What you'd like to do as an investor is to hook them up to a machine and run a polygraph to see whether it's true. Short of a polygraph, the best sign of a shareholder-oriented management, assuming its stock is under valued, is repurchases. A polygraph-proxy - that's what it is. Warren Buffet argues that most proprietors should forget trying to keep the management of their beloved companies in the family.
He assumes current non-family management will continue running Berkshire after he is gone. He grants that occasionally an heir may be the most suitable candidate to run a company, but believes that the odds are against it. Giving someone a favored position just because his old man accomplished something is a crazy way for a society to compete. We do not need more people gambling in non-essential instruments identified with the stock market in this country, nor brokers who encourage them to do so.
What we need are investors and advisers who look at the long term prospects for an enterprise and invest accordingly. We need the intelligent commitment of investment capital, not leveraged market wagers. The propensity to operate in the intelligent, pro-social sector of capital markets is deterred, not enhanced, by an active and exciting casino operating in somewhat the same arena, utilizing somewhat similar language and serviced by the same workforce.
Ch5 "With few exceptions, when a manager with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that maintains intact. But like Corrigan, he signed. Rationality is essential when others are making decisions based on short term greed or fear. That is when the money is made. Ch8 In fact, the true investor welcomes volatility because a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
It is impossible to see how the availability of such prices can be thought of as increasing the hazards for an insurer who is totally free to either ignore the market or exploit its folly. Ch9 So, why do smart people do things that interfere with the output they're entitled to? It gets into the habits and character and temperament and behaving in a rational manner. Not getting in your own way. As I said, everybody here has the ability absolutely to do anything I do and beyond.
Some of you will and some of you won't. For the ones that won't, it will be because you get in your own way, not because the world doesn't allow you. So I have one little suggestion for you: Pick out the person you admire most and then write down why you admire them.
You're not to name yourself in this. And then, put down the person that you frankly can stand the least and write down the qualities that turn you off in that person.
The qualities in the person you admire are traits that you, with a little practice, can make your own. And with practice, become habit forming. The chains of habit are too light to be felt until they are too heavy to be broken. Ch10 Mergers will be motivated by very good considerations. There truly are synergies in a great many mergers but whether there are synergies or not, they're going to keep happening.
You don't get to be the CEO of a big company by being a Milquetoast. You are not devoid of animal spirits - and it gets contagious. Some of the ideas you run by him you know he's going to say 'Hey wait a minute, have you thought about this or that?
The products or services that have wide sustainable moats around them are the ones that deliver rewards to investors. Ch15 "Berkshire is in the business of making easy predictions. If the deal looks too hard, the partners simply shelf it.
We have a high moral responsibility to be rational" - Charles Munger. Think about that for a minute. Have you every heard a business leader describe their charge thusly? Today, a wry comment that Wall Streeter Shelby Colin Davis made long ago seems apt: "Bonds promoted as offering risk free returns are now priced to deliver return free risk".
Oct 04, Andrew rated it it was amazing. I originally picked out this book because I like reading biographies on inspirational people, and Warren Buffett just made an impression on me when it said he donated 37 billion dollar to charity The thing that most impressed me in this book is that it showed everything from Warren Buffet's life including the part on how he built his business empire.
He made Berkshire Hathaway into something that is incredible. It showed that he didn't just have success, he also had tremendous failures but he cli I originally picked out this book because I like reading biographies on inspirational people, and Warren Buffett just made an impression on me when it said he donated 37 billion dollar to charity The thing that most impressed me in this book is that it showed everything from Warren Buffet's life including the part on how he built his business empire.
It showed that he didn't just have success, he also had tremendous failures but he climbed back from it. I wished I invested in Berkshire Hathaway decades ago!! I really liked seeing things from the world's greatest investor's view because it teaches you on business and life. Nobody ever sees the sides of Warren Buffett other than the rich part.
In my opinion that is the really important part of success other than richness. They had failures, competition, wrong decisions and important choices, and perseverance.
Those all bundled up into success. Bill Gates, in his article, describes his early impressions of Buffett as they formed a deep friendship. At age 11, Gates made his first stock purchase through Buffett! Warren Buffett influenced me in numerous ways. One, he is a philanthropist, he gave away 37 billion dollars to charity.
Two, he is a tycoon, he managed from a middle class boy into one of the richest people in the world. Three, he is modest, he lives in a 30, dollar house he bought when he was 25 and he drove a car that was hail damaged before.
View all 3 comments. Dec 22, Camilo Rodriguez rated it liked it. It is a good book to nurish your mind. Feb 07, Milan rated it really liked it Shelves: ftp , non-fiction , markets. A few people have mistaken this book for Warren Buffett's biography, all I can say to them is to please choose your books carefully.
This is not a biography but a selection of articles from Fortune magazine and some excerpts of Warren Buffett's Berkshire Hathaway shareholder letters and his speeches. It also touches upon topics such as investment principles, philanthropy, work ethics and management decisions. This book can only be useful if you know the background stories behind those articles.
It provides another perspective to a few events of Buffett's life. I have read two of his biographies so I was able to relate to what is being said by the Fortune staffers led by Carol Loomis, who is a long time friend of Buffett. The articles by Bill Gates and which highlight Buffett's conversations with Bill Gates are the best of the lot. The best thing Carol Loomis did was to write a fresh introduction to each article, providing the context to each article and letting us know what had happened since the date the article was published.
My recommendation - first read the biographies by Roger Lowenstein and Alice Schroeder and then only read this book. Sep 07, Sumit rated it it was amazing. An excellent and surprising book - much more a trove of stories about the humble, generous, and delightful man than a book about investing, but you certainly learn a thing or two along the way, as well as gain a deep sense of respect for the Oracle of Omaha.
It helps that the author is his long-time friend and journalist Carol Loomis; she approaches the story from the human perspective rather than a fawning catalogue of his amazing successes.
Still, I finished the book feeling less clever and kn An excellent and surprising book - much more a trove of stories about the humble, generous, and delightful man than a book about investing, but you certainly learn a thing or two along the way, as well as gain a deep sense of respect for the Oracle of Omaha.
Still, I finished the book feeling less clever and knowledgeable than I did when I started - I couldn't help but see how little I know and how deep Buffett's knowledge runs. It's made me far more interested in fundamental valuation than I had been when I started; next on my list is Benjamin Graham's book. This book was released on 07 April with total page pages. During this time he wrote 33 letters to his small but growing group of partners. The new edition updates readers on the latest investments by Buffett.
And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett.
Heinz and his investment in IBM stock The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The first two editions of The Warren Buffett Way gave investors. In the fourteen years between his time in New York with value-investing guru Benjamin Graham and his start as chairman.
Describes the investment strategies of the world's most famous stock investor, recounting how he made a fortune by purchasing pieces of outstanding companies since the early s.
His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.
As in previous editions of The Essays of Warren Buffett, this one retains the architecture and philosophy of the original edition but adds selections from Warren Buffett's most recent annual shareholder letters. All the letters are woven together into a fabric that reads as a complete and coherent narrative of a sound business and investment philosophy. As an aid to all readers, and to enable readers of the previous editions to see what is new in this one, a disposition table at the end of the book shows the various places in this collection where selections from each year's letter appear.
Footnotes throughout indicate the year of the annual report from which essays are taken. To avoid interrupting the narrative flow, omissions of text within excerpts are not indicated by ellipses or other punctuation. This new edition is called for not because anything has changed about the fundamentals of Buffett's sound business and investment philosophy but because articulation of that philosophy is always delivered in the context of contemporary events and business conditions so periodic updating is warranted to maintain its currency.
Two years in MBA school won't teach you how to double the market's return. He provides a 'magic formula' that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor.
You'll learn how to use this low risk method to beat the market and professional managers by a wide margin. You'll also learn how to view the stock market, why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone 'knows' it. A riveting biography of the groundbreaking innovator who was a giant in the worlds of computing, music, filmmaking, design, smart phones, and more.
Steve Jobs was given up for adoption at birth, dropped out of college after one semester, and at the age of twenty, created Apple in his parents' garage with his friend Steve Wozniack. Then came the core and hallmark of his genius—his exacting moderation for perfection, his counterculture life approach, and his level of taste and style that pushed all boundaries.
A devoted husband, father, and Buddhist, he battled cancer for over a decade, became the ultimate CEO, and made the world want every product he touched, from the Macintosh to the iPhone, from iTunes and the iPod to the Macbook. Critically acclaimed author Karen Blumenthal takes us to the core of this complicated and legendary man while simultaneously exploring the evolution of computers. Framed by Jobs' inspirational Stanford commencement speech and illustrated throughout with black and white photos, this is the story of the man who changed our world.
Few biographies for young readers feel as relevant and current as this one does. He became abillionaire and investment sage by looking at companies asbusinesses rather than prices on a stock screen.
The newedition updates readers on the latest investments byBuffett. And, more importantly, it draws on the new field ofbehavioral finance to explain how investors can overcome the commonobstacles that prevent them from investing likeBuffett.
Heinzand his investment in IBM stock The greatest challenge to emulating Buffett is not in theselection of the right stocks, Hagstrom writes, but in having thefortitude to stick with sound investments in the face of economicand market uncertainty. Charles Munger is Warren Buffett decade's long business partner, and his investment filter, jokingly called by Mr.
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