The Warren Buffett Way

Autorentext

ROBERT G. HAGSTROM is one of the best-known authors of investment books including the New York Times bestseller The Warren Buffett Way and Investing: The Last Liberal Art. He has followed, studied, and written about Warren Buffett since 1984. Robert has over 40 years of experience as a professional investor. He is currently the Chief Investment Officer of EquityCompass Investment Management, LLC and Senior Portfolio Manager of the Global Leaders Portfolio. Robert was the institutional portfolio manager of the Growth Equity Strategy at Legg Mason Capital Management when he received honorable mention as Morningstar's Domestic Stock Fund Manager of the year in 2007.

Klappentext

PRAISE FOR
THE WARREN BUFFETT WAY

"An extraordinarily useful account of the methods of an investor held by many to be the world's greatest."
-The Wall Street Journal

"It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. A comprehensive primer on applying Buffett's investment strategy. Fascinating."
-Fortune

"Simply the most important new stock book.... If you think you know all about Warren Buffett, you have a lot to learn from this book."
-Forbes

"Nobody has described what Buffett practices better than Hagstrom."
-Time

"Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something useful here."
-The Economist

Inhalt

Foreword to the First Edition ix

Foreword to the Second Edition xv

Foreword to the Third Edition xvii

Preface xxvii

Chapter One World's Greatest Investor 1

Understanding Patterns 3

The Making of an Entrepreneur 4

Buffett Limited Partnership 16

Berkshire Hathaway: Compounding Conglomerate 20

Chapter Two The Education of Warren Buffett 25

Howard Homan Buffett: Earliest Influence 26

Benjamin Graham: Developing an Investment Methodology 33

Philip Fisher: Discerning a Good Business 41

Charlie Munger: An Intellectual Perspective 50

Chapter Three Business- Driven Investing 65

Business Tenets 68

Management Tenets 71

Financial Tenets 79

Value Tenets 85

An Intelligent Investor 91

Chapter Four Common Stock Purchases 93

The Washington Post Company 96

GEICO Corporation 107

Capital Cities/ABC 120

The Coca- Cola Company 130

Apple, Inc. 140

The Value of Retained Earnings 159

Chapter Five Managing a Portfolio of Businesses 163

Portfolio Management Today: A Choice of Two 164

A Third Choice: Focus Investing 166

The Superinvestors of Buffettville 170

Three Thousand Focus Investors 181

A Better Way to Measure Performance 185

High Active- Share Investing 200

Chapter Six It's Not That Active Management Doesn't Work 203

High Priests of Modern Finance 204

Efficient Market Hypothesis 218

Investment and Speculation: Understanding the Difference 225

Investing in a Parallel Universe 230

Chapter Seven Money Mind 235

Sportsman, Teacher, Artist 238

Berkshire Hathaway: An American Institution 245

Appendix A Berkshire's Performance versus S&P 500 Index (1965-2022) 251

Appendix B Berkshire's Common Stock Portfolios (1977-2021) 253

Notes 279

Acknowledgments 293

About the Author 297

Index 299