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Buffettology, The Previously Unexplained Techniques That Have Made WARREN BUFFETT the World’s Most Famous Investor (平装)
by Mary Buffett, David Clark
| Category:
Investing, Value investing, Stock investing |
| Market price: ¥ 178.00
MSL price:
¥ 158.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
A detailed financial guide on the Warren Buffett way of value investing. |
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AllReviews |
1 Total 1 pages 6 items |
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The Claw (MSL quote), USA
<2006-12-28 00:00>
I read this book a while ago when I was first getting serious about understanding the investing techniques of successful investors. It is an interesting read and has some good ideas about how to approach investing generally. In particular, it does a decent job of enumerating the differences between a commodity business and a consumer monopoly to identify the latter for investing purposes.
Most interesting to me was the overview of the 3 different ways Buffett purportedly analyzes stocks: by comparing to the yield in a T-Bill, the ROE model, and the "equity bond with a coupon model." I find these models somewhat useful because they enable some level of analytical understanding of how to value stocks. However, it does not impart just how much work goes into finding stocks to invest in, and it does not disclose some of the "special situations" that have helped Buffett enjoy as much success as he has.
Because the book is "hands on," it does not delve into various theories of stock value (for example, John Burr Williams theorized that stocks are worth the aggregate value of their dividends, discounted to present value), nor does it discuss cash flow analysis.
Although the book is generally useful, it also does not emphasize financial statement analysis, which is particularly important given that the models used tend to project ROE and earnings per share forward.
In all, however, this book is an easy read, and because it provides some analytical tools, I found it useful. Moreover, I found the list and discussion of companies that might make suitable investments at the back to be interesting, if somewhat dated, because the descriptions articulated exactly what constitutes a "consumer monopoly" or otherwise desireable target.
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Jeff Drader (MSL quote), USA
<2006-12-28 00:00>
I originally purchased this book in 1998, or so. I recently picked it up off my bookshelf and re-read it. Whether you believe that Mary Buffett is an expert on Warren Buffett or not, she definitely conveys good common sense about how to value companies and to invest for the long run.
Buffettology addresses, among other fundamental investing concepts, how to pick well priced stocks of companies that have many years of history expanding earnings and return on equity. This book is divided into two parts: the first part is a qualitative discussion of Warren Buffett's investment styles, the second part delves into some ways to quantitatively evaluate companies and their stock prices. In the second part of the book, the authors introduce the reader to simple trend analysis, future value and present value approaches to evaluating the long-term likelihood of returning a fair return, or better, to the investor.
I found the analysis and case studies to be a good reminder that there is more to stock analysis than P/E ratios and price, and a good introduction to common sense financial evaluation of companies and stocks for long term investing.
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Patrick Pollock (MSL quote), USA
<2006-12-28 00:00>
I liked reading Buffettology. I'm somewhat new to investing and found the principles of valuation enlightening. However, there are some necessary clarifications for the naive like me and others. First, I don't think the small time investor could ever even approach Buffett's record (not even a 15 % compounding rate of return). He's the only one in history to have achieved his remarkable rates of return over 30 odd years. Secondly, Buffett is not a mutual fund mananger but a business acquirer who applies the principles of value investing. It becomes easier to earn higher rates of return when you have the power to influence the direction of major management decisions. This is how he adds value for the shareholders and is one of the less discussed "ingredients" in Chef Buffetts arsenal. With these ideas in mind, the small time investor without the enormous capital required to acquire a major holding in a business could be undertaking high risk when building a concentrated portfolio. Therefore, a stock picking strategy may not work for us. So I would say that with the right perspective this book is valuable, but should be read with a cautious eye. I would like to hear from any small time investor who has succeeded (achieved a 15 % rate of return or higher over 15 years)using a concentrated portfolio and a value investing strategy. |
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David Stokes (MSL quote), USA
<2006-12-28 00:00>
I felt that this was almost a great book. I have toyed with the stock market, not as a day trader, but as someone with the idea that I could buy low, make a quick profit, and reinvest. Boy, did I have the wrong idea. I am a firm believer that a steady, long-term, 15%-or better compounding interest investment is the best way to go. I was a little confused, because Warren invests multi-millions, versus my limited investment capability. One concept that I am learning on an on-going basis is, get a profitable system and stick with it through thick and thin times. It makes sense to follow the example set by someone who has "walked their talk". The authors make no attempt to guide an investor with limited capital. On the upside, this book is an excellent guide to the kind of companies which monopolize their various products, thus providing the best constant growth. There is so much valuable information within its covers that this book must be read, and re-read. But, as you read, be sure to read between the lines. I have yet to read the other books about Buffet which have been published, but I will. |
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A reader (MSL quote), USA
<2006-12-28 00:00>
Buffettology is a (thankfully) detailed financial guide for the stock market. The theme of the book is how Warren Buffett made his billions through value investing. This book answers the question: What makes a good investment yield above average returns? And of course: How should I evaluate a company? This is a great stock ice breaker.
When I originally read this book I thought that Mary Buffett might just be using her name to make a quick buck. I was wrong. She (along with Buffettologist David Clark) knows what the financial arena is composed of, and how to exploit it. As an added bonus this book provides a glimpse into Warren Buffetts private life and the origins of his investment philosophy. It even deals with Grahams philosophy of buying whatever is "on sale."
In the back of the book is a chapter devoted to the companies that Buffett is looking at. While it is approximately 4-5 years since this book went into publication, these companies are still very good to start a portfolio with.
Warren Buffett was asked once, "When is the best time to sell?" His reply followed suit with one of his personal heroes, "Never!" Imagine the security in knowing that you didn't have to worry about the short-term market as long as over the long-term you were virtually guaranteed to do very well.
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Ron (MSL quote), USA
<2006-12-28 00:00>
This book is an excellent introduction for the beginning long term value investors. It lays out the criteria used by Warren Buffet in choosing the kind of companies he likes to invest in. This is not a book about complex mathematical calculations but a sound fundamental approach in evaluating the 'intrinsic' value of a company (i.e. whether or not the company is successful in generating profit consistently & predictably and whether or not the company is going to be around for a long time.) For those who wants a 'get rich quick' approach, this book is not for you. For the beginner investor, the calculation part of the book should be very valuable and should be studied with the financial economics of the actual companies you are going to invest in. |
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1 Total 1 pages 6 items |
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