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The Warren Buffett Way

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Robert G. Hagstrom

Buch (gebundene Ausgabe, Englisch)
Buch (gebundene Ausgabe, Englisch)
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Warren Buffett is the most famous investor of all time and one of today's most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett's spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett.
New material includes:
* How to think like a long-term investor - just like Buffett
* Why "loss aversion", the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome.
* Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett's investing success
* Analysis of Buffett's recent acquisition of H.J. Heinz and his investment in IBM stock
The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett's approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.


Einband gebundene Ausgabe
Seitenzahl 320
Erscheinungsdatum 01.12.2013
Sprache Englisch
ISBN 978-1-118-50325-6
Verlag John Wiley & Sons, Ltd.
Maße (L/B/H) 23.6/15.6/3 cm
Gewicht 527 g
Auflage 3. Auflage
Verkaufsrang 13986


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  • Foreword: The Exception vii
    Howard Marks

    Foreword to the Second Edition xvii
    Bill Miller

    Foreword to the First Edition xix
    Peter S. Lynch

    Introduction xxv
    Kenneth L. Fisher

    Preface xxxi

    Chapter One A Five-Sigma Event: The World's Greatest Investor 1

    Personal History and Investment Beginnings 3

    The Buffett Partnership Ltd. 10

    Berkshire Hathaway 13

    Insurance Operations 15

    The Man and His Company 17

    Five-Sigma Event 18

    Chapter Two The Education of Warren Buffett 21

    Benjamin Graham 21

    Philip Fisher 30

    Charlie Munger 35

    A Blending of Intellectual Influences 38

    Chapter Three Buying a Business: The Twelve Immutable Tenets 45

    Business Tenets 46

    Management Tenets 50

    Financial Tenets 59

    Market Tenets 64

    Anatomy of a Long-Term Stock Price 69

    Chapter Four Common Stock Purchases: Nine Case Studies 71

    The Washington Post Company 72

    GEICO Corporation 81

    Capital Cities/ABC 91

    The Coca-Cola Company 100

    General Dynamics 110

    Wells Fargo & Company 114

    American Express Company 120

    International Business Machines 123

    H.J. Heinz Company 130

    A Common Theme 135

    Chapter Five Portfolio Management: The Mathematics of Investing 137

    The Mathematics of Focus Investing 143

    Focus Investors in Graham-and-Doddsville 155

    Chapter Six The Psychology of Investing 179

    The Intersection of Psychology and Economics 180

    Behavioral Finance 182

    And on the Other Side, Warren Buffett 194

    Why Psychology Matters 199

    Chapter Seven The Value of Patience 201

    For the Long Term 202

    Rationality: The Critical Difference 205

    Slow-Moving Ideas 206

    System 1 and System 2 207

    The Mindware Gap 210

    Time and Patience 211

    Chapter Eight The World's Greatest Investor 213

    The Private Buffett 216

    The Buffett Advantage 218

    Learning to Think Like Buffett 224

    Finding Your Own Way 232

    Appendix 235

    Notes 253

    Acknowledgments 263

    About the Website 267

    About the Author 269

    Index 271