Rating: 
Summary: Wisdom from the Heartland
Review: This collection of essays by Warren E. Buffett, compiled by Lawrence A. Cunningham, is an excellent introduction to basic investment concepts that have proven successful for the 'Oracle of Omaha' and his loyal following. The reader will want to supplement these papers periodically with more timely updates from the annual letter Buffett writes to the shareholders of Berkshire Hathaway. Buffett's ideas have been widely reported so there are no surprises here. To be sure, Buffett is consistent. He pokes fun at the 'efficient market' school which confuses stock price with stock value. Early on we hear him calling for the expensing of stock options and urging more transparent, segmented financial reporting by large companies. For Buffett mechanically rebalancing portfolios to achieve diversification, back in fashion, may miss the point of holding-on to your best investments for superior returns. Distinguishing between Growth and Value styles of investing is unnecessary and misleading. If you have ever wondered why Berkshire Hathaway does not pay a dividend or why it doesn't split its high stock price, Buffett gives his reasoned explanations. It was Warren Buffett's fundamental school mentor Benjamin Graham who introduced the allegory of Mr. Market and the concept of 'margin of safety' both of which get satisfactory attention here. Most importantly, I think, Buffett reminds us continually that as stock market investors we are buying for the long-term parts of real businesses that produce measurable cash flows as evidence of their intrinsic value. Real businesses that produce real value are run by dedicated, competent leaders who know how to allocate capital. Hanging-on to such deceptively simple principles can get an investor through some very rough market cycles. Reading this collection is a lot like listening to the conversation of an avuncular and very experienced elder who with great patience, common sense, and wit explains what principles have guided his (investment) life. Indeed uncommon sense and integrity are hallmarks of Warren Buffett's writings. Humor too. In what other serious investment study will you get quotations from such luminaries as Woody Allen, Mae West, and Yogi Berra. Buffett loves aphorisms to make his point. I challenge anyone reading this book not to underline or commit to memory some of these gems. For a general introduction to the fundamental school view of investing this collection is required reading.
Rating:
Summary: Eternal investing truths, great entertaining value
Review: This is a must read for investors and traders alike. Even if you are not big on value/growth buy-and-watch approach, this book will put the stock market (or financial markets in general) in proper perspective for you. Plus it will have you in stitches many a time. Worth reading for dry Buffet humor alone.
Rating: 
Summary: Collected Annual Messages
Review: This is not a book about Warren Buffett. It is a collection of his annual messages to shareholders organized according to topic: Corporate Governance, Corporate Finance and Investing, etc.For those who enjoy and value Berkshire Hathaway's annual messages, this is a great recap. The annual messages, read annually are great but they reflect a moment in time. This collection helps to remedy that. It does two things: first, it collects all Buffett's thinking on important subjects over the years and, second, it gives a chronological progression of events (the development of his perspective on US Airways and Salomon Brothers, for instance) and the progression of his own thinking over time, shaped by his experiences. There is sometimes an odd sense of déjà vu because the excerpts are not always in strict chronological order, but this is a minor defect. Having been read once, my Berkshire Hathaway annual reports sit in a pile in my attic gathering dust. This collection allowed me to savor them once more and to see how they fit together. Buffett is dry, and so this collection is dry; lengthy discussions on look-through earnings do not make for rapid page turning. But Buffett is obviously worth reading and this collection is a faithful reproduction with editorial license restricted to the Introduction.
Rating:
Summary: the best book on investments
Review: This is not another book about Warren Buffet. This is Buffet, himself, talking from the pages of the book. Every investor must read this one.
The book is a compilation of his famous letters to shareholders. Cunningham, unlike others, must have realized that only Warren Buffet knows how to invest like Warren Buffet. So, instead of writing about him and his investment style, he simply allows the reader to learn from the source.
Rating:
Summary: This is a terrific book.
Review: This is really well done. I've read a bunch of "biographies" and works about Buffett, but none of them to compare to his own words. His annual reports to shareholders are fabulous learning tools. And his wit made me laugh out loud at times.
Rating:
Summary: Educational and actually fun
Review: This will be a favorite for some time to come. I've been a big fan of Mr. Buffets for sometime and I was completely caught off guard by his indepth knowledge of the business world. While I knew his song writing abilities where unmatched, I had no idea he had such a business mind. I give this one four shots :) We Parrotheads can learn alot from this man. I was just a little disappointed that he didn't include an appendix with his lyrics. That would have given this book a solid 5 shots.
Rating:
Summary: Buffett Defines Good Business As Sensible And Rational
Review: Warren Buffett gives about 14 Owner-Related Business Principles which center around these keywords: Partnership with stockholders, Owners holding major stock positions themselves, Slightly above average gain per share progress, Ownership of entire companies or parts of companies, Reporting of key business numbers to stockholders, Reporting look-through earnings, Using debt sparingly, Treating shareholders fairly, Using retained earnings wisely, Issuing common stock guidelines, Holding good businesses forever, Candor as a virtue in communication, Being silent about contemplated additional purchases, and Rather seeing Berkshire's stock price at a fair level than at a high level. It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. When buying companies or common stocks, Buffett looks for first-class businesses accompanied by first-class managements. Since Warren Buffett wrote these essays himself, his philosophy on capital allocation and sound business principles surface. Buffett sees world-class companies like Coca-Cola and Gillette as being good, long-term business models, marketing products which people enjoy or need.
Rating:
Summary: The Book on (by) Buffett
Review: What a treat. This collection puts the Buffett fundamental investing philosophy in a whole new and coherent light. Written by Buffett himself, and organized expertly by Cunningham, this is the only book on Buffett (actually, by Buffett) you will ever need. Good thing too, since as more books merely about Buffett by others continue to pour forth, you could spend a fortune on them. Just spend the twenty bucks on this one, and get Buffett's thinking straight from the master--along with a world class introduction by Cunningham that puts the whole thing in a brief, direct, and sensible context.
Rating:
Summary: Buying stocks for ten years not for ten minutes
Review: What I really know about stocks, I've learned with Mr.Buffett. Everything I've learned before,like efficient markets theory, technical analysis, beta coefficient, and a thousand more concepts, I've just disposed all!... Mr. Cunningham has got a brilliant thought: collecting, organizing and presenting us all the relevant investment ideas of Mr. Buffett, just like he wrote them, when reporting to Berkshire's shareholders. The result is this wonderfull and exciting masterpiece, which I totally recommend.
Rating:
Summary: Step aside, Mr. Cunningham...
Review: Who better than to describe Warren Buffett than Buffett himself? Editor Lawrence Cunningham expertly stiches together Buffett's wisdom and wit (he is genuinely funny) compiled from 20+ years of Berkshire Hathaway annual reports. The triumph is that the result feels like a seamless, oral narrative with Buffett speaking to you one-on-one over hamburgers and Cherry Cokes. My only problem with the book comes in the form of the rather interminable 24-page introduction penned by Mr. Cunningham. Frankly, I barely made it to the starting line. My advice to you, the prospective reader, is to graze the first *three pages* of the introduction, and then skip right to Buffett. Pages four through 24 feature Mr. Cunningham telling you what Buffett is going to tell you. The only redeeming aspect of this otherwise useless overhead is that it clearly demonstrates the power of Buffett's writing. Cunningham completely succeeds in draining the text dry of Buffett's folksy, accessible style. Just let Warren tell the story, please.
|
