The strategies and techniques of THE investment legend
Warren Buffett Wealth follows the world's greatest investor from the beginning of his career, as he takes a 100-dollar investment and turns it into one of the most successful multibillion-dollar companies in the world. By carefully detailing how Buffett began his career and discussing what he learned from Benjamin Graham, this book reveals the true secrets to Buffett's success. Readers will see how Buffett reached the pinnacle of his profession by following certain key principles such as investing in old-style traditional American companies, holding the companies forever, and hiring and keeping the same managers.
Robert P. Miles (Tampa, FL) is a writer, speaker, and consultant. He is also the author of The Warren Buffett CEO (0-471-44259-3) and 101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway (0-471-41123-X).
Robert P. Miles is a professional speaker, author, and acclaimed Warren Buffett expert. Pursued by renowned journalists and media moguls on just about each and every move that Mr. Buffett makes, Robert has had the great honor of getting to know Warren Buffett, the man and the remarkable wealth-building strategist. As the writer of the top-selling books 101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway and The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers, Robert has relentlessly followed his passion and found great success in doing so. Known for his subtle wit and entertaining stories, he has shared his valuable insights, strategies, philosophies, and anecdotes with enthusiastic audiences throughout North America. His keynote address, Reflections of a Billionaire CEO: How to See "You" in the Image, has been heard in over 12 countries throughout the world.
The book was okay. It was fascinating to learn about Warren and the amazing things that he has accomplished. However the fanboy approach tended to grate on me after a while. I think it is noteworthy to mention that Buffet is a great example of disregarding the indexing myth. People can and do outperform the market on a consistent basis. I absolutely agree that it is foolish to sell your stocks because someone else says it's worth half as much as when you paid for it. You wouldn't do that with your house if you owned it. The reason I couldn't give more than. 3 star rating is that there was a decent amount of fluff that you find in self-help managerial books. I just can't get into that style of book very well. In the end, the book gives valuable insights as I had hoped.
I heard about Robert Miles in a few references on the topic of value investing. I was curious to find out the level of detail he used to explain the topic since so much has already been written about it. This is an introduction to the achievement, life and philosophy of WB. Nothing new. Not as detailed as the Lowenstein or the Schroeder versions. ie. It advocates among other things for owning good businesses long term and forging ones savyness by diving deep in an industry. I found it a good reminder that indeed for every one dollar WB made himself he made 2 dollars for others. The part about Lou Simpson is interesting and made me want to learn more about him. I also loved the metaphore with the bottle, rocks, smalls rocks, sand, and beer. I don't say much not to spoil the read. I'll definetly keep it in mind.
YOUR GOAL AS AN INVESTOR SHOULD SIMPLY BE TO PURCHASE AT A RATIONAL PRICE A PART INTEREST IN AN EASILY UNDERSTANDABLE BUSINESS WHOSE EARNINGS ARE VIRTUALLY CERTAIN TO BE MATERIALLY HIGHER IN 5,10 AND 20 YEARS TIME.
Value investors observe others but dont follow, taking great delight in choosing their own path.
WB invests in value enterprises but not without values managers.
WB studies the best in every field of endeavour.
The best do one thing well and focus all of life's energy doing that one thing.
In the 50's WB was able to buy some stocks at PE of 1x.
Point to yourself.... Most people point to their hearts rather than their heads. Need your head rather than your heart in investing.
Find partners, managers and businesses who consistently under promise and over-deliver.
Lethargy, bordering on slot, should remain the cornerstone of an investment style.
Only a relatively small number of companies are truly outstanding.
WB thinks its impossible to value a business that hasnt earned money and is in an industry that is changing so rapidly that figuring out who the winners will be is difficult.
Know to ask the right questions to truly understand.
If i were looking at an insurance co or paper co i would put myself in the frame of mind that i just inherited the co and it was the only asset my family was every going to own (ie joining).
Calling his business BH is humbling as it was his biggest investment mistake.
WB's lifelong; frugality, hard work, discipline, mentor selection, insatiable reading, rational approach to investing, hands-off managment attitude, inquisitive mind, photgraphic memory, patience and self-effacing sense of humour were character traits that served him well.
4 stars for its informative information on Value investing by the world's greatest investor - Warren E. Buffett Everything from this style and simplicity of investing to (EMT) efficient market theory and learning the margin of safety by finding companies' intrinsic value . A wonderful book overall if you want to start out investing in businesses . 1 star because in my opinion i find it rather repetitive . For instance , some facts and info found on chapter 4 would be repeated on other chapters again and again and again . To an extend , its quite frustrating