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Warren Buffett remains one of the most sought-after and watched figures in business today. He has become a billionaire and investment sage by buying chunks of companies and holding onto them, managing them as businesses, and eventually reaping huge profits for himself and investors in Berkshire Hathaway. The first two editions of "The Warren Buffett Way" gave investors their first in-depth look at the innovative investment and business strategies behind the spectacular success of living legend Warren E. Buffett. Tracing Warren Buffett's career from the beginning, Hagstrom told readers exactly how, starting with an initial investment of only $100 Buffett built a business empire and has an estimated net worth of $44 billion. The "Third Edition" of "The Warren Buffett Way" will focus on the timeless principles and strategies behind Buffett's extraordinary investment success. There will be new chapters on the important distinctions between investment and trading and an examination of the most successful disciples of Warren Buffett. Some less important material will be deleted and the overall focus will be to create an edition that will stand the test of time, distilling Buffett's success formula in a way that will provide value to readers for decades to come.
Plaudits from previous editions:
"Warren Buffett is surely the Greatest Investor of this century--not so much because he built a great fortune within a free market as because he has shared his important thinking with us and has openly demonstrated the sagacity and courage so vital to success. Berkshire Hathaway has been my largest, longest investment. Warren has been my best teacher." -Charles D. Ellis Managing Partner Greenwich Associates
""The Warren Buffett Way" outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance. Finally the book contains the thinking and the philosophy of an investor that consistently made money using the tools available to every citizen no matter their level of wealth." -from the Foreword by Peter S. Lynch Bestselling author, One Up on Wall Street and Beating the Street
"Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major equity securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book." -John C. Bogle Chairman, The Vanguard Group
"Warren Buffett is often characterized simply as a 'value investor' or a 'Ben Graham disciple.' Hagstrom fills in the rest of the story with some immensely practical pointers on prospering in the market." -Martin S. Fridson Managing Director Merrill Lynch
Preface ix PART I QUESTIONS Chapter One A Five-Sigma Event: The World s Greatest Investor 3 Multiple-Choice Questions 3 Essay Questions 8 Chapter Two The Education of Warren Buffett 9 Multiple-Choice Questions 9 Essay Questions 17 Chapter Three Buying a Business: The Twelve Immutable Tenets 19 Multiple-Choice Questions 19 Essay Questions 31 Chapter Four Common Stock Purchases: Nine Case Studies 35 Multiple-Choice Questions 35 Essay Questions 48 Chapter Five Portfolio Management: The Mathematics of Investing 53 Multiple-Choice Questions 53 Essay Questions 64 Chapter Six The Psychology of Investing 67 Multiple-Choice Questions 67 Essay Questions 73 Chapter Seven The Value of Patience 77 Multiple-Choice Questions 77 Essay Questions 82 Chapter Eight The World s Greatest Investor 85 Multiple-Choice Questions 85 Essay Questions 95 PART II ANSWERS Chapter One A Five-Sigma Event: The World s Greatest Investor 99 Answers to Multiple-Choice Questions 99 Essay Answers 102 Chapter Two The Education of Warren Buffett 107 Answers to Multiple-Choice Questions 107 Essay Answers 112 Chapter Three Buying a Business: The Twelve Immutable Tenets 119 Answers to Multiple-Choice Questions 119 Essay Answers 127 Chapter Four Common Stock Purchases: Nine Case Studies 139 Answers to Multiple-Choice Questions 139 Essay Answers 148 Chapter Five Portfolio Management: The Mathematics of Investing 163 Answers to Multiple-Choice Questions 163 Essay Answers 170 Chapter Six The Psychology of Investing 181 Answers to Multiple-Choice Questions 181 Essay Answers 186 Chapter Seven The Value of Patience 193 Answers to Multiple-Choice Questions 193 Essay Answers 196 Chapter Eight The World s Greatest Investor 201 Answers to Multiple-Choice Questions 201 Essay Answers 207 About the Authors 213
ROBERT G. HAGSTROM is one of the best-known authors of investment books for general audiences. He has written nine books, including the New York Times bestselling The Warren Buffett Way and The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy . He is also the author of The NASCAR Way: The Business That Drives the Sport, The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths , and Investing: The Last Liberal Art . Robert is a graduate of Villanova University with a BA and MA and is a Chartered Financial Analyst. He lives with his family in Villanova, Pennsylvania. Visit Robert's website at www.RobertHagstrom.com. RUSSELL RHOADS, CFA, is an instructor for the Options Institute at the Chicago Board Options Exchange. He teaches about ninety classes a year and conducts webinars on behalf of the CBOE and a variety of brokerage firms. Rhoads's twenty-year trading career has included positions at a variety of trading firms and hedge funds. His background includes trading and analysis, and he is the author of the Wiley titles Trading VIX Derivatives, Candlestick Charting For Dummies , and Option Spread Trading . Rhoads graduated with an MS in finance from the University of Memphis and a master's certificate in financial engineering from the Illinois Institute of Technology.