Rating: 
Summary: Once Again, Take It With A Grain of Salt
Review: I am not Warren Edward Buffett. Unlike Mr. Buffett, who has the delightful headache of trying to figure out where to put his steadily growing billions, I am a non-investor, sitting on the sidelines, wondering what all the fuss is about. Like most readers of this book, I have been told incessantly to invest for retirement, and not knowing exactly how I should do so, I figured it might be a good idea to glean a few secrets from a proven successful investor. Hence, I read The Warren Buffett Way from cover to cover, hoping to learn a few things.And what did I learn? I learned that I am not Warren Edward Buffett. Unlike Mr. Buffett, whose circle of associates includes all of the Beautiful People of Corporate America, I am surrounded by ordinary people, more than a few of whom are looking for a way to get rich quick. Whereas Mr. Buffett is patient and thoughtful with his investments, most of the people I encounter are thoughtless and reckless with their gambles. These two things, which I increasingly began to ponder as I read this book, distinguish me from the Oracle of Omaha, and quite possibly from most readers of this book. The book consists of nine chapters, and is mostly historical in nature. It details many of Buffett's past exploits in the stock market, mostly the good moves but also some bad ones, and offers some of the principles guiding Mr. Buffett's stock investing strategy, grouped into three classes called Management, Financial and Market Tenets. The first four chapters of the book delve into the early history of Berkshire Hathaway, the key influences on Mr. Buffett which helped to shape his investment philosophy, Mr. Buffett's perspective on the financial markets, and the principles by which he goes about purchasing a business. The last five chapters of the book give example after example of some of Mr. Buffett's past stock moves, and tries to show his Tenets in action. The style of the book is mostly active until the fifth chapter, whereupon it becomes plodding. The book is extremely repetitive at points, and as other reviewers have pointed out, key concepts are not fully explained up front, suggesting that the possible target audience for this book are those having a strong background in the general principles of economics and business. In all honesty, I have previously encountered most of the content of this book in coursework or self-study. I previously read Mr. Hagstrom's The Warren Buffett Portfolio, and found the two books to be similar in some respects. That said, I still found this book to be very interesting and useful, primarily because it exposed me to an investment approach which utilizes these concepts in ways I had not previously considered. I also found it highly interesting on an anecdotal level, given that Mr. Buffett's investment career spans The Go-Go Years, The Nifty Fifty Stocks and the 80s and 90s Tech Stock Boom, and yet he never once participated in these tech-stock manias but handily outperformed tech stock investors nonetheless. Like I said, I am not Warren Edward Buffett and I can not expect or even hope to do what he does, but that does not mean that I can not think like him. Even Mr. Buffett cautions the small investor in this regard, as there are things that he can do that none of little guys can do. Yet, he also has said that there are things the little guy can do that he can not do. That said, the book deserves to be read by any one lacking the ability to reason through the process of investing. However, readers at all levels should not stop with this book. Others have pointed out that one could get even more information straight from the horse's mouth- the Berkshire Hathaway website. On the other hand, as this information details past moves for which the conditions surrounding them are most unlikely to come around again, I believe that the more astute reader looking to learn more should consult The Money Game by Adam Smith for a brief historical look at financial foolishness (albeit the late sixties but the resemblance to Right Now is striking), The Theory of Investment Value by John Burr Williams for Buffett's original basis for valuation, and The Intelligent Investor by Benjamin Graham for a more detailed explanation of the concepts of margin of safety, intrinsic value, and the benefits associated with ignoring the market noise. These three books will help one learn how to reason through the investment problem, as this is the most important step, aside from finding smart people (as Mr. Smith admonishes forcefully in The Money Game and Buffett has consistently done) and thinking more but acting less (as Buffett has said- do a few things right and screw everything else).
Rating:
Summary: Once Again, Take It With A Grain of Salt
Review: I am not Warren Edward Buffett. Unlike Mr. Buffett, who has the delightful headache of trying to figure out where to put his steadily growing billions, I am a non-investor, sitting on the sidelines, wondering what all the fuss is about. Like most readers of this book, I have been told incessantly to invest for retirement, and not knowing exactly how I should do so, I figured it might be a good idea to glean a few secrets from a proven successful investor. Hence, I read The Warren Buffett Way from cover to cover, hoping to learn a few things. And what did I learn? I learned that I am not Warren Edward Buffett. Unlike Mr. Buffett, whose circle of associates includes all of the Beautiful People of Corporate America, I am surrounded by ordinary people, more than a few of whom are looking for a way to get rich quick. Whereas Mr. Buffett is patient and thoughtful with his investments, most of the people I encounter are thoughtless and reckless with their gambles. These two things, which I increasingly began to ponder as I read this book, distinguish me from the Oracle of Omaha, and quite possibly from most readers of this book. The book consists of nine chapters, and is mostly historical in nature. It details many of Buffett's past exploits in the stock market, mostly the good moves but also some bad ones, and offers some of the principles guiding Mr. Buffett's stock investing strategy, grouped into three classes called Management, Financial and Market Tenets. The first four chapters of the book delve into the early history of Berkshire Hathaway, the key influences on Mr. Buffett which helped to shape his investment philosophy, Mr. Buffett's perspective on the financial markets, and the principles by which he goes about purchasing a business. The last five chapters of the book give example after example of some of Mr. Buffett's past stock moves, and tries to show his Tenets in action. The style of the book is mostly active until the fifth chapter, whereupon it becomes plodding. The book is extremely repetitive at points, and as other reviewers have pointed out, key concepts are not fully explained up front, suggesting that the possible target audience for this book are those having a strong background in the general principles of economics and business. In all honesty, I have previously encountered most of the content of this book in coursework or self-study. I previously read Mr. Hagstrom's The Warren Buffett Portfolio, and found the two books to be similar in some respects. That said, I still found this book to be very interesting and useful, primarily because it exposed me to an investment approach which utilizes these concepts in ways I had not previously considered. I also found it highly interesting on an anecdotal level, given that Mr. Buffett's investment career spans The Go-Go Years, The Nifty Fifty Stocks and the 80s and 90s Tech Stock Boom, and yet he never once participated in these tech-stock manias but handily outperformed tech stock investors nonetheless. Like I said, I am not Warren Edward Buffett and I can not expect or even hope to do what he does, but that does not mean that I can not think like him. Even Mr. Buffett cautions the small investor in this regard, as there are things that he can do that none of little guys can do. Yet, he also has said that there are things the little guy can do that he can not do. That said, the book deserves to be read by any one lacking the ability to reason through the process of investing. However, readers at all levels should not stop with this book. Others have pointed out that one could get even more information straight from the horse's mouth- the Berkshire Hathaway website. On the other hand, as this information details past moves for which the conditions surrounding them are most unlikely to come around again, I believe that the more astute reader looking to learn more should consult The Money Game by Adam Smith for a brief historical look at financial foolishness (albeit the late sixties but the resemblance to Right Now is striking), The Theory of Investment Value by John Burr Williams for Buffett's original basis for valuation, and The Intelligent Investor by Benjamin Graham for a more detailed explanation of the concepts of margin of safety, intrinsic value, and the benefits associated with ignoring the market noise. These three books will help one learn how to reason through the investment problem, as this is the most important step, aside from finding smart people (as Mr. Smith admonishes forcefully in The Money Game and Buffett has consistently done) and thinking more but acting less (as Buffett has said- do a few things right and screw everything else).
Rating:
Summary: Masterpiece on investing
Review: I bought this book back in 1997. Up to then I had never invested in the stock market and did not give it any thought. This book opened a new door to me. I remember to grow ever more enthusiastic as I read through its pages for it showed me a whole new world. A gust of fresh air made me realize the overwhealming advantages of partly owning a great company in the stock market at a reasonable price as a small investor. I quit looking at the stock market as a simple casino and turned serious attention to it for long term investment. Not only did I find the studying of different companies by fundamentals and the process of investing very fun, but also financially very rewarding. Today I want to thank from these pages Warren Buffett and Robert Hagstrom for contributing to the spread of financial common sense in a world where the lack of it is stunning. And above all, for the privilege to read this masterpiece on investing and get an insight of Warren Buffett investment style. This book is strongly undervalued and should be bought by everyone that cares about his financial future. Strong buy recommendation. Full of wisdom and fun to read. And I owe to it my personal financial success, averaging 40% yield per year, just applying the investment principles taught here. Superb.
Rating: 
Summary: An easy read with a few pearls of wisdom.
Review: I found The Warren Buffet Way to be a very enjoyable book. I also feel that Hagstrom does himself (and WB) credit by pointing to BH's shareholder's reports as often as he does. If you don't have a computer or the $2500 to buy BRKb to obtain shareholder's reports, this is a good replacement. Also, with regard to A Reader in California, the introductory anecdote about meeting WB is written by Peter Lynch, not Hagstrom.
Rating: 
Summary: Easy read, nice references, and some fluff
Review: I have read so much technical trading stuff lately that I have lost perspective. This book brought some fundamental perspective back. I makes the claim that Mr. Buffet ignores the market, the FED and other distractions; instead he focuses on the underlying business structure. The business cases in this book stress this point with 20/20 hindsight purely in hand. A few chapters of this book summarize the philosophies described in other books. A few chapters in this book describe moves that Mr Buffett can make but are not useful to a single investor such as myself. I think that this would be much nicer with some insight into the information that led to finding his great (12?) investments and how he personally determined that the were worthwhile...let's get some input from THE MAN. I rated this a 3-star. A 3-star is worthwhile to read, but do not save shelf space; give it to a friend. There are three uses for this book: first for a novice-intermediate investor to get some religion in fundamentals, second is to find some of the writings that helped Mr Buffet form his tacts and finally to have fun.
Rating: 
Summary: Book doesn't work - I lost money
Review: I have tried to follow the aggressive growth investment strategies of Mr. Richards, but I have lost a great deal of money during this period. I appreciated the writing style and the content of the book which left both enthused and looking forward to boosting the value of my portfolio. Unfortunately, I think that Mr. Richard's premise that "the trend is your friend" is specious and misleading, because sometimes the trend is not your friend. I think perhaps I will attempt to adopt a less aggressive approach, and may try the 'value investing' approach of a Mr. Warren Buffet, whose company Berkshire Investments attempts to follow this approach, although they have lost a lot of money recently. Or maybe I will just try some treasury bonds, or maybe try nothing at all, or try gardening.
Rating:
Summary: Track record is the best proof of investment philosophy
Review: I read this book on a plane. Buffet's past record of increasing wealth for his shareholder at 23% a year for a few decades is the best proof of his investment philosophy.I am more than happy to find a that my own investment idea (which was very close to Buffet's) had been proved by him. What kind of effect this book had on me? I became Berkshire Hathway's shareholder soon after reading the book, at a cost of more than $47,000!Bill Yeung
Rating:
Summary: good introduction to value investing
Review: I was fascinated when I first read this book. It was during my junior year in college when I struggled to comprehend vague ideas such as covariance between stocks, portfolio variance, beta, etc. This book opened my eyes. It was like a fresh breath of air.
Hagstrom does a good job at introducing Warren Buffet's way of investing. The book is a mandatory reading for everyone who wishes to invest money in stocks.
As other reviewers pointed out, Hagstrom doesn't reveal anything new about Buffet's investment style. You can find the same information, and much more, from the source: The Berkshire Hathaway Annual Reports. Hagstrom, however, offers a well-written and fairly accurate presentation of what can be found in Buffet's letters to shareholders. It is a good introduction to value investing.
Rating:
Summary: This book is not for beginners
Review: I was reading some of the reviews here and I was surprised that some people say this book is great for beginners. Well, I'm a beginner in investing and I was just totally lost on some of the concepts preached in this book. Concepts like "Owner's Earnings" is alittle new to me. Although the book explained this is net income plus amortization/depreciation minus capital expenditures, I thought it could elaborate just what all these terms are. But it doesn't. It doesn't even clearly explain the reason for this formula. Definitely not beginner stuff. I think everyone should read this book because it does teach some solid investing principles. Advice that I believe really makes sense. But I was just going nuts at the vagueries in this book. Probably one of the most important points is "how to value a company". But it just runs through the calculations like it was some easy arithmetic problem. I must have read those portions ten times and still couldn't figure it out. I was relieved to find some examples in the appendix. Goodie! Wrong. That was just as hard to follow...no step by step explanation. But I managed to figure it out. For anyone who might be wondering what the heck is a discount factor (which nowhere in the book mentioned, but is required for the calculations), here is the formula 1/(1+r)^t where r is the discount rate and t is the Nth year. I found this on the internet! Lastly, someone made a comment about Hagstrom writing this book to promote his own mutual fund. I don't see anything wrong with that. I think that is great. Now there is proof for all to see if this book really works. As of now, it only gives you a 5-year annualized growth of 3.52%. S&P 500 is 3.16%, FYI! So the fund is not so hot. I only brought this up because Hagstrom never interviewed Buffet for this book (Says so in the preface). His take on the Buffet Way is anyone's good research in the Bershire Hathaway annual reports. Noone will probably know how to trade like Warren Buffet but Warren Buffet himself! That makes sense because after all, if I know how to make money in stocks to become the second richest man, would I want to tell you?
Rating:
Summary: Worth the read
Review: If you are reading this book just to be better informed, I think you will get your money's worth. I feel I got a five-star education. But if you are going to read it to make a decision to buy or not to buy Berkshire Hathaway, you should keep these two points in mind: First, almost everyone considers Warren Buffet to be the world's greatest investor. This special attribute of Mr. Buffet might be reflected in the price of Berkshire Hathaway stock. If Warren Buffet were no longer around, what would that do to Berkshire Hathaway? Hasn't Mr. Buffet's greatness built in a premium in Berkshire Hathaway stock? Second, this book proves that Mr. Buffet beat Mr. Market most of the time under normal circumstances. In abnormal circumstances, Mr. Market could beat Mr. Buffet. Abnormal circumstances would exist if Mr. Market went into a long, deep depression (like he did in the 1930's and dropped in value by 90%). And could a second terrorist attack similar to 9/11 cause Mr. Market to panic and create abnormal circumstances in the economy? No matter how good the company, Mr. Market can and will hurt the value of its stock. If there is another terrorist attack like 9/11, Mr. Market will panic and Coca Cola, Washington Post, GEICO, etc., would all suffer terribly.
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