The Warren Buffett Way, 30th Anniversary Edition

Auteur

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.

Texte du rabat

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 book traces Warren Buffett's career from his humble childhood beginnings including his earliest entrepreneurial ventures, the influence of his father Howard Homan Buffett, studying and working with the legendary value investor Benjamin Graham, to launching his investment partnership at age 25 that later purchased control of a nearly bankrupt Berkshire Hathaway that became the 7th largest company in the world worth $800 billion.

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. Importantly, the book explains how you can apply these same principles to building your own portfolio. You'll also 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, the late Charlie Munger
• Five investment case studies: The Washington Post Company, GEICO, Capital Cities/ABC, The Coca-Cola Company, and Apple
• High active share investing; focused, low-turnover portfolios that beat the market
• 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 to 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.

Contenu

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