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The Warren Buffett Way

The Warren Buffett Way

30th Anniversary Edition

by Robert G. Hagstrom
Hardback
Publication Date: 24/05/2024

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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.

ISBN:
9781394239849
9781394239849
Category:
Investment & securities
Format:
Hardback
Publication Date:
24-05-2024
Language:
English
Publisher:
John\Wiley#& Sons, Limited
Country of origin:
United Kingdom
Edition:
4th Edition
Pages:
352
Dimensions (mm):
236x160x32mm
Weight:
0.65kg

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

Robert G. Hagstrom

ROBERT G. HAGSTROM is one of the best-known authors of investment books for general audiences.

He has written nine books, including the New York Times bestselling The Warren Buffett Way and The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy. He is also the author of The NASCAR Way: The Business That Drives the Sport; The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths; and Investing: The Last Liberal Art. Robert is a graduate of Villanova University with a BA and MA and is a Chartered Financial Analyst. He lives with his family in Villanova, Pennsylvania.

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