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Summary: Overview of Buffett's basic tenets in buying a business
Review: This is a great book that covers Warren Buffett's basic tenets in buying a business. Buffett's initial concept of what to look for when buying a company was shaped by Ben Graham. Graham's philosophy could be boiled down to the "margin of safety" concept. These ideas were like the Rosetta Stone to Buffett -- he had found his idol. Buffett was concerned with the concept of "intrinsic value," or "how much can be taken out [of a business] in the future." Many investors are concerned with the metric known as "book value," which really represents how much as gone into the business, not how much can be taken out.As time passed, however, Buffett evolved from a strict Graham methodology. He was influenced by Charlie Munger and Philip Fisher, who stressed good, well-managed companies as opposed to simply cheap companies. Buffett analyzed companies in a more subjective manner than did Graham, and he focused on the intrinsic value of the business -- this was one of his key metrics in valuing a company. While many investors pigeonhole strategies such as "value" and "growth," Buffett saw value and growth as "joined at the hip." "He sees the growth potential of a business as a component of its value, just as its assets are a component." To summarize, a quote from Buffett provides a good synopsis of his view of investing: "What is "investing" if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation."
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Summary: Proof that a book about investing can also be interesting
Review: I picked up Roger Lowenstein's book because I had enjoyed his column in the Wall Street Journal. In a nutshell, he and Mr. Buffett explain the differences between investing and speculation. Purchasing a stock based on a cold-blooded assessment of its VALUE is investment; buying a stock based on guesses about the general market, the economy, the mood of the public or other factors that are inherently unknowable is speculation. Unfortunately, that distinction has largely been lost on the frenzied day-traders, the purchasers of Internet stocks and the legion of "expert" market prognosticators who ought to know better. If you are interested in investing successfully for the long term, you should read this book. Apart from all that, Lowenstein also gives us a highly readable story of Warren Buffett the person, and I came away with a strong sense of Mr. Buffett's personal integrity and intellectual discipline. (In a curious way, though, the laser-like focus and icy rationality that have made Buffett so successful as an investor have apparently made him less successful as a father and husband. Read the book and you'll see what I mean.) The book is worth reading simply for what it has to say about this remarkable man.
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Summary: Value Investing: The Proletariot Perspective
Review: True an enlightening book. Found much interesting information on value investing, and recommend it to all my proletariot friends who wish to join the bougerougie.
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Summary: Cost me hours of sleep!
Review: A truly wonderful book filled with real-life examples of how common sense, intelligence and courage pays off. Extremely well written and a very enjoyable read. I was up to 2 a.m. every night reading until I was finished! Buy it.
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Summary: Excellent reporting of a stellar investing philosophy
Review: This is the most influential account on investing I've ever read. It shows why Warren Buffett has been exceptionally, consistently successful on the stock market - because he has ignored one fad after another and stuck to the fundamentals and analyses he so cherishes. It's also an interesting personal story and an entertaining read.
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Summary: Great Financial Biography
Review: Although few readers probably come to this book because it is well-crafted, Roger Lowenstein's prose is superb. This is a great biography. But readers will likely be disappointed if they expect a glimpse of Buffett's investment secrets by perusing Lowenstein's book. Lowenstein never makes the claim that you'll learn to be a better investor by reading BUFFETT. In fact, it appears to be Lowenstein's essential thesis that it is Buffett's firmness of character, as much as his intellectual acumen, which makes him such a fine investor. Whatever one might think of Buffett, it is a rare pleasure to find so well-written and thoughtful a book as Lowenstein's biography amongst the sensationalized and poorly edited biographies of late.
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Summary: Great Insight into the Life and Mind of Buffett
Review: Amazing account of this great investor's life and trials. Not just a biography....gives insight into Buffett's world through the eyes of close family, friends, and partners. Must read for an intelligent investor that can think for himself.
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Summary: Excellent
Review: If this is the first book that you read about Buffett, then, like me, you will be inspired and/or may seriously consider investing. This book will show you how successful you can be in the investment world if, and only if, you have what it takes. So read this first and not jump to technical books like those written by Robert Hagstrom and Mary Buffett (these books are technical coz they actually show you how Buffett invests, step-by-step). I know some people who read just these technical books but unfortunately, fail to produce satisfactory return on their investments. Remember, there are many ways to MAKE 'and' LOSE money on Wall St. Even if you don't turn to investing after reading this book, don't worry, there's plenty to learn from Buffett especially about trust, being patient, and rational when it comes to handling money. To those who aspire to become a superinvestor, my suggestion would be to get Mary Buffett's Buffettology after reading this book. ....
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Summary: Inspiring
Review: This book was recommended to me by an MBA student at Uchicago. Since it is the first time that I have read about Buffett, I cannot compare this book with other Buffett biographies. The book is certainly well written and comprehensive, though I sometimes find certain parts overly detailed with trivia's. But overall it is a very inspiring book, and the author deserves credit for his excellent portrait of a character distinct from, and more decent than, an average Wall Streeter in terms of both intelligence and integrity. I agree with Yannis Larios (Aug. 26, 1998) that sheer passion about the financial markets should not jeopardize one's character, and success in investment career does not require negligence or arrogance of any kind. However, I do not agree to the notion that Buffett to be treated as a role model. Needless to say, no reader should find comfort in his negligence of, as well as isolation from, other family members. Moreover, his professional success is, in my opinion, largely due to his emphasis on shareholders' interest and an investment philosophy that pioneered his time. At the start of his career, the work of Graham had already put him at the knowledge frontier in the then prevailing economy. Thus despite his competence in the "traditional" industries, Buffett has been reluctant to enter the more exotic "hi-tech" arena. Having said that, I think that Buffett has demonstrated the importance of avoiding "stalled" thinking (Donald Mitechell, Mar. 24, 1999) as well the reward of intellectual inquiries in a seemingly haphazard marketplace (taking into account his own knowledge growth in investment practice). There are some interesting mentions of the Efficient Market Theory (EMT) in the book as well as several reviews but I personally consider Buffett as neither proof nor disproof of EMT. Bear in mind that Wall Street does not always provide adequate or accurate information (How trustworthy are 90% of the research reports anyways?) and Buffett does not necessarily rely on public information alone. Noticeably, the author himself takes a rather laissez-faire attitude towards government oversight. This bias may cause him to overlook Buffett's ability to obtain information from his personal network that is unavailable to most investors (remember his charm and intelligence during conversations). I personally believe that due to legal and regulatory barriers (e.g. M&A) or continual changes in technology (online arbitrage at one point or another) the market may provide certain profitable windows that defy EMT. If you find such an opportunity, please let me know.
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Summary: Thumbs-up
Review: This is a competently-researched, and well-written biography. Lowenstein starts from Buffett's childhood, and covers all of important chapters of Buffett's career as an investor. I especially recommend this book to anyone curious about Buffett-mania. No background in finance or Wall Street-lingo required.
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