The book is a good starter for warren buffett preachers!
His ideologies are not exactly a cup of tea for everyone!
The points made is well suited for people who have knowledge of how corporations work and raise money!
With simple conclusions and best practices I recommend this book a 4* as books life Blue ocean and his letters has more in depth understanding!
Nevertheless worth the time and effort!
I have made notes and u can check the same on

I have a different edition. Well, what can I say. I'd say it clearly is the work of an ex family member, trying hard...

A must read for any investor.

Saw on multiple articles and heard on my podcast that this book was one of the books you should read if you're an investor. I really enjoyed the first part of the book. I'm a real warren buffet fan, I mean who in finance isn't, and reading about his personal life and how he brought that over into his family was really fun to read. Now as to the second part, "Advanced Buffetology" the style of writing was really boring. Being in finance, mostly everything interest me but this part was really repetitive. The chapters, even thought already short, could have been shortened or even combined. I know this book was written in 1999 so for someone who read it in 2017, it's really outdated. Ex: like how to receive finically statements spoiler : everything is on the Internet/websites now. Outdated portion really took away from the book in my personal opinion. I gave it four stars since I can't give it 3.5.

Very good book for the novice retail investor.

It was an interesting read. A little bit repetitive.

Molt bon resum de la filosofia d'inversió de Buffet, apte per abtothom interessat. Especialment interessant el punt de modelació de beneficis futurs i de com l'empresa és hàbil gestionant els recursos propis.

4.5/5 ja que l'autora decideix posar uns petits grams de fum on diu "tu també pots!" De manera gratuïta...

After Intelligent Investor, The best book i have read so far on value investing.

WB LOOKS FOR COMPANIES WITH ROE >15%

Other peoples folly and WB's discipline are the key to his success.

The intrinsic value of an investment is the projected annual compounding rate of the return the investment will produce.

Without some predictability of future earnings any calculation of future value is mere speculation.

Buffett got the idea of a concentrated portfolio and a circle of competence from Keynes.

Graham would only invest in companies whose projected return was 25% pa +.

Sometimes stocks WB buys increase to above intrinsic value but WB doesn't sell as its intrinsic value is growing faster than the rest of the market.

Average ROE in the US is 12%.

Be wary of companies with consumer monopolies making acquisitions.

Predictable product, predictable profits.

No-one ever went broke selling at a profit. No-one every got really wealthy that way either.

If you buy a stock on 25x with a ROE of 33% your initial investment may be earning just 4% but the retained earnings are earning 33%. Pay a steep price to get in the door but once your in its bliss and the longer your stay the better it gets.

Someone suggested that this book, written by Warren Buffett's former daughter in law, Mary, is the best book about his investing approach. Having read it, I hope that's not true.

The author spends a lot of pages describing Buffett's general approach, which she says involves treating investments as if they were capital spending decisions in a company. So far, so good. It's been widely documented elsewhere that the Oracle of Omaha likes to buy good businesses, run by managers he trusts.

Buffett prefers a concentrated, rather than classically diversified, portfolio and doesn't like to sell or trade. He cherishes predictability, so he loves insurance companies but hates airlines and most commodity businesses. He seeks "toll booth" businesses or consumer monopoly companies with high returns on equity. He prefers simple businesses to complex ones. He invests only in businesses he understands and revels in the magic of compounding.

As always, my hope in reading any book about a famous investor is that that author will impart not just a swashbuckling financial adventure story, à la the excellent Michael Lewis, but show me specifically how the investor guru in question actually analyzes investments. I want to know what ratios and financial attributes he/she considers most important and why.

The author undertakes this key teaching task, eventually, in the second half of the book, with mixed success. I found the examples she provides require one to work them out on the spot oneself, so I chose to skim them, to finish the book sooner. This may have been a mistake.

It's not hard math, just NPV stuff, but I read the book in bed at night in bed, sans calculator and there are a few moving parts. Her writing, despite her getting help from a ghost writer, is clunky/folksy and not much fun to read.

Apparently, Warren Buffett looks for companies with extremely predictable earnings, then inverts their forward price/earnings ratios, creating an "earnings yield" which he compares to that of a government bond of say, ten year duration, to match his long term hold philosophy. It got a little hard to follow after that, without using a calculator to work out the examples specifically.

At today's stock prices, even though Buffett is clearly more a Growth At a Reasonable Price ("GARP") investor than a deep value seeker like his mentor, Benjamin Graham, the kind of companies the author describes Buffett liking would mostly be far too expensive for him to buy.

Since he doesn't like to sell, because he wants to both minimize tax and maximize compounding, Buffett considers retained earnings to be his return and prefers retained earnings to dividends. He'd rather see earnings stay in the hands of great capital allocators on his stocks' management teams than be returned to him as dividends. He also prefers non-debt fuelled stock buybacks to dividends. The book was remarkable for talking so much about earnings and so little about free cash flow, which is harder for companies to manipulate or misrepresent. I found that odd.

Peter Lynch's "One Up on Wall Street", Jeremy Siegel's "Stocks for the Long Run", Robin Speziale's "Market Masters" and Joel Greenblatt's "The Little Book that Still Beats the Market" are much better books about investing, as is Jason Zweig's annotated version of Benjamin Graham's "The Intelligent Investor". I will rework the examples in this book and do further research on Buffett's methods elsewhere.

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Great book on investments. Defining investing rules that worked for Buffet. Must read before you invest your money. Just Wait - the best tip- you don't need to invest yours- Use OPM.
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