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In Warren Buffett: Inside the Ultimate Money Mind, Hagstrom breaks new ground with a deep analysis of Buffett's essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind.
What exactly is a Money Mind? At one level, it's a way of thinking about major financial issues such as capital allocation. At another level, it summarizes an overall mindset for successfully investing in today's fast-paced stock market, a mindset that depends on a commitment to learning, adapting, and facing down irrelevant noise.
This is not a method book. It is a thinking book.
Warren Buffett: Inside the Ultimate Money Mind explains the philosophies of self-reliance, stoicism, rationalism, and pragmatism and their contributions to making intelligent investment decisions. It also outlines the evolution of value investing, discusses how to develop a business-driven investing mindset, and describes the defining traits of successful active management. Lastly, it examines the surprising aspects of a Money Mind - sportsman, teacher, and artist.
In short, Warren Buffett: Inside the Ultimate Money Mind helps readers understand the building blocks that go into making a Money Mind so they can begin to incorporate its principles in the service to a life of value.
Testimonials
"An erudite masterpiece..."
-Lawrence A. Cunningham, author; professor and director, Quality Shareholders Initiative, George Washington University
"It's another must-read..."
-Bethany McLean, journalist and Contributing Editor, Vanity Fair, author, Saudi America and co-author The Smartest Guys in the Room
"Pure Genius! This is a game changer in investment books..."
-Robert P. Miles, author; Executive in Residence, University of Nebraska at Omaha, Executive MBA Program, 'The Genius of Warren Buffett'
"Effervescence and thoughtful analysis of Buffett's life and work..."
-Tom Gayner, Co-chief Executive Officer, Markel Corporation
"Hagstrom's books always enable readers to think about the world in new ways..."
-Tren Griffin, author, Charlie Munger: The Complete Investor
List of contents
Prologue V
Chapter One The Young Warren Buffett 1
It Begins 8
From Investment Partnership to a
Compounding Conglomerate 13
Chapter Two Developing an Investment Philosophy 17
Howard Homan Buffett 19
Benjamin Graham 26
Charles Thomas Munger 32
In Closing . . . 47
Chapter Three Evolution of Value Investing 49
Stage One: Classic Value Investing 51
Stage Two: Valuing a Business, Not a Stock 65
Stage Three: The Value of Network Economics 81
Chapter Four Business-Driven Investing 115
Investment Zone 117
Chapter Five It's Not That Active
Management Doesn't Work 147
Chapter Six The Money Mind: Sportsman, Teacher, Artist 185
Epilogue 199
Acknowledgments 207
Berkshire Hathaway Library 211
For Further Reading 215
Notes 225
Index 237
About the author
ROBERT G. HAGSTROM is Chief Investment Officer at EquityCompass Investment Management LLC, and Senior Portfolio Manager of the Global Leaders Portfolio. Robert has written ten books, including the
New York Times bestseller
The Warren Buffett Way, which has sold over one million copies worldwide and been translated into 18 foreign languages. He is also the author of
The Warren Buffett Portfolio: Mastering the Power of the Focus Investing Strategy and
Investing: The Last Liberal Art.
