warren Buffett Way is a can't-miss resource for professional and individual investors who want to learn from the world's greatest investor.
