Abel Rivera

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JavaScript: Visual QuickStart Guide
JavaScript: Visual QuickStart Guide
JavaScript: Visual QuickStart Guide by Dori Smith and Tom Negrino. Rated 3.5 out of 5 stars, with 14 ratings. Read more and check out similar items in the javascript category.
Php: A Beginner's Guide
Php: A Beginner's Guide
Php: A Beginner's Guide by Vikram Vaswani. Rated 3.9 out of 5 stars, with 17 ratings. Read more and check out similar items in the mysql category.
Outlander: A Novel (Outlander, Book 1)
Outlander: A Novel (Outlander, Book 1)
Outlander: A Novel (Outlander, Book 1) by Diana Gabaldon. Rated 4.6 out of 5 stars, with 23801 ratings. Read more and check out similar items in the Nicholas Sparks category.
Anna Karenina (Everyman's Library)
Anna Karenina (Everyman's Library)
Anna Karenina (Everyman's Library) by Leo Tolstoy , Louise Maude, et al.. Rated 4.5 out of 5 stars, with 541 ratings. Read more and check out similar items in the Nicholas Sparks category.
Dla ciebie wszystko (polish)
Dla ciebie wszystko (polish)
Dla ciebie wszystko (polish) by Nicholas Sparks. Rated undefined out of 5 stars, with undefined ratings. Read more and check out similar items in the Nicholas Sparks category.
Calico Joe: A Novel
Calico Joe: A Novel
Calico Joe: A Novel by John Grisham. Rated 4.3 out of 5 stars, with 3001 ratings. Read more and check out similar items in the John Grisham category.
The Shack
The Shack
The Shack by William P. Young. Rated 4.6 out of 5 stars, with 18754 ratings. Read more and check out similar items in the Stephen King category.
PHP 5 Objects, Patterns, and Practice
PHP 5 Objects, Patterns, and Practice
PHP 5 Objects, Patterns, and Practice by Matt Zandstra. Rated 4.4 out of 5 stars, with 33 ratings. Read more and check out similar items in the 'PHP programming' category.
Website Text Spinning With PHP
Website Text Spinning With PHP
Website Text Spinning With PHP by John Elder. Rated 4 out of 5 stars, with 2 ratings. Read more and check out similar items in the 'PHP programming' category.
Swift Essentials - Second Edition
Swift Essentials - Second Edition
Swift Essentials - Second Edition by Dr Alex Blewitt. Rated 5 out of 5 stars, with 3 ratings. Read more and check out similar items in the Swift programming category.
CNC Programming using Fanuc Custom Macro B
CNC Programming using Fanuc Custom Macro B
CNC Programming using Fanuc Custom Macro B by S.K Sinha. Rated 4.8 out of 5 stars, with 29 ratings. Read more and check out similar items in the Go programming category.
Professional Scala
Professional Scala
Professional Scala by Janek Bogucki , Alessandro Lacava , et al.. Rated 2.6 out of 5 stars, with 5 ratings. Read more and check out similar items in the Scala programming category.
Sex and the UFO (typescript essay)
Sex and the UFO (typescript essay)
Sex and the UFO (typescript essay) by Laura Mundo. Rated undefined out of 5 stars, with undefined ratings. Read more and check out similar items in the TypeScript category.
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage
This book teaches a reader who has no economic degree, in a very friendly manner, about the three main parts of a financial statement: balance sheet, income statement and statement of cash flows. The lessons are provided in a very detailed way, with tables and step-by-step explanations. This is in contrast to "The Little Book of Value Investing" by Christopher H. Browne and Roger Lowenstein, which also gives a framework to analyze financial statements for successful stock-picking, but does not teach the basics of understanding each and every line in the statements.

This book is very different from the student's manual of corporate finance. It is very practical. It has a separate chapter for every main item of a statement, and explains with examples and advises how it affects prospects of the company and whether the stock of the company should be bought to get the extraordinary long-term results.

This book also describes the differences between Benjamin Grahams way of picking stock and one derived by Warren Buffett.

Many amateur investors are losing money because they have no basic education at least to understand a financial statement. They pick fashionable, hot stocks, or just stocks of a company which product they like. For example, they are passionate listeners to satellite radio and just because of that they buy "SIRI" regardless of the negative equity and negative operating income. Refinancing the huge debt in the credit crunch of 2008 is a challenge. This book will help the new investors to understand these issues and to make smarter stock picking. Of course, this book is not a panacea. Of course, there is always risk. The financial intelligence improves the odds. Thus, what is risky for one person is less risky to someone else. That is the primary reason to invest more in one's financial education than in the stock. The smarter you are the better chance you have of beating the odds. It is not gambling if you know what you are doing. It is gambling if you are just throwing money into a deal and praying. The idea in anything is to use your technical knowledge, wisdom and love of the game to cut the odds down, to lower the risk. So let this book will be brick in the foundation of financial education.

In addition to this book, I can recommend the other (previous) books by Marry Buffett. They are very useful for the right stock-picking. I also recommend "Value Investing With the Masters" by Kirk Kazanjian and "The Only Three Questions That Count" by Kenneth L. Fisher.

If you want to read something good about Warren Buffet's life and his investment strategy, I can recommend "Buffett: The Making of an American Capitalist" by Roger Lowenstein and "The Snowball" by Alice Schroeder.
Warren Buffett: The Life, Lessons & Rules for Success
Warren Buffett: The Life, Lessons & Rules for Success
There is nothing worthwhile reading in this entire book. I have read many financial books, including biographies of well known investors. This book reads like a sloppy wikipedia article (seemed like it was seriously written at a 2nd grade reading level). There are only a handful of facts about Warren's early life that keep getting repeated over and over. The "life lessons" are cliche after cliche with no concrete or truly inspirational ideas. Moreover, there is no author or publisher even listed within the entire book. This is clearly some sort of scam book haphazardly put together to earn a few bucks by enticing people to buy it by putting Warren Buffett's picture on the cover. Save your money, read his wikipedia page for more detailed history, and buy a real book about Warren Buffett.
The Snowball: Warren Buffett and the Business of Life
The Snowball: Warren Buffett and the Business of Life
Warren Buffett is world-famous for his success at investing. A native of Omaha, Nebraska, the son of a stock broker who served several terms in Congress, he began in business very young selling candy to neighbors and delivering newspapers but his real passion was reading everything he could get his hands on about investing in stocks and bonds, learning about businesses, and investing according to a carefully thought-out investing philosophy derived from the authors of several books he read who became his mentors at Columbia Business School-Benjamin Graham and David Dodd.

This biography, written with the cooperation of Buffett by Alice Schroeder, an author with a Wall Street background, is a thoroughly-researched account of his life and career, beginning with his childhood in Omaha and following him through his education and his career as an investor and money-manager who, through the vehicle of his firm Berkshire Hathaway, made himself and many of his investors very wealthy. Indeed, in 2008 he was named the richest man on earth.

The book chronicles his philosophy of business and many of his quirks - he favours Coke over wine and burgers and steaks over almost any other type of food - and delves into numerous accounts of his investments which have spanned cocoa-beans, textile mills, Wall Street investment banks, and railroads, among many others.

Buffett comes across as an almost asocial machine constantly sifting through businesses to find the best bargains to invest in. With family and friends he seems remote and absent-minded, uninterested in things that fall outside the world of business. He seems never to have read a novel, for instance, or a poem. When one of his friends points out a Picasso sketch on the wall at his friend’s house he says he hasn’t noticed it even though he’s been going there for 30 years. He’s also kind of funny about money, which I suppose is not surprising given who he is. That said, he does change over the course of his life in some respects and the book does a good job of describing it, showing, for example, how he was persuaded to be more generous towards his children, and describing the way he went from believing that his greatest service to humanity was through amassing a huge fortune to believing that giving money away sooner was preferable.

If this book has a limitation it is that it shies away from offering a more definitive interpretation of its subject that would aid the reader in coming to a deeper understanding of the real Warren Buffett. The book offers an account of the complete Buffett mythology: his folksy, Midwestern values, his common-sense voice, his sage wisdom about business. It reinforces his philosophy of investing in undervalued companies with excellent long-term prospects, his injunction, via Graham, to “be fearful when others are greedy, and greedy when others are fearful.” It charts his growing fame, his circus-like shareholder meetings, his numerous appearances in the business press and on business TV networks, his love for Cherry Coke and Gorat’s steakhouse. And while the mythology is probed and dissected in some ways - yes, he’s lived in the same house since 1958 but Schroeder points out that he has remodeled it since then - I don’t think the reader will come away from this book with a true understanding of what’s driving him, at least not with a view or interpretation of this that has the endorsement and exposition of the author.

If I had to take a guess, the primary influence on Buffett seems to be his father, Howard Buffett, a stock broker from Omaha whose civic values led him to Washington D.C. where he served in Congress during Warren’s youth. His mix of patriotism and business seems to have greatly influenced his son whom he took on a visit to the New York Stock Exchange in 1940 at the age of ten. Buffett says he wanted money so he could be “independent” and didn’t like to do manual labor but so do lots of us and he didn’t stop making money once he’d become independent so there is clearly more to it than that. It’s this sort of reading of Buffett I wish there was more of in this book.

The book is nonetheless filled with as much superficial detail as you could want about Buffett. At 816 pages there’s tons of information about his whole life and world, it perfectly captures Buffett’s voice, as well as separate accounts of many important times in his life from the perspective of his family and friends. Schroeder has written a good valuation report style biography of the man and I suppose in many ways that’s the type of biography most suited to this life.
Buffett: The Making of an American Capitalist
Buffett: The Making of an American Capitalist
The gain in net of Berkshire Hathaway, the company led by Warren Buffet, worth during 2006 was $16.9 billion, which increased the per-share value of 18.4%. Over the last 42 years value has grown from $19 to $70,281, a rate of 21.4% compounded annually. Consider that $16.9 billion is a record for a one-year gain in net worth - more than has ever been booked by any American business, leaving aside boosts that have occurred because of mergers. Of course, Berkshire did not outperform S&P500 constantly. In 1967, 1975, 1980, 1999, 2003, 2004 the S&P gave better performance, and in 2001 Berkshire even was at a loss of 6.2%.

This book, "Buffett: The making of an American capitalist" covers very deeply the values that led Warren Buffet during his life from his early childhood. The book is not only a biography per se, but a good manual on investing, that uncovers most aspects, with the detailed explanations and samples, of investing.

This book also covers very well personal traits of Warren Buffett, his attitudes toward parents, sister, friends, parents, children and wife. For example, Warren bought a farm and rented it to his son Howie on standard commercial terms. The farm was a joyful refuge to Howie, but he couldn't get Warren to share the experience with him. "I can't get him to come out and see how the crops are going", Howie said plaintively. Warren went only twice in six years. He would laugh off Howies's invitations, saying, "Send me a rent check, and make sure it's big enough". Though he had been thoughtful enough to buy the farm, he couldn't give Howie the fatherly recognition that he craved in other than financial terms.

In his investment strategy, Warren uses the concept that he calls "Intrinsic value" of a company. According to Warren Buffet, intrinsic value is an all-important concept that offers the only logical approach to evaluating the relative attractiveness of investments and businesses. Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Here is what Kenneth L. Fisher wrote about Buffet's investment strategy: a quality standing out about Mr. Buffett is his ability to morph. If you read his materials from the 1960s, he said very different things than in the 1970s and early-1980s. Early on he was buying dirt-cheap stocks by simple statistical standards and typically smaller stocks--which would today be referred to as smallcap value (although that term didn't exist until the late 1980s). Later he bought what he called "franchises." Then he entered a period of buying great managements of big companies and being a long-term holder--otherwise thought of as big-cap growth today--that many ascribed to the influence of my father coupled with Charlie Munger. When Mr. Buffett was buying Coke and Gillette, you couldn't quite reconcile those activities with the kinds of things he owned two decades earlier. Then, amazingly, seven years ago, at just the right time, he was buying smaller things dirt cheap again just as value came back into play as the twenty-first century began. I have other comments about Mr. Buffett throughout this book but I'd like you to see, while he never lost the core of what he was doing or what he was looking for, he tactically morphed steadily over the decades. Trying to freeze his tactics from any decade and replicate them in the next few would never have led you to his actual actions.

In addition to this book, I also recommend the letters to shareholders written by Warren Buffet, which can be taken from the website of Berkshire Hathaway. If you take an audio record of this title, it will not be as good as the textbook. The audio is more biographical and pays less attention to the investment education of the listener.
Warren Buffett on Business: Principles from the Sage of Omaha
Warren Buffett on Business: Principles from the Sage of Omaha
With the main exception of a relatively small textile producer known as Berkshire Hathaway, which Warren Buffett bought outright and which became the springboard for his investing career, the earlier part of Buffett's long and successful career was mainly devoted to non-controlling investments in companies, versus buying whole companies. Thus, today many people think of Buffett as "the world's most successful investor." However, Buffett's investing skills are not the primary topic of this relatively brief and easy reading book (although there is one chapter on personal investing). This book, written by Richard Connors and based on a class he taught about Buffett at the Washington University in St. Louis Lifelong Learning Institute, is devoted to describing Buffett's management activities as CEO of Berkshire Hathaway. That's not a bad idea at all, given that over the years Buffett has gradually placed comparatively less emphasis on Berkshire's investments (which today include the likes of American Express, Coca-Cola and Wells Fargo) and greater emphasis on Berkshire's growing stable of wholly-owned subsidiaries. Indeed, the list of owned companies, like GEICO, International Dairy Queen, Shaw Industries, FlightSafety, Borsheim's Fine Jewelry, Nebraska Furniture Mart and The Pampered Chef, among numerous others, has grown quite large.

The prime source for this book--by far--is Buffett's annual letters to Berkshire's shareholders, written over the last 40 years. Indeed, if you were to count words, my guess is that 95% or more of this book is simply the reproduction of Buffett's comments in his various letters, organized by Connors, the book's author. So if you have read Buffett's letters over the years (an exercise I would recommend to almost anyone interested in business or investing), then you won't find much new material in this book, save for excerpts from occasional interviews with Charlie Rose or excerpts from some of Buffett's other interviews or comments.

Connors has organized Buffett's shareholder commentaries into chapters that address the various important issues of corporate management: executive compensation, time management, assessment of risk, corporate governance and culture, crisis management, capital allocation and shareholder communication, among others. Buffett's comments are interesting, valuable and candid, and he is a very clear and entertaining writer. There is some human interest material, such as an account of Buffett's 1951 Saturday trip to Washington, DC to visit the offices of GEICO (because his mentor, Benjamin Graham, was the chairman of the company). As the somewhat well-known story goes, Buffett pounded on the door to GEICO's locked building, until a custodian finally led him to meet Lorimer Davidson, an assistant to GEICO's president at the time. Davidson, who would go on to become CEO of GEICO, took the time to educate young Buffett on the power of direct marketing of insurance, and years later Buffett would go on to buy the whole company.

In short, although there is precious little new material provided here (hence the four-star rating, not five), this is a very interesting book, and it is interesting primarily because it was essentially written by Warren Buffett, one of the most successful investors--and corporate managers--of all time.
The Warren Buffett Way: 3rd Edition
The Warren Buffett Way: 3rd Edition
I am not finished yet merely half-way into the book but I wanted to review this book; I just could not wait ;-) to tell you all about it. I am taking my time and digesting it all because the meat needs to be chewed, enjoyed and digested thoroughly. I am enjoying each aspect of this book and can't say enough...............I am loving this book.

I have purchased several books pertaining to Buffett and have followed him and his work for a few years. I was interested in him not only because of his investments but his character is to be rewarded; money isn't everything. I have not finished the other books that I have purchased about him but want to be able to absorb this one first before moving forward into the others. Nor have I gotten a chance to delve into the website yet, I can't wait.

This book helps you to see and delve into the ways into which Buffett processes his investments but also shows how his upbringing, mentors and experiences has helped him in his investment endeavors and the investment choices that he makes as seen in Chapter 2: The Education of Warren Buffet. Here it provides an understanding of the industry and having hands on experience does help but in not letting money be your guide is best. Once you understand then you can make better and educated decisions.

Everyone may not be able to have the same types of successes as Buffett has had but to understand the method behind the man says a lot. Robert G. Hagstrom does a good job in breaking down the book. As in Chapter 4: Common Stock Purchases - Nine Case Studies in the tenets that he uses are valuable from Simple and Understandable and Price Point to Candor/Rationality. Stay tuned for a follow-up from me once I finish the book and review the website.

Up unto this point this book is Highly Recommended.
Berkshire Hathaway Letters to Shareholders
Berkshire Hathaway Letters to Shareholders
There have been critics who have written reviews on here that this book is no different than going online and printing out all of the shareholders letters and there are others that say that you should pick up Lawrence Cunningham's version because that version is editorialized and I am here to tell you that I have done all three, not because anyone has told me or I recommended it, but because I have thoroughly entrenched myself in the study of Warren Buffett, Charlie Munger and Berkshire Hathaway and I will tell you this edition and book is an outstanding treasure and amazing addition to anyone's library, full of awesome information and knowledge about the inner workings of Berkshire Hathaway. I'm actually very sorry I didn't get it much, much sooner. I cannot recommend this book strongly enough...10 STARS!!!!!
The Essays of Warren Buffett: Lessons for Corporate America, Fifth Edition
The Essays of Warren Buffett: Lessons for Corporate America, Fifth Edition
Lawrence A. Cunningham opens this book with an appropriate excerpt from the essays of Michel de Montaigne: "The speech I love is simple, natural speech, the same on paper as in mouth; a speech succulent and sinewy, brief and compressed, not so much dainty and well-combed as vehement and brusque."

There is no shortage of books on Warren Buffet. It is an interesting state of affairs: numerous writers, pundits, and other Warren Buffet "experts" opining on the life and investing decisions of perhaps the greatest investing and capitalist "expert" of all time.

Others opining on the life of a genius is often necessary, when it comes to understanding the broader impact that genius has had on society. A masterful investor, scientist, engineer, or whatever is not also necessarily always an effective writer and communicator. Mr. Buffet, however, is a rare breed.

Not only has Mr. Buffet, across his lifetime, compiled the most impressive track record capitalism has ever produced- one of growth, achievement, societal awareness and improvement, but he can also write. He writes in a language that is, in the words of Montaigne, "simple...succulent and sinewy, brief and compressed...brusque."

Lawrence A. Cunningham through this book expresses an important truth- when a man such as Mr. Buffet writes with the clarity and power that he does, not much benefit is given to the reader by adding words on top of what is already clear and powerful prose. If one is trying to make sense of Mr. Buffet and his philosophies, the best place to start is with Mr. Buffet's own "sinewy" words, which are presented, unadorned except with a short preface, in this book.

"Essays" is a bit of a misnomer for the content of this book. In fact, this book is actually a compilation of excerpts from the Annual Letters Mr. Buffet has written to the shareholders of his company, Berkshire Hathaway, over the last thirty plus years. Worth noting, these very letters are available, in their entirety, on the World Wide Web for free. Something, however, is definitely gained through reading Mr. Buffet's words as Mr. Cunningham has arranged them.

Mr. Cunningham has arranged this book by subject, rather than time- and the effect is pleasing and effective. The way that Mr. Cunningham chose to arrange Mr. Buffet's letters is into the following categories: Corporate Governance, Corporate Finance and Investing, Alternatives to Common Stock, Common Stock, Mergers and Acquisitions, Accounting and Valuation, and Accounting Policy and Tax Matters.

The effect of Cunningham's carefully-chosen delineations is a book that has more the feel of an educational guide, than a story of Mr. Buffet's investing career and his company, Berkshire Hathaway.

What emerges out of this educational guide is the philosophy and teachings of a gifted Professor and practitioner. No matter whether Mr. Buffet is waxing poetic on business or outlining his scruples over how corporations account for equity stock options, out of his writing emerges a consistent and eloquent philosophy on the "right" and effective approach to business, investing, capitalism, and life.

The "Buffet Way", perhaps impossible to summarize fully in a few short sentences, is stoic and original. The practitioner of this philosophy is one who stands apart from society, ignores any "institutional imperative" that may impede rational decision-making. The "Buffet Way" is a mode of analysis that knows the bounds of its own limitations, and is free of emotion. The Buffet Way demands that every decision require a "margin of safety" or room for error.

Most importantly, Mr. Buffet's view of investing, and particularly of investing in the stock market or in other marketable securities, grasps a simple but important concept that is lost on so many market pundits and practitioners: stocks are not abstractions. Stocks are certificates that represent a share of ownership in an underlying business. Too often people don't look through stocks to the underlying business they represent. This book aptly is subtitled, "Lessons for Corporate America", because Mr. Buffet is after all an evaluator of businesses.

Stocks and their prices are only relevant when they become disjointed, in a favorable way, from the underlying realities of the business they represent.

To think the "Buffet Way" takes more, though, than knowing the concept's basic precepts. It takes discipline, and a stoic fight against the animal spirits that so often lead investors astray. This book and its precepts are worth reading, and rereading, until hopefully its lessons are engrained in the psyche in a way that they become impossible to ignore.
The Intelligent Investor Rev Ed.
The Intelligent Investor Rev Ed.
*Edition: I found commentary very useful (though often distracting). If you are not a professional - you'll appreciate the commentaries and epilogue - read it first? It's very inspiring.

*Book: "You either get the idea in the first five minutes, or you don't get it at all", said Warren Buffet in the epilogue.
- I would add - you don't necessarily need to read all 550 pages, but you must read through the idea of value investing - and it will change your way of looking at the world.
- I always felt confused and amazed by listening to all the ridiculous fuzz that comes from the Wall Street through TV and the internet. The book explains why.

🔴Several rules I noted into my keep:
፨ - Investor buys the business [based on its price/value], speculator buys the stock [based on an absurd believe that he can foresee where the stock price will go].
፨ - The best way to earn adequate return without any trouble whatsoever is to invest into cheap (low maintenance cost) indexes; use dollar averaging (buy every month instead of once at a random point of time) for smoothing the luck involved.
፨ - For enterprising investor (willing to spend much more time), look for a diversified list of bargain issues (at least 30 issues, business values (i.e. net current asset and other related metrics) is below market cap)
፨ - During the bubble, hot industries and companies are getting overpriced. That could only be financed from somewhere. Partially that money are coming from well established old economy companies that lose the appeal. Thus, invest in such old economy companies while bubble grows, as soon as the bubble burst - undervalued companies would rise back.
፨ - Don't ever buy IPOs! (See chapter for compelling arguments)
፨ - Don't consider companies that do not pay dividends. Dividends - money firm pays you for providing capital, they belong to you. They cut a piece for reinvestment - payout ratio. If firm doesn't pay dividends - invest all into growth so you could profit later - that's a speculation. Moreover stock price would be more volatile because it should now rely on future rather than current prospects.

The Intelligent Investor, by Benjamin Graham, is probably the most important and influential value investing book ever written even Warren Buffet described it as “by far the best book ever written on investing”.

፨ If you could only buy one investment book in your lifetime, this would probably be the one.
፨ It had been 6 months since I last read The Intelligent Investor. I have enjoyed my personal “refresher course” in value investing.

🔴Objective of The Intelligent Investor Book
፨ Benjamin Graham’s objective was to provide an investment policy book for the ordinary investor.
፨ He succeeded in putting seemingly hard concepts into terms that could be understood and, more importantly, implemented by the average investor.
፨ The typical investor has a tendency to “follow the market” when they should be employing portfolio risk management strategies. Instead, Graham gives us an alternative based on fundamental stock analysis.

፨ The goal is to learn how to avoid the pitfalls of allowing our emotions to control our investment decisions. Rather, Graham provides the foundation for making businesslike decisions.

🔴The Intelligent Investor puts special emphasis on teaching:
1. Risk management through asset allocation and diversification.
2. Maximizing probabilities through valuations analysis and margin of safety.
3. A disciplined approach that will prevent consequential errors to a portfolio.

🔴If you have any Doubt regarding this Review or this Product, then Feel Free to Contact me or Just ask me by commenting below.I Hope this Review was Helpful.Write reviews, help others, happy shopping.
Thank You for Reading this Review.
-●➽ʙʜᴀᴠᴇsʜ ʙ.ᴏ.ᴛ 🔥
Warren Buffett’s 3 Favorite Books: A guide to The Intelligent Investor, Security Analysis, and The Wealth of Nations (Warren Buffett's 3 Favorite Books Book 1)
Warren Buffett’s 3 Favorite Books: A guide to The Intelligent Investor, Security Analysis, and The Wealth of Nations (Warren Buffett's 3 Favorite Books Book 1)
Yes, the title and marketing posture is shamelessly mercenary, calculated to cash-in on the Buffet name and brand.

Yes, the first section really and truly is about a kid running a lemonade stand.

But.

I'm glad I bought and read the book.

Surprisingly, given the bait and switch of using Buffet's name and branding and given that his three "favorite" books are barely mentioned, their content not delved into, and serve only as launching points -- the author has written an honest and sincere book.

I'll repeat that: This is an honest and sincere book.

And useful.

If, like me, you grew up without anyone actually TEACHING you about money, let alone stocks and bonds, the extended and hookey lemonade stand metaphor actually works. You WILL learn the fundamentals of stocks and bonds by examining the kid's adventures in retailing lemonade. (Our schools still do not teach students about money. Osmosis is good for nourishing plants, but if you really want to help people avoid poverty and pain and dependency, teach them about money; what it is, why it is, how it can be used. This author seems to be attempting to do just that, and for those well-intentioned reasons.)

The author does the math, and breaks it down so you can do the math on yor own. You could of course read Graham's classic, The Intelligent Investor, and do the math on your own. But gee whiz, it is always easier faster and more efficient if you have a decent teacher to help you. And, if you're like me, you can read through the whole book (it's not too long) and then go back and do the math, applying it to the real world of companies you're considering investing in. (I do think it would be best to read Graham's Intelligent Investor BEFORE reading this book. Going to the source text first is almost always better than reading what has been derived from that source.)

All of this is my longwinded way of saying, if you are hesitating and not sure if you should buy this book, go ahead. Put aside its used car salesman title/marketing. The content (the author's work) is forthright, honest, transparent. (Besides, you have 14 days to return the book for a refund if your experience is different from mine!So what's to worry? Go for it. ;-)

PS: I haven't tried his videos yet, but probably will.
My Warren Buffett Bible: A Short and Simple Guide to Rational Investing: 292 Quotes From the World's Most Successful Investor
My Warren Buffett Bible: A Short and Simple Guide to Rational Investing: 292 Quotes From the World's Most Successful Investor
Nice little book of the collection of key quotes from Warren Buffet. Lot of white space on the pages. But was what I expected. Most quotes are one to a few sentences in length. One of the longer ones is kind of a summary of Buffet's principles of investing (not gambling), on page 57. It was about a half page long, and the last sentence says it all: "How much more fruitful is it for us to think about whether the product is likely to sustain itself and its economies than to try to be questioning whether to jump in or out of the stock?"
University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting
University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting
If you are a Buffett or Munger or Berkshire Hathaway fanatic, you will love this book.

However, if you merely admire these gentlemen's competence and, so, actually expect to learn something material from a book which boldly states that it will teach you such, you will be very disappointed.

The authors apparently have attended the Berkshire Hathaway shareholders meetings for the past 30 or so years and have written a gossipy summary at the end of each year for their friends and associates.

Apparently realizing that Buffett and Berkshire are not "branded" and, so, a book about them is highly salable, they have decided to profit from their decades-old summaries by binding them together and implying there are "lessons" to be learnt.

There are not.

Unless, you really find something enlightening in an annual update on the insurance premium float held by BH or want to hear repetitively how much Buffett admires Ajit Jain's ability to increase that float amount when Buffett felt there was no other insurance avenues to gain such increases.

You will "learn" that Buffett and Munger have little use for most of Wall Street's practices and financial theory. However, you will not particularly learn much more since all the authors do is state these gentlemen's position and, thereafter, report a "sassy" zinger by Munger or a "playful quip" by Buffett. I read this book to learn financial knowledge, not to learn that Munger is a bit of a jerk and Buffett is not as funny as he seems to think he is.

Even when financial theory is discussed, it is only to have Munger state it is "stupid" or, for variety, "dumb".

Portfolio theory is stupid, derivatives are stupid, executive compensation practices are stupid.

On the other hand, Berkshire Hathaway's practices are the "best".

Of course, the analogy is often false. BH is a conglomerate, yet Munger keeps treating it as if it were a simple corporation which happened to provide insurance coverage, along with Coca Cola, chocolate, railroad services, etc.

It is not. It is a conglomerate which owns several other corporations. So, stating that BH's policy of letting the CEOs of these corporations control the business and, otherwise, basing their salary on their corporation's profit is not particularly actionable in a regular corporation, where you cannot let a division operate independently nor allow an executive at a naturally profitable division make more salary than an executive who operates a less profitable but perhaps more integral and vital division.

Yet, Munger has no problem acting as if a conglomerate like BH is comparable to the typical corporation where salaries are not based upon the corporation's profit margin.

Same goes for portfolio theory. Buffett and Munger have gotten rich from buying a few companies. Good for them. However, to assume everyone has the knowledge and capacity to select three or four stocks which will steadily rise in profit is, let me say it, stupid given the obvious fact that Buffett is famous for being able to do what no else can do, pick such stocks. Yet, repeatedly we read Munger stating portfolio theory is stupid because a person can just pick three "solid" stocks and he/she won't have to worry about risk and, so, need not diversify his/her portfolio to reduce such risk.

As to Buffett, a "cute" story is told about how he knew an owner of an excellent business who would implode once or twice and state he intended to sell his business. After a week of ranting, the owner would calm down and admit he had a good business which he loved. Buffett got close to a friend of the owner and told him to let Buffett know the next time the owner imploded. When the next implosion occurred, Buffett immediately called up the owner to ask how things were going and, as expected, the owner ranted about how he had enough and would sell his business to the next willing buyer. Buffett promptly states he is that willing buyer and the owner in his rage says its a deal. A week later the owner calls back and heavily implies he now regrets the deal, hoping Buffett will rescind. Buffett, however, plays dumb and so the owner has to go through with the sale.

Despite the author's portrayal of this as a "cute" story, it is not. It is a ruthless use of another's known vulnerability for one's own gain. It is not a gentlemanly act. It is, however, an acceptable business act.

The authors apparently realize this and, so, try to imply the story as a morality tale, the owner was "emotional" and Buffett was "even-keeled" and, so, the owner caused his own loss by being "emotional". Morale: don't get emotional when you are investing.

However, the only "investor" in this story is Buffett, who has created nothing but simply cleverly bought other persons' realized visions. The owner actually built the business and, not surprisingly, he was more invested emotionally in it than would be an investor, like Buffett, who just sees the business as a money maker and so does not care a lick for the actual product, history, etc which were built with the blood and sweat of the owner. I accept Buffett's machination, however, my sympathy is entirely with the owner and Buffett's indifference is not a moral victory in my book.

(Nota bene: I am discussing how Buffett and Munger come across in the book due to the author's failure to provide their reasoning. Please note that I fully expect that Buffett and Munger could easily explain the above depictions by the author as limited and an inaccurate summary since the author are more interested in showing Buffett and Munger as "personalities" than in actually explaining, let alone debating, the nuances of their investment philosophies)

The book is an okay read. Pleasantly gossipy and Buffett's and Munger's policy of keeping it simple comes through, which is nice to see. Munger may overuse "stupid" and, otherwise, fail to expand on his reason for such dismissive opinion, however it is clear that he and Buffett believe investing is too glamorized by Wall Street and the media and if one were to "look behind the curtain" he/she would see investing is too often sold as a form of gambling rather than what these gentlemen do believe, that investing is placing one's assets in a slightly more profitable place than a US Treasury bond and, so, the investment should be nearly as secured as it would be in such a bond.

Ironically, if there is any lesson to learn it is that one should not expect to get rich from investing - unless you can buy an insurance company and cleverly use its float to invest in other companies to increase profit and, thereby, use massive amount of insurance funds rather than just your meager personal assets to increase your own wealth.

In the end, the book is pleasant fluff with no educational merit. So, if you find reading about Buffett, Munger, or BH to be "entertaining", you should read it. Otherwise, give it a pass. I wish I had.
The Essays of Warren Buffett: Lessons for Investors and Managers
The Essays of Warren Buffett: Lessons for Investors and Managers
I enjoyed this book. Warren Buffett stands for something far greater than himself or the wealth he has generated. He is in what he does rather countercyclical, rather old fashioned, and fabulously good.

These essays introduce us to Buffett's way of thinking and doing business. There's a lot to learn from both aspects. Some of the book is rather technical, but most is straightforward enough, and I found many places where he made me think. I think our world at many levels- individual, corporate, government would be better if we adopted many of Buffett's ideas.

Buffett is an example of thinking from the ultimate to the proximate. He makes decisions for the long term, based on value. He cannot be bothered chasing the ups and downs of the market. It's like trying to stand still on a rolling wave. Prices go up, prices come down, the long investor treats them both the same and focuses way beyond the short term. Buffett is interested in the fundamental value of a business- does it provide worthwhile goods and services? Does it do it well? Is it well led and well managed? Is this likely to continue through time? Can he understand the value that the business offers to its customers and shareholders? If he can then he's likely to invest. In this he's exemplifying the principles of The Three Rules: How Exceptional Companies Think, and revenue before cost. It's not that he doesn't see cost- it's that he puts cost within the context of value, and more especially the context of value over time.

He's scathing about short term speculation, complex financial instruments, short term thinking, responding to mood. His comments about buying cheaply are sharp. Something may well be cheap for a reason- and trying to make it better will likely be a losing struggle. If something is unintelligible it's probably concealing a lie, and an untrustworthy person behind it. If a manager is promising that they will make the numbers, sooner or later they will be tempted up the numbers. We live in a short term appearance world and pathologies such as probophilia (as described in Between Health and Illness: Explorations in and around medicineafflict too many institutions.

Buffett is an example of a man who knows what he is doing, why he is doing it, and what outcome he wants. He's a straightforward, honest guide to the benefits of thinking long term, and to the benefits of thinking about what value is and where it is to be found. He challenges the modern world with its immediacy, its distractions, its fads, its madnesses of crowds. He takes us back to a much slower paced world, and we'd be better if we learned from him. He teaches us to look for true value and the long term.

There's much in this book about good personal and corporate governance, about discernment and about living life well. Readers will learn a lot from Buffett's patterns of thought and action.
Warren Buffett Accounting Book: Reading Financial Statements for Value Investing (Warren Buffett's 3 Favorite Books Book 2)
Warren Buffett Accounting Book: Reading Financial Statements for Value Investing (Warren Buffett's 3 Favorite Books Book 2)
The “Warren Buffett's Three Favorite Books“ series (this being book 2) certainly has provided a great foundation for new investors. If you want to get a good grasp without getting too heavy, submerge yourself and use the tools, links and videos provided every step of the way. If are unfamiliar with certain words just look them up. Before I struggle with Discount Cash Flow, and what exactly is Free Cash Flow. My cohort at University couldn’t explain it but could work out the problems. Now I know and can explain in simple terms. Couple that with actual investing and your investment advisor should be impressed. Mine was. In fact the relationship has evolved to us just discussing the markets and even now it seems I am more in tuned than the advisor. So much so they think I should invest in US markets, I am from Jamaica. Now I am looking to implement generational wealth and go through the actual 3 book’s referenced in the series. I would and have recommended this book to friends.

Note though: I take investing as serious as my 9-5, if not more seriously as I look to build generational wealth for my family.
7 Secrets to Investing Like Warren Buffett
7 Secrets to Investing Like Warren Buffett
Nice read! Lots of good information and it's great to see that the formulas are included that help me visualize how to figure out what math everyone is talking about while they are referring to a ratio, percentage or figure. I really started enjoying the book when I reached the section on Secret 5 until the end of the book. Easy read and can be read quickly in a day. Take your time reading so you can practice the examples that are provided along with the going through the formulas to help you understand everything in better detail.
The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management
The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management
I have one grouse against authors who write about Mr Buffet - "Buy great companies at reasonable prices" they all say. Until then just sit on the sidelines. If I waited to buy shares of great businesses at reasonable prices I would die of old age before I got a chance. I live in India and the share prices of great companies like Colgate, Nestle, Unilever etc etc ( the sort that Warren Buffet loves) almost never fall below 40 times earnings. But even purchased at these inflated levels they prove to be fabulous wealth creators. Mr Buffet also never invests in technology stocks because he does not understand them and their future is uncertain. Here I think that Mr Buffet is wrong. Many leading Software companies have great ROC and ROA. They are awash with cash. Infosys has six billion dollars in reserves and not one dollar of debt. How's that for wealth creation. Senior citizens will be happy to note that in his world of investing you are only taken seriously after you hit 65 years of age and have at least four decades of investing experience under your belt. Just shows what high standards the man lives by.
Security Analysis: Sixth Edition: Foreword by Warren Buffett
Security Analysis: Sixth Edition: Foreword by Warren Buffett
I have the same confession as Glenn Greenberg's (the one who wrote the intro to Part V of this book): I never read Security Analysis back in school, although I did read The Intelligent Investor. Many years into my career in investment research, I finally got around to writing about how I regret not picking up the book earlier. I would consider this a must-read, both as a textbook and a practical guide, for serious securities analysis professionals.

My experience with reading this book has been wonderful. Not only did I pick up various specific lessons that would be valuable for my career in the stock market (particularly on behavioral biases, such as the market's tendency to value management quality twice), I also came to appreciate the various aspects about Ben Graham as a person:

1. VISION
The book helps you understand why Ben Graham is considered a 'man of ideas', whose investment philosophies transcend time. Decades after the various editions of this book were published, such ideas as 'speculation focuses primarily on, and attempts to profit from, the unknown future' as well as the classic 'margin of safety' would have served to prevent the dotcom or the subprime mortgage crashes. Moreover, observations such as that the P/E ratio was arbitrarily applied ('sometimes to the past, sometimes to the present, sometimes to the near future') still resonate with current practices in many markets.

2. LOGIC
Ben Graham was mathematically inclined. After all, he did elect to major in math at Columbia. Reflecting this, his writing consisted of many instructive guidelines that are both illuminating and elegantly succinct, like what you would expect of a mathematical equality. This makes it so easy for readers to quote his wisdom. Consider this sentence: 'It may be said, with some approximation to the truth, that investment is grounded on the past whereas speculation looks primarily to the future.' (although this is not a complete statement).

3. CREATIVITY
Ben Graham's intellectual capacity is by no means confined to quantitative analysis. A reflection of his being offered post-graduation employment in English, math and philosophy, Ben Graham eventually went on to co-write a Broadway play, develop a patented Morse-code-based system, and translate a Spanish novel. In his writing, you would find such flair of his creativity as this: 'An indefinite and approximate measure of the intrinsic value may be sufficient. To use a homely simile, it is quite possible to decide by inspection that a woman is old enough to vote without knowing her age.'

4. GENEROSITY
Warren Buffett was impressed by Ben when he used his own stock picks as examples in his class at Columbia, thereby revealing his trade secrets, perhaps to his financial detriment. This tendency to be so generous is reflected in the book: the 'Dean of Wall Street' was so deeply concerned with the well-being of the laymen investor in the stock market that he lashed out on Wall Street as an institution, which he himself was part of. Warren Buffett was lucky to be at the receiving end of Ben's generosity.

Note that this is still essentially a book about the technicality and psychology involved in the job of a security analyst. To obtain a more detailed picture of Ben Graham as a person, I would recommend his own Memoirs book, or The Einstein of Money by Joe Carlen.
Warren Buffett (Spanish Edition)
Warren Buffett (Spanish Edition)
¿Tienes el suficiente dinero como para cuando inviertas en una empresa te reciba su Consejero Delegado?. ¿Lo conoces suficientemente como para saber si es ético o un desalmado?...bueno, pues sin estas y otras ventajas más que sólo unos pocos pueden tener, los consejos de este hombre, la verdad, se encuentran a medido camino entre lo obvio y lo simplemente imposible.

Un saludo
Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor
Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor
The 1st 5 chapters were almost worthless but the rest of the book more than made up for it.

The discussion of Generals, Workouts & Controls offers a nice introduction to value investing.

The author walks you through how Buffett took what he learned under Ben Graham & put his own stamp on it.

You'll learn how he ran the Buffett Partnership & subsequently made the transition to more qualitative investments which formed the Berkshire Hathaway.of today.

I'd recommend reading Graham's "Intelligent Investor" & Phillip Fushers "Common Stocks & Uncommon Profits" 1st & although there's no heavy math, you should probably understand how to read a balance sheet & income/cash flow statements.

After "Ground Rules" I recommend reading the full prtnership letters & "Berkshire Letters to Shareholders" for a more fully formed view of what WEB has done, followed by Graham & Dodd "Security Analysis" after which you should be analytically & temperamentally able of trying your hand at creating your own Berkshire.

Disclaimer: the wit & wisdom WEB has exhibited throughout his carreer are replicable by many but the temperament needed to execute is IMHO the most important factor in obtaining above average results. If you ain't disciplined & patient, your results will vary...
Invest Like Warren Buffett: Powerful Strategies for Building Wealth
Invest Like Warren Buffett: Powerful Strategies for Building Wealth
This is the first book (after many) I have read that answers my questions without all the bla-bla-bla. It has more useful information to guide me in knowing what to look for and how to figure out what is good and what is bad.
I found the FOUR STEPS ( in chapter 4) the most valuable help for me.
Matt's style of righting makes this a great educational book and He gets right to the point .
This should be required reading for those of us starting out.
Keep them coming !!!
Alice Schroeder: The Snowball : Warren Buffett and the Business of Life (Hardcover); 2008 Edition
Alice Schroeder: The Snowball : Warren Buffett and the Business of Life (Hardcover); 2008 Edition
The Snowball is an in-depth review of Warren Buffett's life. At times I found this book surprisingly candid as it identified the frailties as well as strengths of Warren Buffett. This helped me associate with Warren Buffett the person and in my opinion, makes him seem all the more impressive given the challenges he had to overcome during this rise to fame. In addition to a candid personal assessment, this book provides a solid approach to wealth management as well as living life in general. I found The Snowball to be a must read for those interested in leadership, self-help, or even just a good story about a remarkable individual.
Warren Buffett: 43 Lessons for Business & Life
Warren Buffett: 43 Lessons for Business & Life
I like this book is a lot sayings that inspired me to read more, careful to invest and be honest. There are a lots more.
To those who really wanted to become successful reading is really important. I found that reading every successful people behind stories gained a lot of extra points that I can use on myself. I hope Warren Buffett will continue to produce more good books in future.
Principles: Life and Work
Principles: Life and Work
This book was fantastic and extremely organized. The author starts the book by giving the reader a background on who he is and how he arrived at the principles that were outlined. This part of the book is good for anyone that's not familiar with the author's backstory. It was somewhat astounding to learn that Mr. Dalio was literally broke in 1982 and has come-back to build a 150 billion dollar hedge fund.

In the second part of the book, the author gets into the stuff that's incredibly important, but difficult to implement. In short, he provides a roadmap and tools (via algorithmic means) to accomplish anything you want in life. There's a ton of substance, definition, & practicality on how to action your objectives. He has a five-step process to achieve what you want out of life, and it couldn't be more understandable and reasonable. The tricky part for most people (in my humble opinion) is finding a goal or objective that they can focus and remain passionate about for an extended period. If that's not your problem, then Mr. Dalio's advice in the second part of the book is significantly profound.

In the third section of the book, the author teaches you how to build the mastermind group/organization that's going to achieve the goals/mission you outlined in the second part of the book. The knowledge and thought that went into these 300 pages of the book are quite impressive. In short, the reader needs to get the culture right, get the people right, and then build and evolve the protocols that run the organization at a fundamental level. There's so much granularity behind those core concepts that it'll keep you busy trying to absorb everything.

In my humble opinion, MBA programs should be designing management courses around the information contained in this book. It's extremely thorough, practical, and organized.

Negatives. The book is a long read. If you're looking for something that's quick and easy, you're in the wrong place. The book is so organized (which I personally liked) that some might find it too programmatic. If you're looking for surprises and adventurous stories with your learning, you won't get that in the last two parts of the book. Dalio is all business.

In general, I'm so impressed the author took the time and effort to teach the world everything he has learned. You can tell he truly wants to help others be successful. The book has taught me the importance of trying to understand the fundamental building blocks of my own life. I now have an appreciation for trying to understand how things work and how I can model success habits around those principles. I've started to list my own principles, but it's hard identifying unique ideas beyond those found in the book (because it's so thorough). But the important part is that I'm aware of developing my own list and co-opting or creating new principles. This book has had a profound impact on me - it's definitely worth more than 5 stars.
The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy
The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy
We all know the brilliance of Warren Buffett and his snippets of wisdom, but this book goes further to give us clear insight into the Buffet way of investing. Using the KISS theory, Keep it Simple Stupid, we learn from Warren Buffett to step back, slow down, research, and pick companies for the long run. More is not better and picking only ten superstar companies at opportune prices for the long term can be the answer. No day trader tips here, think “invest for the long term.” The one quote I like the best, paraphrasing, was if your stocks are like having an NBA team and one of your players (stocks) is Michael Jordan, why would you think of selling him off so you could say you were more diversified. If you are interested in investing in individual stocks and are interested to hear about an alternative theory besides buying 60 percent mutual fund total stock market and 40 percent mutual fund total bond market, you will find this book informative and fascinating.
The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
"The Warren Buffett Way" is an exploration of Warren Buffett's investment philosophy and process of picking stocks. By combing through Buffett's trades and his annual letters to Berkshire Hathaway shareholders, author Robert Hagstrom explains Buffett's process to the reader. The book focuses on Buffett's relatively concentrated portfolio at the time, as well as the wholly owned subsidiaries of Berkshire Hathaway, such as See's Candies, Nebraska Furniture Mart and GEICO Insurance. Each holding is analyzed, from fundamental operations of the business to the price and multiple Buffett paid.

Throughout the analyses of each holding, Hagstrom extrapolates common themes that reoccur in Buffett's stock-picking; namely, investing in businesses with strong competitive advantages in their industries, as evidenced by high returns on equity and generous free cash flow. Of course, Buffett's performance is not due simply to investing in great companies, but investing when multiples are lower than average, which the author takes care to point out. Hagstrom also intersperses Buffett's own words, gleaned from the annual letters and other published sources, to demonstrate the rationale involved in his investments. Buffett is not dogmatic,however, and Hagstrom notes that many investments, such as in General Dynamics and Freddie Mac, were not made with a long term holding in mind, but rather presented themselves as unique opportunities given the circumstances of their purchases.

More than twenty years later, Warren Buffett has grown in fortune and in public-visibility. Among investors, the tenets described in "The Warren Buffett Way" are so well known, it may be forgotten that they were first comprehensively covered in Mr. Hagstrom's book. Indeed, the mountain of literature on the Buffett-style of "value" investing can trace its origin to this very book. The Appendices are a wealth of information as well. For the reader who desires a concise exposition of Buffett's investment process written during the heyday of his common stock-picking, this book should be at the top of the list.
A Few Lessons for Investors and Managers From Warren Buffett
A Few Lessons for Investors and Managers From Warren Buffett
Some good teachings from Warren Buffet, presented in an interesting format, but, sincerely, not the book I was expecting. For someone who has read all of Buffets letters to investors, this books is just a recollection of some ideas and thoughts deemed relevant to Peter Bevelin.

If you want quick look into Buffets letters, this book is ok, but if you want something more profound, I would suggest simply reading Buffet's letters directly on his website.
A Beginner's Guide to the Stock Market: Everything You Need to Start Making Money Today
A Beginner's Guide to the Stock Market: Everything You Need to Start Making Money Today
When I was about 20, I picked up a book called "The Only Investment Guide You'll Ever Need" by Andrew Tobias. That book opened a whole new world for me, and led to a lifelong (profitable) fascination with investing and trading. Unfortunately, I eventually lost (or tossed) that book, and have wished I could find it again, even though it is definitely outdated.

Matthew Kratter's book is the same kind of book, only, perhaps, better. He summarizes many different approaches to investing and trading, and provides solid tips and resources to get started, including some of his own books (fair enough). Whether you want to start with the blue chip world of buy-and-hold dividend collection, or try the more active world of options trading--or something in between--there is something here for you. Looking back over my highlights, I find advice as diverse as the simple "Only losers average losers" to more advanced concepts such using a stock's float to make trading decisions.

I have three boys who are entering the workforce and ready to start investing. I think I know what I'll give them for stocking stuffers this Christmas.
Tap Dancing to Work: Warren Buffett on Practically Everything, 1966–2012: A Fortune Magazine Book
Tap Dancing to Work: Warren Buffett on Practically Everything, 1966–2012: A Fortune Magazine Book
In 2008, when Warren Buffett had a down period in a 10-year performance bet between his choice (Vanguard's Admiral shares) and a hedge fund, he said: "I just hope that Aesop was right when he envisaged the tortoise overtaking the hare." In fact, he has been a spectacularly successful financial tortoise for over 50 years in good and hairy times.

This is a remarkable book about a remarkable investor AND person. Carol Loomis, my favorite FORTUNE writer for over 40 years, has been professionally and personally close to Warren Buffett for nearly two generations.

In recent years Warren Buffett has been widely acknowledged as the Oracle of Omaha. CEOs flock to seek his advice. His self-deprecating annual Berkshire-Hathaway annual letters (gently edited by Loomis) have become classics of understated financial wisdom. He is regularly ranked among the three richest individuals in the world, along with Bill Gates, his good friend. Recently his and the Gates' personal philanthropy has been at a stratospheric level that make Andrew Carnegie and J. D. Rockefellers look like charitable pikers.

Who is this Buffett fellow, who first merited a modest FORTUNE mention in 1966? What is the secret of his financial wizardry? When and how did he discover his magical financial elixir? To what extent has he adhered to this over the past two generations and more?

Virtually every book that I've read about successful businessmen or investors tells the story within the context of their recent success. Instead, Carol Loomis has decided to describe chronologically the Buffett phenomenon by abstracting from articles (including her own) and from Buffett statements from 1966 to 2012. Loomis adds some comments to provide a relevant historical context.

The result is an unprecedented biographic time line in which we see how and why Buffett reacted to America's financial ups and downs over the past two generations. As he explained, in April, 2008, during the outset of the Great Recession, "I always say you should get greedy when others are fearful and fearful when others are greedy." Most remarkable is Buffett's steady, long-term hand on his financial tiller, however turbulent the financial waters might be.

To best appreciate the Buffett personal style and core principles I abstract below book highlights from his early years to 2012. (In 1966 Berkshire Hathaway Class A stock was about $22. In mid-September, 2012 it was $133,000.)

BASIC BUFFETT

+ Rejected by Harvard Business School, Buffett went to Columbia Business School to study under Benjamin Graham, whose book, THE INTELLIGENT INVESTOR, has captivated him. ("The first rule of investment is not to lose. The second rule is not to forget the first rule.") Buffett later worked for Graham and ingested the Graham dictum of determining the intrinsic value of companies. Buffett absorbed Graham's focus on 'bargains' which he rigidly defined as stocks that could be bought at no more than two-thirds of their net working capital.
+ "When I got out of Columbia University, I went through Moody's manuals....It worked out so well I actually went through the book [s] a second time. 1998
+ In 1969, Warren Buffett, then thirty-nine, was unhappy with the financial world. He regarded the wild excesses of 1969 as insane. "This is a market I don't understand." He announced in 1969 that, after thirteen years of a spectacularly successful operation, he would close Buffett Partnerships at the end of the year.
+ Professor William Sharp of Stanford referred to Buffett as a "five-sigma event."There is only one chance in 3.5 million of compiling an investment record like Buffett's by chance. 1983
+"Things aren't right just because they are unpopular, but it is a good pond in which to fish. You pay a lot on Wall Street for a cheery consensus." 1985 "Rationality is essential when others are making decisions based on short-term greed or fear....That is when the money is made." 1990
+"You can't do well in investment unless you think independently. And the trouble is, you are neither right nor wrong because people agree with you. You're right because your facts and your reasoning are right....That's all that counts." 2002
+"My problem is I don't get 50 great ideas....I'm lucky if I get one or two." (When he does decide to plunge, Buffett bets big.) 1985 Gates on Buffett: "Warren says that in your life you should swing at only a couple dozen pitches, and he advises doing careful homework so that the few swings you take are hits." 1996
+ Gates on Buffett: "He keeps his schedule free of meetings....He likes to sit in his office and read and think." 1996 Buffett is probably one of a few CEOs in America who spends much of the day reading. Buffett doesn't e-mail (but he is in constant touch by telephone). 2002
+ Buffett speaks to a number of business graduate school groups annually. In response to a student's question ("How do you get your ideas?", Buffett said "I just read. I read all day." 2008
+ Buffett tends to do a few calculations in his head and comes up with a bid. He does not own a calculator. 1988 For years Bill Gates tried to convince Buffett that he should at least think about buying a computer. Buffett finally bought one to play online bridge. 1995
+ "I'm doing what I would most like to do in the world and I've been doing it since I was 20....I choose to work with every person I work with. That ends up the most important factor. I don't interact with people I don't like or admire." 1989
+ "It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price." 1990
+ In light of the enormous premium required to buy all of a company, Buffett's strategy has become to obtain partial acquisition. 1992
+ Buffett's policy is to buy stocks at bargain prices and hold them patiently. 1996
+ "I look for businesses in which I can predict what they are going to look like in 10 or 15 or 20 years." 1996 "The key to investing is not assessing how much an industry is going to affect society, or how it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage." 1999
+ "There is no magic to evaluating any financial asset....That method of valuation is exactly what should be used whether you're in 1974 or 1998. If I can't do that, then I don't buy. So I'll wait." 1998
+ "There are a lot of things I'd wish I'd done in hindsight. But I don't think much of hindsight generally in terms of investment decisions. You only get paid for what you do." 1991
+ We have expanded World Headquarters by 252 square feet (17%).1992
+ George Munger, vice chairman of Berkshire Hathaway, regarding litigation involving his company: "They subpoenaed our staffing papers. Not only didn't we have any staffing papers, we didn't have any staff." 1995
+ Bill Gates on Buffett: "Warren is so humble and yet so good at describing complicated things. At the surface level it's funny for him to quote, say, Mae West, when talking about his investment policies, but, of course, he is really saying something much deeper." 1995
+ American Express CEO Ken Chennault on Buffett: "He embodies this incredible blend of high intellect and business judgment with the ability to emotionally engage with people." 2010
+ Buffett said that being called the 'Atlas of America' really means that "if I do something dumb, I can do it on a very big scale." 2003
+ "Berkshire's goal will be to increase its ownership of first-class businesses. Our first choice will be to own them in their entirety--but we will also be owners by way of holding sizable amounts of marketable stocks. I believe that over an extended period of time this category of investing will prove to be the run-away winner among the three we've examined. More important, it will be by far the safest." 2012

At 83 Buffett still lives in the house he bought at age 25. His meal of choice remains hamburger, French fries, Cherry Coke, and, occasionally, a Dairy Queen sundae.

BUFFETT TORTOISOLOGY

+ "Stocks mean business and owning businesses is much more interesting than owning gold or farmland...if you buy at appropriate prices." 1977
+ "I wasn't against it....It's just that I don't understand the semiconductor business, and I don't go into businesses that I can't understand, that my sister can't understand." 1978
+ Buffett, in his 1982 letter to Berkshire-Hathaway shareholders: regarding recent acquisitions, "managerial intellect wilted in competition with managerial adrenaline."
+ Regarding derivatives, Buffett wrote: "We don't need more people gambling in nonessential instruments identified with the stock market in this country, nor brokers who encourage them to do so." 1987
+ Buffett wanted every CEO to affirm in his annual report that he understands each derivatives contract his company has entered into...."Put that in, and I suspect that you'll fix just about every problem that exists." 1995
+ In his 2002 Berkshire annual report, Buffett describes derivatives as "financial weapons of mass destruction."
+ "Many institutions that publicly report precise market values for their holdings of CDOs and CMOs are in truth reporting fiction. They are marking to model rather than marking to market. The recent meltdown in much of the debt market, moreover, has transformed this process into marking to myth." 2007
+ "Underneath the mathematical elegance--underneath all these betas and sigmas--there was quicksand." 1998
+ "You never know who's swimming naked until the tide goes out." 1998
+ "Unfortunately, the subject of pension assumptions, certainly important though it is, almost never comes up at a corporate board meeting." 2001
+ About the tech bubble, "It was a mass hallucination...by far the biggest in my lifetime." 2002
+ "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact. You should invest in a business that even a fool can run, because someday a fool will." 2009
+ "Never invest in a business you cannot understand." 2009
+ Buffett wrote, in the 2011 Berkshire-Hathaway annual report: "Gold is a barren asset; bonds are seldom rewarding to the investors; well-chosen productive assets like common stocks and land are the logical prospects to deliver superior returns."
+ In 1997, when Salomon Brothers was on the edge of bankruptcy, Buffett temporarily abandoned his much-cherished lifestyle. He was the only individual who was trusted by the secretary of the treasury and the president of the New York Federal Reserve to step in to prevent a massive financial disaster. For ten months, Buffett, moving to New York, personally rescued Salomon Brothers.

BUFFETT ON PHILANTHROPY

+ In 2006 Buffett announced that he planned to give away his Berkshire-Hathaway fortune (then about $40 billion), much of which would go to the Bill and Melinda Gates Foundation. With a time lag, he required that his contributions be spent rather than added to endowment.
+ He was asked whether it was ironic that the second-richest man in the world was giving this money to the richest man. Buffett expressed supreme faith in the Gates' philanthropic priorities and their ability to implement these effectively. 2006
+ Once his estates was closed, which Buffett estimated would take three years, every dollar of his gifts must be spent within ten years. There were also family foundations and he had made appropriate arrangements for family members. 2007
+ Buffett pledged to give more than 99% of his wealth to charity during his lifetime or after. 2010
+ In June, 2010 Buffett and the Gates announced the Giving Pledge, their initiative to expand the thinking of billionaires about how much to give to charity.
+ By September, 2012 92 billionaires have signed the Giving Pledge. Buffett and the Gates have organized private dinners for billionaires in the United States and as far away as India and China. They remain dedicated to signing up many more billionaires to contribute at least 50% of their wealth to targeted charitable objectives.

Buffett's total charitable gifts ay amount to over $50 billion. (Bill and Melinda Gates' charitable gifts may eventually be of a similar magnitude). The largest previous individual charitable givers, in current dollars, have been Andrew Carnegie ($7.2 billion), John D. Rockefeller ($7.1 billion) and John D. Rockefeller, Jr. ($5.5 billion).

There never will be another Warren Buffett.
The Winning Investment Habits of Warren Buffett & George Soros: Harness the Investment Genius of the World's Richest Investors
The Winning Investment Habits of Warren Buffett & George Soros: Harness the Investment Genius of the World's Richest Investors
Unlike other books that try to sell you a method, or explain to you their method, this book here explains habits that two of the biggest investors/(Sorros is probably more a trader) use to amass their fortunes and constantly win in the markets. Then, it does something that so few books encourage it's readers to do (Van Tharp Trade Your Way to Financial Freedom being a clear and reccomended exception), it tells you that you are to look into yourself, and figure out a system that works for you. These are just habits, things that two great investors do in their trading that has made them successful.

The stock market is something that many people go into with vague hopes, with pension plans, or mutual funds for some interest, hoping that they'll pay off. Other people try to invest in a company they like--Peter Lynch's books can teach you brilliantly how he turned a mutual fund into something huge using that method--but a lot of people lack the will or the focus to do the research, the studying, and the ability to execute those buy and sell orders (emotionally) that the stock market will for most people remain a suckers bet.

With a book like this out there however, with its common and approachable language, it's to the point explainations, and it's brilliant juxtapositioning, you have a book that investors and traders alike should read long before ever buying their first stock.

To help design your own system, a few books that have helped my parents (investors) and me (trader).

Investing:
Benjamin Graham: The Intelligent Investor and Security Analysis (though some things have changed in the market, much of what's written in those books are pretty much biblical in their importance for intelligent investing and well worth the money).
Philip Fisher: Common Stocks And Uncommon Profits (The Intelligent Investor and the book Security Analysis can be considered the most important books for Value investing, then Fisher's must be considered the most important book for growth stock investing. It is one of the best books on finding stocks that will grow and grow).
Peter Lynch: Beating the Street and One Upon Wall Street (he was a massive diversifier, but learning how different people did it is always important.
Dorsey: The Five Rules For Successful Stock Investing (coupled with Keys to Reading an Annual Report) (These two books are astonishing in their key to investment wisdom. Coupled with the other books, you can be finding undervalued companies with growth potential in a matter of a few months, that in a few years will be worth dozens of dollars more than you bought them for).
Jim Cramer: Real Money (I am not a huge fan of his book, but the one thing he does promote is selling the stock. Buy and Hold in the stock market needs to become a dead aphorism, and his selling rules, and emphasis on Buy and Homework, is well worth the small price of the book).

Trading
Van Tharp: Trade Your Way to Financial Freedom (A brilliant book that lays bare the mental needs one must have for a trader and how to get yourself there).
Stan Weinstien: Secrets for Profiting in Bull and Beark Markets (though completely technical analysis, in trading, if you don't couple the fundementals with technicals, you can't expect big gains.
Martin Zweig's: Winning on Wall Street (This book focuses on a style of macro-analysis, taking the big picture, and then finding stocks that fit in the big picture, with government reports, global market, and the such.
William O' Neil: The Succesful Investor, 24 Essential Lessons for Investment Success, and How to Make Money In Stocks (okay, cheesy title I will admit, and it sounds like one of those books you get at your own peril. It's also a massive add for his newspaper Investor's Business Daily--though with the information I've gotten from the book it's my experience that if you have the time you can do the same thing with Barron's magazine. William O'Neil made himself millions by analyzing the market and shorting stocks and buying stocks before they broke in either direction. He supported his fledgling paper with his trades alone. His three books come to a little more than 30 dollars which you'll make back in weeks if you follow his rules).
Nicolas Darvas: How I Made Two Million Dollars in the Stock Market, Wall Street: The other Las Vegas (Another bad title, but a brilliant system called Box System, a system that has inspired William O'Neil and countless others).
Gearld Loeb: The Battle For Investment Survival (An old timers book that aged well and is still relevant).
Michael Covel: Trend Following (a brilliant book that gives a strategy called Trend Following that many successful funds have used).
Jesse Livermore: How To Trade Stocks (This poor Massachusetts boy, went from a small job at 14 or 15, at a stock brokerage, to making a hundred million dollars in the 1920's, his insight into the psychology of the market has saved me money and made me money).

I've read all these books and I think diversifying your knowledge instead of your portfolio and focusing key things that you think are important, and not being afraid to fail, which is a hurdle every trader has to overcome (one time missed out on a 20 point jump in less than two months, because the stock dropped slightly--not even below buying point--and I got scared). Live and learn, that's the major lesson. Start with this book, it's the perfect beginners guide in my opinion.
Think, Act, and Invest Like Warren Buffett: The Winning Strategy to Help You Achieve Your Financial and Life Goals
Think, Act, and Invest Like Warren Buffett: The Winning Strategy to Help You Achieve Your Financial and Life Goals
I've read 9 of Larry Swedroe's 12 books, and every one was filled with valuable information from front to back. His latest, "Think, Act, and Invest Like Warren Buffett", is no exception. Larry shares conclusive evidence that backs up Warren Buffett's own recommendation that "by periodically investing in an index fund the know-nothing investor can actually outperform most investment professionals". While it's not impossible for actively managed funds to outperform passively managed index funds, Larry demonstrates that it is unwise to try your luck with actively managed. Larry also covers the importance of a well-rounded financial plan that takes into account your willingness, need, and ability to take an appropriate level of risk for your unique situation. He then takes the reader through various investment portfolio building blocks, as well as portfolio maintenance techniques and tips on working with financial advisors. Toward the end of the book he wraps it all together with his 30 rules of prudent investing, all concisely written and absolutely correct.

Larry Swedroe is a very knowledgeable finance expert, he's tremendously gifted with the written word, and he is a champion of individual investors everywhere. His writing distills key takeaways from the last 60 years of finance research into easily understandable prose. My recommendation: pick up a copy of this easy-to-read book and follow its guidelines for decades to come. You'll be glad you did.
Berkshire Hathaway Letters to Shareholders, 2018
Berkshire Hathaway Letters to Shareholders, 2018
Everest, K2 and Kangchenjunga are the 3 tallest mountain ranges out there. It is likely on the bucket list of many new and aspining climbers, working as a backdrop siren call as they hone their skills on lesser mounds.

Book lovers have their own list but this list can never be definitive since there can be no universal consensus on the what shoudl go into "the toughtest reads out there" book list. Each persons list, like the idea of utopia or hell, is personal and unique.

But odds are a 100 book list made by a lot of bibliophiles would likely contain gems like :
Finnegans Wake by James Joyce
Moby Dick by Herman Melville
Simulacra and Simulation by Jean Baudrillard
The Corrections by Jonathan Franzen
Infinite Jest by David Foster Wallace

These books are reputed to be very tough slogs and there is no definitive gurantee you will turn the last page and feel glad you dived in. In fact, chances are most of these books will be flung across the room well before the last chapter. A lot of them are wilting in bookshelves around the world waiting for a day when the owner inevitably bundles it into the charity Box for donation.

When I purchased 'Berkshire Hathaway Letters to Shareholders' on 15 November 2013 (for the pricy sum of £2.07) I was not sure what I was in for. All I knew was that I liked Warren's way of thinking and approach to business and investing and I wanted to read more from the man directly, not via a biographer or hired hand. I surely would have done a double take if my future self has told me I would take 865 days to finish this 1000 page plus book.

'Berkshire Hathaway Letters to Shareholders' is not a book really but a collection of annual letters written by Warren buffet, the legendary investor and 2nd richest man on Earth. Each year, he writes a letter to his shareholders telling them how well (or poorly) Berkshire Hathaway, the company he runs, did. So technically this books, containing 50 letters, from 1965 to 2015, took 50 years to 'write'. (Amazon automatically updated the kindle version with the letters of the last 2 years, after I purchased the book in 2013. Go Amazon!).

But then that is like saying "History is about important dates". 'Letters to Shareholders' is soooo much more than just a collection of letters. Through theese letters, Buffet talks about the wider investing and business world and touches on a lot of very interesting subjects, giving the reader a solid grounding on many helpful topics that can stand in as life lessons.

The book is especially splendid at educating the reader on 3 topics :

1. Investing : Over 50 letters (sermons?) Buffet eloborates on what being a value investor is all about and how to think like a smart investor. There are books explicitly dedicated to teaching you investing and fail at it while this book does in almost as an afterthought. Buffet talks at length on how to think about investing and then how to act on that thinking. This alone make this book worth the time needed to read it. I evy the young reader who finishes it before his 25th birthday. He is guranteed to have a literally richer life than he would otherwise have had, whatever his starting posiiton was weathwise.

2. Business : Berkshire Hathaway buys and oversees a boatload of companies and Buffet wades deep into what metrics matter when running a firm. There are many colleges around the world, esp in third world locations, offering dubious pricey lengthy MBA and Business Diplomas that fail to do in many years what this one little book does by itself : Give the reader a unbeatably thorough education in the basics of thinking like a CEO/Businessman.

3. Understanding Insurance : Berkshire Hathaway at its core is an Insurance Firm and as a Consulatnt currently embedded at one such firm, I could not have hoped for a more comprehensive overview on how to look into and understand the industry and the myriad operators it it. Insurance plays a very important part in most economies globally and the book gives the readers lessons on how to evaluate the health of the industry and a frim in it. Nothing comes close.

So yes, while it took me the better part of 30 months to finish this book, it was only because you should injest this book slowly and gradually to let the lessons and Buffet's wisdom sink in, like sand settling at the bottom of a lake. A beachread this book is most definetly not but you know what this book most definetly is for me personally : The Best £2.07 I ever spent.

So go on, jump in and climb this Everest. The view from the top is worth it.
The Warren Buffett Stock Portfolio: Warren Buffett's Stock Picks: When and Why He Is Investing in Them
The Warren Buffett Stock Portfolio: Warren Buffett's Stock Picks: When and Why He Is Investing in Them
I originally thought I would list some pros and cons regarding this book, but it occurred to me that depending on what you are looking for, aspects of this book may appeal to you--or maybe not so much. Using a get-to-the-point-quickly approach, here are some observations that hopefully will help you decide whether this book is right for you:

1. This book is short and sweet. Some readers (perhaps many) will get through this book in just one sitting. Depending on your available time, reading speed and familiarity with investing, I estimate this book might take, at most, two or three sittings. I don't read that fast, and I finished it in one evening. It is nominally 211 pages long, exclusive of the introduction and index. However, there are enough blank or partially blank pages, pages with tables that list the last 11 years of earnings for XYZ company (one year per line), and pages with very standard information about companies (name, address, phone number, website, year founded, etc.--again, one item per line) that an adjusted number of pages is closer to 150. Moreover, this is a physically small book, so its 150 pages of content would amount to something closer to 110 - 120 more normally-sized pages, at most. If you prefer a short, very easy to read book, this may be right for you.

2. Basically, the authors attempt to explain a simplified version of Warren Buffett's investing style, which they finish by page 46, and then they use the rest of the book to illustrate how Mr. Buffett's investing approach can be applied to 17 companies that Buffett has picked for Berkshire Hathaway. I think it is fair to say that some readers may find the discussions regarding the 17 companies somewhat repetitive, even though there are obviously some differences in what these companies do. (You don't have to buy this book to find out which companies Mr. Buffett has invested in, since that information is publicly available. The companies are: American Express, Bank of New York Mellon, Coca-Cola, ConocoPhillips, Costco, GlaxoSmithKline, Johnson & Johnson, Kraft, Moody's, Procter & Gamble, Sanofi, Torchmark, Union Pacific, U.S. Bancorp, Wal-Mart, Washington Post, and Wells Fargo.)

3. The co-authors of this book are Mary Buffett and David Clark. Ms. Buffett was married to one of Warren Buffett's sons for 12 years, and that experience is billed as a source of her unique insight into Warren Buffett's ways. The other co-author, Mr. Clark, has followed Mr. Buffett and Berkshire Hathaway for a long time and is the managing director of an investment partnership. It isn't clear how much each author contributed to the book. There is no indication that Warren Buffett has endorsed this book. There are no indications to the contrary, either. (If I was Ms. Buffett and I had received any quotable encouragement from Warren Buffett, I would have been sure to mention it somewhere in the book.) This is the eighth book written by these two authors, and they all address investing and have "Buffett" somewhere in the title.

4. The approach used by the co-authors can be simplified this way: Find a company with a durable competitive advantage (so that its future results may be somewhat predictable), figure out its average growth rate (regarding earnings per share) over the last 10 years, use this historical growth rate to project earnings forward 10 years, and then use this future earnings figure together with a conservative valuation (e.g., a price/earnings ratio) to estimate the company's future stock price. Then add in dividends and calculate an estimated annual investment return. The authors go so far as to literally guide you, step-by-step, in using a financial calculator to do the essential math.

5. To the extent that a company's future growth resembles its past growth, and to the extent a company's future price/earnings ratio resembles its historical ratios, this method can prove helpful. However, when the economic, business or competitive environments change, things can get tricky. That's when Warren Buffett will do much better than the average investor. His uncanny insight into business is not easily summarized in any book, short or long, because his insight is derived from many years of personal study and unique experience.

6. So can this book be useful for someone looking for a better understanding of what drives stock returns? Yes indeed. For someone reasonably familiar with Mr. Buffett's approach, however, this book does not plow a lot of new ground. (I expect the authors might differ from me on this point, but I'll stick with this assessment.) I wouldn't hesitate to give this book to one of my adult children--or anyone unfamiliar with the general Warren Buffett approach--as a useful primer with a number of specific examples.
El Tao de Warren Buffett: La sabiduría de un genio (Spanish Edition)
El Tao de Warren Buffett: La sabiduría de un genio (Spanish Edition)
Un libro entretenido. Didáctico y va al grano del asunto. En resumen, este libro está escrito desde el punto de vista de dos personas cercanas a Warren Buffet. El contenido es simple, cuenta anécdotas prácticas de Warren, junto con consejos del mismo que son bastante buenos. En resumen, este libro habla de cómo usar el sentido común, cosa que es la clave en el mundo de la “bolsa”, pero que el 90% de las personas pasan por alto, y por eso quiebran sus cuentas... me ha parecido un buen libro, no es la panacea, pero es bastante interesante, siendo sincero recomiendo su compra.
Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)
Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)
I read both of Phil Town's books, Rule #1 and Payback Time, for the first time back in 2010. Both were excellent in explaining the Graham/Buffett/Munger approach to investing and how the "little" guy investor could apply that approach to achieve similar 15% annual rate gains. In the intervening years, my Roth IRA, where I do my Rule#1 investing, has achieve a 19% AROR which attests to the fact that these investing principles work.

In addition to reading the books, I've been a follower of Phil and Danielle's INVESTED podcast and attended one of Phil's weekend workshops. So I began reading Invested with some curiosity but also with the expectation that I wouldn't learn anything new. With regard to the bottom-line Rule #1 approach, my expectations were validated to some extent - but what INVESTED did do was add clarity to this investing approach as well as force me to look at it from a fresh perspective.

INVESTED will also appeal to those who love a good story. All of the book is written from the perspective of Danielle who, despite the fact that her father is a very successful investor, never had any interest in investing herself. The book really is her story about her life and how it came to be that she came to the realization that she needed to learn how to invest in order to free herself from her financial shackles; her emotions as she began to learn from her father; the frustrations that come with learning a new skill; and then the elation that comes from having mastered that skill.

Overall, it was an enjoyable and informational read that will appeal to anyone.
Inside the Investments of Warren Buffett: Twenty Cases (Columbia Business School Publishing)
Inside the Investments of Warren Buffett: Twenty Cases (Columbia Business School Publishing)
If you’re looking for a book that will tell you the story behind the man Warren Buffett and his personal life, then this is not the book for you. But if you are an investor or want a book that provides lots of great primary source material and focuses on business and financial rationale behind Buffett’s investments, then this is a great book for you.

This book takes twenty of Buffett’s most important and impactful investments and uses a wealth of quantitative data and historical information to really build and provide context for each case. From there, the book accurate analyzes each company/investment using current and established metrics (EV/EBITA, PER, etc) and illustrates what made each investment sound in a quantifiable way. You get to see the outcomes for each of these investments and, while each individual case was certainly interesting (my personal favorite was Coca-Cola), the twenty cases together provide great insight into Buffett’s investment strategies and priorities.

The books pulls from source material that isn’t really covered by the host of other Buffett books out there, so it provides some new information and insights you probably won’t find elsewhere. Also, if you read this book you’ll find that it also isn’t just a rehash of Buffett’s annual letters talking about his investing philosophy. Instead, it provides the type of quantitative analysis using techniques and metrics relevant to today’s investors to help define and illustrate those principles in action. On its own, it’s already a great resource, but the book really helps give me context and a deeper understanding of the knowledge I already have.

Finally, I really like that this book was honest when it comes to presenting its goals as well as its limitations. The book sets out to paint a realistic picture of the context for each case and analyze the most important factors for each case, while allowing the reader to draw their own conclusions, and it does exactly that. There are plenty of annual reports, balance sheets, market data, and other primary sources filled with information, and the analysis leaves just enough room for me interpret the findings and lessons in my own way. I found this much more satisfying to read than a few other books which try to establish themselves as the absolute authority.

Overall, while this book was filled with data and graphs, it was a surprisingly easy and pleasant read and provided a lot of great insight and perspective. I would highly recommend it to anyone who is interested in Buffett’s investments.
The Warren Buffett Way Workbook
The Warren Buffett Way Workbook
First in english, then in german:

I bought this book together with 'the buffett way'. So after reading 'the buffett way' I opened the workbook for the first time and got really disappointed. I expected that the workbook is something like: What would buffett do in this situation? But its not. Its just like a class test with questions testing if you remember what was written in the specific chapters.

Instead of buying this workbook you could simply read 'the buffett way' one more time. It really makes no difference....

___________________

Ich habe das Buch zusammen mit "The Buffett Way" gekauft. Nachdem ich das Buch fertiggelesen habe, dachte ich, dass es an der Zeit ist mit dem Workbook zu starten. Als ich das Workbook zum ersten mal aufgeklappt habe, war die Enttäuschung groß. Ich dachte das Workbook hat Anwendungsfragen abseits des Buches wie z.B. "Was würde Buffett in dieser Situation tun?" Leider war es nicht so. Das Buch ist aufgebaut wie eine Klassenarbeit, in der es nur darum geht, das gelesene in jedem Kapitel abzufragen.

Anstatt dieses Workbook zu kaufen kann man "The Buffett Way" auch einfach noch einmal lesen. Das macht wirklich keinen Unterschied.
MONEY Master the Game: 7 Simple Steps to Financial Freedom
MONEY Master the Game: 7 Simple Steps to Financial Freedom
I want to start off by saying that I'm not a follower of Tony's motivational literature. When I was younger my mother purchased some of his books and tapes and while they were somewhat inspiring, I never was one to draw my "passion for life" reading any book other than the Bible. I couldn't tell you what Tony's done or written since his 'Get the Edge' series that was mass marketed on television back in the late 90's.. but I can tell you what I'm pleasantly surprised with, and frankly glad I'm I came across this new finance book because a few of the chapters are "worth their weight in gold." These are Chapters 2 and 5, but please continue reading my review to understand why.

-To give you some background I've been reading personal finance books since the late 90's starting with titles like 'Rich Dad Poor Dad' by Robert Kiyosaki, 'Automatic Millionaire' by David Bach, every Dave Ramsey and Ben Stein title ever written, most of Larry Burkett's scripture based Business and Finance books and Crown Financial information, Random Walk down wall street, etc. etc. To make a long story short let's just say I've read dozens of personal finance or retirement books starting from age 16 up until my present age of 31 so I can tell when something is new or old fluff, or just plain made up. I've also an investor so I have skin in the game.

-Some people are reading these reviews and they just want to know if this book will help them manage their money or make money, and to cut to to the chase yes this book can both make you alot of money and save you even more money. After reading Tony's book I've placed it among the top 10 personal finance titles I've ever read and that list reads like the who's who of books that can actually make a huge impact on the financial future of the average American. If you don't like to read it doesn't matter, just buy the book and read Chapter 2 and 5 and then give it to a friend or delete it, but just read those two chapters.

-What makes this book so valuable and easily worth the price I paid ($12 on Kindle). Let me summarize, and we're going to throw out all the chapters and information that was motivational jargon because I didn't buy this book to be motivated on living life to the fullest and I don't think most of you reading this did either.

1. THE INTERVIEWS. Most of these interviews were not rehash's of what you could find in other books, and a couple of them could be downright life altering if people were to employ some of the advice given by a few of the men or start to follow a few of these men with regard to what they are doing with their investments. The possible life-changing and or interviews that offered terrific advice, tidbits of information that could save you time and money, stock market psychology, and or getting insight into those with your interest at heart. If you browse Yahoo finance and or blogs you can occasionally glean tidbits of gold regarding finance wisdom from some of the best of the best who have both integrity and the average joe investor in mind when they are giving out advice. These are some of the men who realize that most people who need this information are not making a 6 figure income and yet while most of them have wealth in the 7 figure range they don't forget about the rest of us and want to help us to avoid mistakes with our money.

Carl Icahn. Rarely does this man give longer interviews, but Tony Robbins just may have one of the best interviews ever done with Carl Icahn. Carl Icahn is an activist investor. This type of investor attempts to take control of companies they believe are underperforming(usually due to poor management) and then take them over or make changes that will benefit both the shareholder and the activist. As a result in most cases employees and customers benefit also. Carl Icahn is one of the few power brokers on Wall Street who by following you can make quite a bit of money because he will make a poorly operating company do better by holding management accountable, and as a result he has and will continue to help the American People by making our companies more efficient and better which can enrich everyone. After you read this interview you will understand why it's important to follow the moves this man makes.

David Swensen. Great interview, a good overview of asset allocation and risk management, shows why playing it safe for a long time is smart. Great tidbits to learn.

Ray Dalio. Just getting the broken down into easy terms "All Weather Portfolio" is worth the price of the book alone and much more. This information is covered in Chapter 5. He must have owed Tony a huge debt to give out this information. Next to an index fund this is the best portfolio I've ever seen and the results it has brought prove it. You won't find anything better, but most people should have a broad ranged index fund before attempting to copy an allocation like the all weather.

Paul Tudor Jones. Some of the investing psychology(not stock picking advice, but market psychology) he gives in his interview is as if you are sitting in a premier top 10 MBA rated program's class and studying under his stock market tutelage. You simply can't hear these things anywhere else and unless your in a very elite group that are getting MBA's at the very top finance schools you probably never will.

John Bogle. What more can anyone say, he revolutionized investing for the common man by introducing the index fund and if you don't have one you really need one ASAP. Watch every interview with John Bogle you can find on youtube if you want a quick study in long term investing with the best possible outcome for the average person. I personally believe John Bogle has made more of an impact on the finances of the average American than anyone in history ever has or ever will, he truly is both a pioneer and a sort of modern day hero who put the common man above greed and reshaped Wall Street and investing forever.

Warren Buffet. I can tell in this interview Mr. Buffet was just doing Tony a favor by giving a short interview to a friend but he didn't really give any advice you couldn't find anywhere else nor did he dive into any strategies or ideas for the common person. I put him with these others because of his track record. If you purchase a few of his BRK-B stock shares and hold them for a very long time you will probably do pretty well, but Warren Buffet would tell all average investors to get an index fund and not try their hand at picking stocks. He basically will mimic what John Bogle says in most of his interviews but John Bogle goes much deeper, is more interesting, has more integrity, and just does it better.

-Yes a few of the interviews were not very good and I discuss those below. They in my opinion revealed little information, did not know how to convey investment advice to the average person, or just came across as sort of a self pat on the back in my opinion and wouldn't make much impact to the future financial wellness of the reader. Remember, just because someone is ultra wealthy in no way means they have you interest in mind nor can their advice or circumstances be applied to your own life.

-These people from this book in my opinion who you shouldn't listen to include:

Marc Faber(Commodities speculator who is a very shrewd and astute insider, I don't think he can be trusted personally, but when it came to giving advice he came across as a guy just throwing information out there just to give an interview almost as if he wasn't really sure what to say, like he was picking random numbers out of his head and giving them to Tony.)

T. Boone Pickens (Just talks about himself most of the interview, you can find better advice elsewhere.)

Kyle Bass (Made most of his money off an incredible speculation and talks about purchasing millions in nickels with little information given for the regular investor. It's my belief he either isn't very knowledgeable when it comes to investing for regular people or he simply cannot convey the information in a manner with tools he has never used for the average person. He is an algorith based trader and has access to both tools and information most people don't have. I would never listen to his advice based upon his history even though he is successful, his success cannot be repeated.

-I group these next three together because their interviews mainly went through their personal histories and discussed why the success occurred and the importance of integrity and a customer first approach in the finance world:
Mary Callahan Erdoes, Charles Schwab, Sir John Templeton (Mostly discusses the type of work ethic, integrity, and fortitude needed to be successful and also to leave a legacy for your family or people who's money you are investing.

-So what makes this book so valuable, and why am I saying you must include this in your collection if you're a person under 50 looking to improve your finances.

2. Simply because of Chapter 2 and Chapter 5.

-Chapter 2 covers some of the things you've read in other finance books before, usually John Bogle's or Ben Stein's, but it discusses the Myths of the market and advisor fees. It discusses investment broker actual returns and debunks many of the common beliefs among the uneducated majority regarding how to make money with investing or retirement plans. The way this chapter is organized regarding the myths of the market and annuities is invaluable. The information on annuities for anyone under 50 is pure gold, and I have yet to see even a handful of books that ever covered the Annuity, which is starting to grow like wildfire and probably the best option for most of us with less than $500,000-1,000,000 at retirement.

-Chapter 5. This is the best chapter of the book bar none. Ray Dalio's all weather portfolio is simply unmatched and having an in-depth guide of why and how it was designed, and then actually broken down into easy to understand choices is truly incredible. Yes you can and should invest in an Index Fund, and by now we know that 95% of portfolio managers will never beat the stock market over a long time frame such as 20-30 years, but the all weather portfolio created by Ray Dalio's team just may give you better or at least safer returns with less downside risk than even a broad market index fund. I'm still left wondering how Tony got them to do this and give up this much information on this fund. On top of that, there is a larger annuity and retirement information section which goes in depth on the importance of the 3 year window into retirement and how just the stock market return of the first 3 years of a person's retirement can make or break them, and WILL... unless they read the information on annuities.

-On top of all this great information, section after section has Tony giving good links on how to access both more information. Going through this book you can see that Tony actually cares to help the uneducated average investor gain the tools to invest both wisely and and safely. Most finance books give you the what to do(or at least attempt to), but Tony's goes beyond and actually gives you both tools and the where to go to get more information and possibly help.

-To top of these great chapters there is also a chapter on the future of American technology which goes into the advances being made in healthcare and engineering with the creation of 3D printers and how people are continually living longer so what we do with our money today is very important for a potentially long tomorrow. On top of this unlike many finance books, Tony goes into the importance of giving and how it can change a person's life and bring more fulfillment far beyond any dream or desire to be rich. Tony actually explains how and why giving is so important, and it's refreshing to see even a non Christian hold such a high view of giving our time and resources back to those who are less fortunate.

So take my review for what you will, as someone who's read dozens of finance books and will only give applause to something that is both different and worth reading and knowing. I believe this book is very good just for those 2 chapters, especially if you are under 50 and have a long term horizon to invest with and haven't made tons of mistakes yet. For those who ar e older they undoubtedly should discuss retirement with a financial planner and look into insurance/annuities and stable funds. Below I will list my top Finance guru's and what I believe are some of the must read books in this field that all have information that can change your financial future as this book can do.

Best personal finance guru's, the very best of the best who's work you must read and I will include one book from each. These people have care about the common investor above selling books or making money. While some of the information may be a little outdated in one or two of these books, these are still the best of the best by far.

Must reads for personal finance with investment advice also
John Bogle (The Little book of common sense investing, watch his interviews on youtube or yahoo)
Larry Burkett (The complete guide to managing your money, planning for Retirement, Business by the Book)
Ben Stein (How to retire comfortably, The little black book of investing, how to ruin your financial future, most of his books)

Great books on investing that don't cover personal finance
Burton Malkiel (A Random Walk down Wall Street)
William Bernstein (The Four Pillars of Investing)

Honorable Mentions for personal finance, financial lifestyle etc.
Dave Ramsey(We all know about his books, very good for basic advice regarding personal budgeting, not better than the previously mentioned writers or their titles though)
David Bach (Automatic millionaire, Fight for your Money)
Robert Kiyosaki (Rich Dad, Poor Dad)
Ramit Sethi (I will teach you to be rich)
Thomas Stanley (Millionaire next door)

Are there any people you should be watching when it comes to how they are investing their money?
Only two in my opinion. Warren Buffet and Carl Icahn. Both of their basic stock offerings are in the 100's still. I believe Carl Icahn's IEP is up over 1000% since inception and Buffet's BRK-B is up 24% this year alone. Watch what Warren Buffet does because he has insider access to large changes in the economy and the government, and watch Carl Icahn because he creates huge changes in companies by forcing their management to become better in every way and with that usually comes great returns for shareholders.
The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company
The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company
This was a wonderful book about Robert Iger's amazing life, career and positive outlook. With so many CEOs who aren't always good people, good for their business or don't care for their employees, it is a breath of fresh air to hear from someone who is grounded in reality, treats people the way they should be treated, forward thinking and committed to quality and his customers. His insights to years at ABC are fascinating, horrifying, and give an insightful look at the evolution of a major network.

His Disney career was frought with challenges, but he rose above them and remained the better man. His visionary view of knowing that the stale model Disney operated under needed to be upended. Many criticized his choices, decisions and views, but they were proved spectacularly wrong. I loved the stories about Steve Jobs, the acquisition of Pixar and how things turned around. My favorite parts of the book were about Marvel and Star Wars, since I am a huge fan of both. The tremendous success of Marvel films lies in the fact the films are made by fans for fans and are high quality with strong stories, wonderful characters and excellent production. He mentions Black Panther as one of his personal favorite projects, not believing naysayers that claimed films about women and blacks would not do well. The incredible success of both films proved him right. Despite some Star Wars fans misgivings, I am grateful that Disney bought Lucasfilm and gave us new Star Wars content. New films, books and shows are being created and I have already signed up for Disney +. As I write this, it was just announced that Marvel's Kevin Fiege will be working on a Star Wars film. I can't wait for that, it Wil be epic!
Throughout the book, he shares his tips for successful business and management. A good portion is common sense, which is in short supply in many areas. I read this book using immersion reading while listening to the audio book. Mr. Iger reads two portions at the beginning and end of the book and is a wonderful narrator. The rest of the book is ably handled by Jim Frangione. A wonderful, positive life affirming, uplifting read.
Warren Buffett : 100 consejos para invertir y enriquecerse (Spanish Edition)
Warren Buffett : 100 consejos para invertir y enriquecerse (Spanish Edition)
Este libro es una maravilla para todos los que estén interesados en mejorar sus finanzas y su vida en general, y esto incluye a las personas que de momento inviertan dinero a menor escala. Para mi personalmente, los tres consejos con mayor importancia son: actuar siempre con la mente calmada, invertir en si mismo y compartir con los demás. Se trata de fortalecerse uno mismo, de poder prosperar gracias a eso, y entonces de usar lo acumulado para el mayor bien de [email protected] A mejorar: La letra del back cover y, según mi percepción como nativo alemán, corregir unas faltas de ortografía dentro del libro. No obstante, doy cinco de cinco estrellas. Muchas gracias :)
Trade Like Warren Buffett
Trade Like Warren Buffett
I am a Finance MBA and Buffettphile and this book barely held my attention. They did a very poor editing job. The numerous errors detract from the work. A lot of "Buffett-like" and "Buffett-style" speculation but not so much Buffett.

The book is lacking in too many areas to illustrate them all. I'll use the chapter on merger arbitrage as an example. Mr Altucher mentions some studies on merger arbitrage and how you can improve your success rate. He completely fails mention Graham's criteria for entering a merger arbitrage transaction as stated in the Intelligent Investor. The criteria are annualized 20% expected return and an estimated success probability of 80% or greater. Buffett probably still uses these. His overall treatment of merger arbitrage is woefully superficial. Anyone can calculate the return on capital if the merger succeeds. How do you determine the expected return on capital if the merger fails? How can you determine the implied probability of success from current market pricing? These and many other critical areas to one who practices merger arbitrage are not discussed.

While the book is not written in sufficient detail to actually be useful, Mr Altucher did cite many academic studies that I am anxious to read when I have the time. Mr Altucher, you got me. You put "Buffett" in the title and I bought the book.
Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations
Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations
Ai principianti o a coloro che non utilizzano strumenti finanziari la lettura del libro instillerà la convinzione che in fondo sia semplice diventare miliardari: fare arbitraggio!

Semplice se hai gli strumenti per farlo, che ci vuole? Ti fai prestare i soldi a tassi minimi, acquisti titoli azionari sul mercato e li vendi a chi lancia un'OPA a prezzo superiore.
L'incasso, dedotti i costi e gli interessi, è strabiliante! chiunque potrebbe arrivare a fare il 55% all'anno.
Proprio così: chiunque abbia collaterali da dare a garanzia per ottenere i prestiti (non sanno cosa sia il credit crunch?), abbia informazioni privilegiate (magari in quanto azionista di un paio di agenzie di rating e diriga un team di analisti) operi in un mercato aperto all'investitore come quello americano e sia in grado di sapere in anticipo (chiaroveggente) che su una determinata azione sarà lanciata un'OPA. Il tutto nauralmente senza infrangere le norme in materia di market abuse

E chi ci spiega che è così facile fare soldi non è poi in grado di fare un semplice calcolo di interesse composto annualizzato. Infatti, partendo da un 5% mensile arriva al 60% annuo (5% x 12 = 60%) peccato che uno studente al primo anno delle superiori sappia che la formula dell'interesse composto sia differente e che il tasso annualizzato sia ben superiore.

Il pregio è che, come molti libri del genere scritti da autori americani, è facile da leggere, divertente e dimostra che anche Buffett non disdegna strumenti e metodiche che critica quando sono utilizzati da altri. A livello personale lo considero un libro per rilassarmi
Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth with Commentary by David Clark
Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth with Commentary by David Clark
If you collect quotations from one of the broadest thinkers in business who for decades has delivered witty and wise sayings, you cannot really go wrong. The Tao translates as “the way” or “the path” and what we are served here is the way of Charlie Munger, vice Chairman of Berkshire Hathaway and long business partner to Warren Buffett. Munger’s many sayings have over time gained enough status to be christened as “Mungerisms.”

The reference to Taoism is equally apt when it comes to the format of the book. Just as Lao-tzu, the Taoist collection of saying and proverbs, this is a commented assortment of quotations where David Clark, co-writer of the many Buffettology books does the observing and deciphering of the wise musings of the old master. Buffett obviously has a wonderful way with words but I have always enjoyed Munger’s shorter, sharper and more cynical statements more and Clark has done us all a huge service collecting these quotes. It is a book possible to read in one, albeit long, sitting – but please don’t. Take the time to scribble down how Munger’s thoughts reflect on your investments, business and being. Does this make sense to you? If so, how are you living up to it? What can you change? What can you improve?

The selected quotations are grouped into four parts covering investing, banking and the economy, business and philosophizing on life at large. Sections one and three are delivered with authority and Ben Graham’s saying that investing is the most intelligent when it is most businesslike springs to mind. At the same time the investing of Munger and Berkshire Hathaway is hardly unknown material due to the vast coverage of Buffett’s investing success.

The danger with adding commentary is that it isn’t always better to say something in a lengthier format when it has already been delivered crisp and clear in a short pitchy way. There is a balance to be kept to not over-explain things. Clark is mostly on the right side of the tracks but he delivers rather similar explanations to many of the quotes and is forced to add quite a few “as we have said earlier”.

Further, just as it comes to later commentary of, say old Taoist texts, it is always possible to debate if the interpretation of the original scriptures from one specific scholar is optimal. Occasionally I would have chosen to make alternative reflections. I think the selection of quotes Clark has made is a good one. Perhaps it could have hade been tilted a tad more towards psychology given Munger’s wisdom in the area. There are few real gems missing apart from this favorite on investing “It’s not supposed to be easy. Anyone who finds it easy is stupid.” – a typical Mungerism in it’s lack of flattery.

The second part of the book is the least interesting - but every time one hears figures about the gross exposure of global derivatives one marvels. The best and most inspiring part is the fourth, on Life, Education and the Pursuit of Happiness. Below are some of our favorites. “Being rational is a moral imperative. You should never be stupider than you need to be”; “Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve” and especially close to our heart “In my whole life, I have known no wise people who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads – and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” Amen. If you ever find yourself hesitating over a decision, simply ask yourself “What would Charlie Munger do?”

This is a review by investingbythebooks.com
Gems from Warren Buffett - Wit and Wisdom from 34 Years of Letters to Shareholders
Gems from Warren Buffett - Wit and Wisdom from 34 Years of Letters to Shareholders
This consists of quotes from Warren Buffett’s letters to Berkshire Hathaway shareholders. They’re quite amusing, and make a good quick read. But you can do better.

Read Berkshire Hathaway Letters to Shareholders rather than pre-digested lightweight stuff like this.

If you want to invest like him, there are at least three ways you can do it:

1. Buy shares in Berkshire Hathaway.
2. Buy the same shares that he does, when he does. Men Faber describes how to do this in Invest With The House: Hacking The Top Hedge Funds.
3. Use his techniques to find companies in which to buy shares. Matt Kratter explains how to do this in Invest Like Warren Buffett: Powerful Strategies for Building Wealth.

If you have stumbled across this book while looking for something which explains how to invest your money wisely, you might want to look at my favourite book on investing: Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School.
The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers
The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers
From the outset I had the feeling that this book would be something special. In a typical Buffett book the author sits back in his armchair, reads some historical Berkshire annual reports and then attempts to rehash and paraphrase the words of Buffett. Miles has taken the effort to physically travel across the country to interview some of Berkshire's finest managers. If Buffett is the brains of the organisation, then his managers are its heartbeat. They keep its lifeblood, namely cash, pumping through the organisation on a daily basis. This book provides some penetrating insight into one of the most important yet arcane aspects of company valuation, which is evaluating quality of management. Some of my notes on the CEOs follow:

Tony Nicely, head of operations at GEICO - The most striking thing about Tony is that he treats GEICO as his company even with no direct share ownership. The company forms an integral part of his life and when that type of manager is combined with a high quality business the results are very potent

Lou Simpson, investment manager at GEICO - Lou has an edge because he is able to obtain differential insight into a company which has not yet been factored into the share price. He maintains this edge by thinking and reading voraciously. He is in the office by 6am and stays until 7:30pm - that is a lot of reading and thinking, almost certainly more than his competitors. He evaluates companies both qualitatively and quantitatively, he is interested in both the business and the people

Ajit Jain - Ajit is obviously a very intelligent man since he is charged with pricing super catastrophe insurance. Yet he says "I can take a deal that I've spent 10 days trying to analyse and give it to him, and in 5 minutes he's two steps ahead of me...Warren is a lot smarter, he has a lot more experience and he can make judgement calls. There is no dimension I can think of where I am anywhere close to where he is"

Rose Blumkin - Once again the incredible work ethic shines through and it is emphasised that Buffett invests in people first and businesses second

Frank Rooney, CEO of H. H. Brown - When acquiring the business, Buffett said "Don't any of that stuff from Goldman Sachs, just send me the audited numbers for the last couple of years". Rooney says "Warren hadn't seen a factory and he hadn't met any of the people. Why the hell did he buy a shoe company". Warren subsequently said "Much of my enthusiasm for this purchase came from Frank's willingness to continue as CEO. Like most of our managers, he has no financial need to work but does so because he loves the game and likes to excel"

Melvyn Wolff, Star Furniture - This interview illustrates Buffett's meticulous eye for detail. In examining three years of financial statements he observed and queried a slightly different wording of a footnote between one year and the next. This shows his incredible memory and recall. The interview also provides some insight into his valuation methods. Regarding the furniture business, the author mentions that Buffett purchases the company valued "at its current annual sales"

Susan Jacques, Borsheim's - Buffett needed only 10 minutes and five questions to determine his purchase price "What are sales? What are gross profits? What are expenses? What's in inventory? Are you willing to stay on?"

My primary criticism is that the book seems unbalanced. Not one negative thing was said and although working for Berkshire must be very good I can't imagine it is perfect. I think a review of mistakes can be just as insightful as review of the wonderful aspects and I'm disappointed that this was not present. Overall a recommended read.
Warren Buffett Invests Like a Girl: And Why You Should Too
Warren Buffett Invests Like a Girl: And Why You Should Too
I bought this book for my son, age 42, who is a Motley-Buffett devotee. I read chapters of it when we go to babysit our 16 month old granddaughter once a week. I like it much better than the Motley's RuleBreaker/RuleMaker book I am simultaneously reading at home. I have been a momentum swing trader and not a value investor, using Vector Vest and a cadre' of other would-be "experts" (free and by subscription) - There is no one right answer in tumultuous times. Learning when to get greedy and when to get fearful and not be talked out of it takes some a lifetime - especially later bloomers - who lacked time or capital before retirement. This book is light and pleasant reading with large enough type for older eyes.
Business Adventures: Twelve Classic Tales from the World of Wall Street
Business Adventures: Twelve Classic Tales from the World of Wall Street
I had heard, as I think everyone else has, that Business Adventures was a favourite book of Bill Gates and Warren Buffet. I read the ebook, and I understand a print version will be forthcoming in September.

This book makes me feel as though I'm sitting at the knee of my grandfather, listening to wise recollections.
A writer of articles in the 1950's and 1960, many for the New Yorker, the author intelligently and thoughtfully steps through 12 events, one per chapter.

At first, I thought perhaps I was particularly dense and wasn't getting the message. What held these stories together? Eventually, I realized that the author is not driving home a point, selling anything, or giving advice. His observations leave room for the reader to consider events, their connections, their parallels to today, the importance of character, and the question of morality in business. It was refreshing not to be told what to think.

I enjoyed the stories of Ford's Edsel, Piggly Wiggly, Xerox, Goodrich vs Latex.

The chapter on the federal income tax is particularly relevant, given the wide-spread debate about taxes and modern conversations about the 1%.

John Brooks' perspective is firmly rooted in the past, when the book was written and provides readers opportunity for a sense of omniscience since we can consider ramifications the author himself could not be aware of, at that time.

Details may change. People do not.
The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of and What You Can Learn From Them
The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of and What You Can Learn From Them
I did enjoy most of the stories and the investment strategies profiled in this book. However, I did not think investors who relied on quant's and what I would classify as day trading belonged in a book with Warren Buffett's name in the title. Mr. Buffett would most likely be very amused when some of the investors didn't know the name of the company they invested in because they used mathematical formulas or charts as a basis for buying part of a company.

Some of the investment returns seemed unrealistic because the amount of money invested in a virtual portfolio was in the millions of dollars. However, the author did say he did not look at the one investors brokerage statement to verify actual rates of return leading one to believe he was able to verify real the rates of return for the other investors profiled.

If you are looking for a book that teaches you how to invest, this book will not get the job done. On the back cover, one of the endorsements says "... their unique styles may not be replicable..." and I have to agree. Some of the participants would not fully disclose exactly how they made their investment decisions.

The take away from this book is anyone can be a successful investor if they are willing to first educate themselves and then put in the time necessary for research to generate above average returns. Overall this is a good book and it may give you some ideas how to improve your own investment returns as some investors reveal screening criteria and the websites they use to perform their due diligence. If nothing else, this book will inspire you to work at improving your own investment returns. And since Mr. Buffett's own investment strategy is not replicable, isn't that why we read books with his name in the title?
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future
When I walked into Barnes & Noble two weeks ago, I wasn't actually looking to purchase a book. Usually, I go in, browse for 30 minutes, and get out. But when I walked around to the Physics and Science section, the first thing I saw was Elon Musk's face.

Inevitably, I picked it up and began reading.

2 pages in, I decided I was in this for the long haul and sat on the floor, right there in the middle of the store. 15 pages in, my friends finally found me and forced me to leave. But I couldn't part with this. I needed this book. Those first 15 pages captured me like so few books do (in fact, only one book in the past year has totally stolen my attention like this).

So I bought Elon Musk feeling on top of the world and excited to keep reading.

I travel a lot between Pittsburgh and Harrisburg, PA, so, since I'm in the middle of taking classes in Pittsburgh, I swore to only read this book on the bus, because I knew once I picked it up again, I wouldn't put down.

I was right.

The next day, I got on the bus, got to reading, and tuned out the world. Three hours later, I was nearly halfway through -- and WOW. Vance's writing style flowed right through my mind. No clunky sentences, no jarring phrases. It's such an easy book to read, despite the complex nature of the contents.

Elon Musk, if you don't know, is a biography. Yes, a biography. You'd expect the case-study of someone's life to be boring and uneventful, dragging until the very end.

This wasn't the case at all.

Vance opens the book at an interview with Elon Musk himself. The first line, a quote from Musk, "Do you think I'm insane?", perfectly captures the whole context of the biography. Because as you experience the story, as you see the challenges Musk went through to reach the pinnacle he's at today, the question nags at you. Musk isn't soft-spoken, or easy on his employees, or a man who kicks his legs up on his desk and snoozes while his companies mill around him. Vance shows how Musk is both the CEO and an employee of his companies, simultaneously the teacher and student. He gets in the work, asks all the right questions, gives all the right orders. His vision is THE vision, and if you get in the way, Musk has been known to fire you on the spot.

Musk breaks every convention, every tradition, every standard. Vance takes you deep into the details, from Musk's childhood and lineage in South Africa, all the way to Canada and the United States, where the bulk of the story unfolds.

When Musk looks at big businesses, he sees unmovable behemoths that refuse to change their methodologies. American innovation became a thing of the past. Technology and industry was growing - but nowhere near as fast as it should. So we follow Musk's journey from his small start-ups, Zip2 and X.com, and move into his larger, more permanent ventures, namely SpaceX, Tesla, and SolarCity.

I myself am a huge fan of Elon Musk. Still, until the past year or two, I only thought of him as "that guy who made SpaceX" and "that guy who runs Tesla." Until reading this book, I never knew the struggle -- no, the hell he went through to make and keep these companies. You think, oh, he just has a lot of money.

Yeah, now he does. But did you know SpaceX and Tesla were hours away from going bankrupt? Did you know that the Falcon 1 rocket kept failing, and one more failed launch literally meant the end of SpaceX? Did you know SpaceX tested these rockets on an island in the middle of the Pacific Ocean, and would fix problems they encountered in a matter of days, as compared to months by standard companies?

This book is the first time Musk has explicitly let anyone interview him for a biography. Aside from a few questionable quotes that have been publicly denounced by Musk after the publication of this book, we're still given a tremendous amount of insight into his head and how he runs the companies. Vance interviewed more than 300 people and spent over two years compiling this account. And I have to give credit to how up-to-date the information is. There are several events Vance mentions that occurred into 2015, such as the first landing attempt of Falcon 9 on the sea barge, which took place in January, and he refers to the second attempt as being in a couple weeks, which means that Vance included this information on a very tight deadline, probably mid-March (the second landing attempt happened on April 14, 2015).

I want to congratulate you, Mr. Vance. Well done. Very well done. I'm going to reread this book in a few weeks (probably after the scheduled June 19th third Falcon 9 landing attempt, this time on solid ground, as opposed to a barge). Anyone who wants a ridiculously thorough insight into Elon Musk's life and companies should read this book. It had me from Page 1 all the way to Page 363, and even the appendices that come after.

This is an incredibly inspiring book, a important look into a game-changing business strategy, and a valuable lesson to the world. As Musk says, "If something is important enough, even if the odds are against you, you should still do it."
The Buffettology Workbook: Value Investing the Warren Buffett Way
The Buffettology Workbook: Value Investing the Warren Buffett Way
For those of you that are time-pressed, this is the best book in the Buffettology Series to read in order to glean a few secrets on the investment techniques of the Oracle of Omaha. The workbook covers both the qualitative and quantitative sides of Buffett's value investing approach, and provides the basic techniques one can implement in order to invest with a reasonable amount of success.

The workbook is not exactly the best book on investing that I have read (that title goes to Benjamin Graham's The Intelligent Investor), but in its defense, it does provide a simple to implement investment strategy. Most of the techniques hinge on a few simple ratios and knowledge of simple present and future worth. Additionally, most of the limitations associated with the techniques are clearly and simply stated.

The book has several merits. The chief merit of the book is that its approach to investing is self-contained, and emphasizes the qualitative aspects more than the quantitative aspects. In passing, readers that focus more on Part One of the book and skip Part Two, the quantitative part, could easily obtain a dramatic improvement in their investment results. Written in simple, easy to understand language, the target audience of this book is most likely that individual who depends on the Internet for all of her information on companies, as such sites as Yahoo, MSN and Value Line are routinely cited in the text as sources of information. The book is very well organized, quite possibly with the idea that it would fit the mold of a chapter-a-day format. Most chapters are usually no more than five pages long, with easy, cheesy word problems and true/false questions at the end of most every chapter to reinforce key concepts. The title of each chapter basically states the key concept to be learned, and key points are highlighted at the end of each chapter. Although it provides some theory and rationale for the techniques it attempts to teach, this is kept to a minimum, and the book focuses almost exclusively on application of the techniques. Those readers that are only interested in the methodology can simply skip to the 22nd Chapter titled 'Doing It Yourself: Buffettology Worksheet'. Thus, the book makes every effort to make learning, and ultimately using, the techniques as painless as possible.

The major demerit of this book rests in its insistence on doing all calculations on a per-share basis. But then, this is how much of the information that is easily obtainable through such channels as Value Line and other sources is presented. One minor demerit is that the authors do not seem to be aware of the virtual ubiquity of MS Office, making it possible to perform all of the calculations in the book in one Excel spreadsheet, but then again, this is a minor demerit. Although there were a number of minor typographical and mathematical errors in the book, I am willing to overlook this, as the thinking and reasoning behind any investment proposition is more important, and is clearly presented throughout the book.

Overall, I rate the book to be worthy of reading. It presents a simple and straightforward investment approach, and does not require an advanced degree in rocket science to implement it. All it really requires is a basic understanding of fractions, decimals and percents, and most important, a willingness to think and reason through the investment proposition. However, those of you with strong quantitative backgrounds will be very dismayed with this book (as I was initially), but as I said before, if you focus exclusively on Part One of the book and Chapter 22, then you will see a dramatic improvement in your investment results going forward.
Warren Buffett's Management Secrets: Proven Tools for Personal and Business Success
Warren Buffett's Management Secrets: Proven Tools for Personal and Business Success
The most you will learn from reading this book is that: 1. You should go find a famous guy and write almost anything you want and some fool like me will buy it. 2. Nice trees are dying and being made into paper for what? Stuff like this. That is bad. Bottom line: There is almost no meaningful content in this book. 90% of this is obvious and has been said many times before and better. Rich and famous people are always seeking new and better ways to take your money with the least invested on their part, and this book proves it. Give your money to starving children in India. Do not give your money to Warren Buffet and his co-horts; they already have tons of money and they have no advice for you that is worth anything.
Warren Buffett: A Biography of the most Intelligent Businessman Ever
Warren Buffett: A Biography of the most Intelligent Businessman Ever
This short booklet is rather article.

The content is a bit chaotic, and poorly researched. There could be much more interesting thing written about Warren Buffet. Instead there are some generalities.

I am afraid that you can find better written and more valuable Warren Buffet's biography on Wiki - for free.

As you can see the author had written a number of articles on various topics - from JFK, Holocaust through Ancient Egypt, and nearly all of those articles are rated 1* due to poor research, grammar and writing. This should answer a question if this booklet is worth buying.

The booklet is worth 1*. The second is because I got it for free - for free I just don't like it (2*), but if I had spend money on this - I would hate it and give it 1*.
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
I read the rest of these reviews below and was amazed at how little praise the author got for his creative collection of Buffett insight. I have read many books on Buffett and I like how this author has gotten the facts about Buffett out in a simple easy to read manor. I say it is great bathroom reading because you can just open the book to any point and read a few pages to learn about a certain section in Buffett's life. It is true that all of this info is found in other publications about Buffett, but this book is fun to read and teaches you about Buffett the man and what he has learned about life. I think it is a great supplement to the other books about Buffett and is a must have for anyone who is looking to emulate Buffett's life and success.
The Richest Man in Babylon
The Richest Man in Babylon
First off, this was probably the 20th book about (finance, getting rich, making $, etc) I read. For my adult life I struggled with $, debt, bills, etc.
While the info contained within this book certainly is no secret, the story spoke to me in a way that nothing else had. Maybe it was the context, language, or the historical time tested theory, I'm not sure but whatever it was, it resonated.
I started reading this book a few years ago in a hotel room on Christmas eve.
Something about the stories, lessons, and history really spoke to me. I made a commitment and the following year saw me get out of the hamster wheel of debt that I'd been running in since I was 18.... And establish a respectable savings.
Some won't appreciate the stories, some may dismiss the lessons as "common sense" (despite the fact that they aren't applying them and are broke.)
Other stories, lessons, formats, may speak better to you.... That's fine.
But for me,
This book along with the millionaire mind are head and shoulders the two books that have made the biggest impact on me.
The Millionaire Next Door: The Surprising Secrets of America's Rich
The Millionaire Next Door: The Surprising Secrets of America's Rich
This book was not at all what I was expecting, but contains some good advice that many would benefit from. For some background, my wife and I are relatively young and have career jobs. I bought this book for information on making the most of any extra income, learning more about investing strategies, options for generating passive income, and improving my personal finances. I did learn a few things, but not on these topics (maybe a bit on the last point). The book primarily focuses on interesting finds and anecdotes from the authors' years of research on millionaires in America.

The book is divided into eight chapters:
1. Meet the Millionaire Next Door
2. Frugal Frugal Frugal
3. Time, Energy, and Money
4. You Aren't What You Drive
5. Economic Outpatient Care
6. Affirmative Action, Family Style
7. Find Your Niche
8. Jobs: Millionaire vs. Heirs

The author essentially splits everyone into two categories: Underaccumulators of Wealth (UAWs) and Prodigious Accumulators of Wealth (PAWs). UAWs have a low net worth relative to income, and the opposite for PAWs and uses these terms throughout the book.

His primary argument is that PAWs get to be wealthy by living well below their means - these are people who do not look like millionaires, they live in modest neighborhoods, drive domestic sedans, wear a Timex, and usually have a blue-collar job that does not come with an expensive lifestyle associated and as a result can accumulate a sizeable nest egg. On the other hand, UAWs are typically well-educated professionals with high paying and high profile jobs (doctors, attorneys), but due to societal pressures associated with their social standing are forced to squander all their money living in luxury neighborhoods, driving German cars, and sending their kids to private schools. Their expensive lifestyle means that they spend most of their income and as a result have a low net worth, despite outward appearances.

I agree that this is good advice for just about anyone: live below your means and prioritize financial security over social standing. Growing up in a single-income family living in a modest middle class neighborhood, I'm quite used to the live-below-your-means philosophy and I think it gave me at least some sense of good financial discipline. If my parents are any indication, it works great.

Where the authors really lost my interest is that the rest of the book is chock full of anecdotes and some rather uninformative statistics to drive a few other points home. While some of these are good points and undoubtedly useful, they always seem to come with caveats or don't draw any real conclusion, which I found frustrating. Most of the points could have been made succinctly in about 1/10 the amount of page space the authors dedicate to them. These include:

- Most millionaires in America are self employed business owners, because they run their personal finances like their business finances. However, going into business for yourself is very risky so we don't really recommend that as a viable way to get rich.

- Very few millionaires have ever spent much money on a nice suit, pair of shoes, or luxury watch. They usually live in modest neighborhoods or rural areas where the cost of living and social pressures of consumerism are lower.

- First generation millionaires (often immigrants) tend to be succeeded by children with financial struggles, since the parent's desire to "give them a better life" pushes them into careers where they become UAWs, and their upbringing in our consumerist culture impedes their ability to live frugally. But even if it turns them into UAWs, encourage them to go to college and aspire to a while-collar professional job.

- Parents giving money to their children develops and reinforces poor financial habits. This money is almost always immediately spent, and these children generally have no savings since they are looking to their parents as their safety net and counting on an inheritance. Doing things like buying children a house in an upscale neighborhood or sending grandkids to a private school actually makes the children worse off, since they have to spend more to maintain the associated lifestyle.

- The authors spend an inordinate amount of time and space comparing different careers, which I found next to useless since I'm very happy with my chosen career (Engineer) and have no intention of changing. They continually deride pretty much every professional job you can think of, and simultaneously praises how great working for yourself or owning a business is while going on about how difficult and risky it is to actually own a successful business. The author does not recommend changing careers, but again, this is more of a discussion of what their research has shown than any sort of "how to" advice.

- Car buyers fall into four categories: whether you buy new or used, and whether you buy from the same place or shop around. The authors devote an entire chapter to this while only coming to the following conclusions: no method of buying a car is the clear winner, but if you own a business you may benefit from your connections with the owners of car dealerships; and most millionaires drive unassuming domestic (and to a lesser extent, Japanese) cars purchased new or lightly used.

A final note - curiously, I found no mention of anything real-estate related, which to me is highly unusual in any sort of book about building wealth. The only investment advice found here is in the final chapter and could be summarized as "invest in what you know." That is, if you work in a certain sector, your knowledge of the industry will help you make good investment decisions. Not sure how I feel about this one. For example: not working in technology doesn't mean blue-chip tech stocks are a bad investment. Take it with a grain of salt.

One last complaint: most of the financial figures are presented in mid-1990s dollars. I found it frustrating to have to mentally convert to today's dollars to get a relative sense. The authors took the time to update the preface in 2010, it would have been nice to see a revision to the figures quoted throughout the book. (For reference, one 1996 dollar is worth about 1.6 dollars in 2017).

In summary, I was surprised about the amount of praise heaped on this book. I would hardly categorize it as a self-help book, it's more a retrospective on the authors' research and a collection of anecdotes and interesting conclusions about the countless Americans leading unglamorous lives while accumulating appreciable amounts of wealth. It's a quick read and I made it through the whole book on a 5-hour flight with time to spare. I would only recommend this book as an interesting overview of some good financial habits, or as an eye-opener for those with luxurious financial tendencies who struggle to save money despite their income level. However, for those who have already developed some discipline and are looking for detailed strategies and advice on personal finance and building wealth via investments and generating passive income, look elsewhere.
How to Pick Stocks Like Warren Buffett
How to Pick Stocks Like Warren Buffett
Vick is a stock analyst himself with experience as an editor of a market newsletter. His investing experience and his clear writing help in learning about the important factors in Warren Buffett's investment style. The main problem is that there have been some changes in Buffett's style since the book was written. It does remain an excellent source of insight into his way of investing and thinking about investing.

Buffet showed an interest in earning money at a very early age. He did a great deal of experimenting with different investment techniques. Mathematics was of particular interest and very useful in analyzing businesses and possible investments. The magic of compound interest was particularly intriguing and he realized almost immediately that every dollar he didn't spend would compound in the future to a much greater amount. With this in mind he developed an aversion to spending money that could otherwise be invested. He was captivated with the book “The Intelligent Investor” by Benjamin Graham, and was impressed enough that he decided to study under Graham at the Columbia business school. He and Graham argued different points in class. Buffet wound up working for Graham for a short time, then started his own investment firm.

One technique Buffet uses is to compare all possible investments with long-term bonds especially treasuries. The long term treasuries are considered the safest investments (not accounting for inflation) so if you can get 3% on long term treasury bonds any other investment must have a better return since they will be riskier. He then uses the long term bond rate say 3% as the discount rate. The discount rate is supposed to take into account the volatility of the investments being studied as a proxy for risk. So if an investment is considered much riskier than treasury bonds you select a higher discount rate say 15%. Buffet makes this easier for himself by primarily looking at companies that have long-term growth rates that are rising and vary little. The problem for ordinary investors is that much business and investment expertise goes into selecting the appropriate discount rate to account for growth, volatility and risk. This has proved to be virtually impossible to do consistently even for professional investors.

Buffet is generally looking for a company that is selling well below its’ calculated intrinsic value. Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The intrinsic value is very difficult to calculate precisely since it depends on many factors, but in a very rough way over long periods of time changes in the book value of the co Gladmpany gives you a general idea of changes in its intrinsic value. There can, however, be large discrepancies between the two, and even larger differences with the stock market price. He believes in having a margin of safety by purchasing a company well below its’ intrinsic value when possible. This is most likely during significant market downturns.

There is some correlation between the long term growth of the book value and the return on equity, ROE, of the company and the company stock price. There is also a lot of fluctuation due to stock buybacks, the normal business cycle, and companies playing games with their numbers to look good. Generally increasing earnings, and return on equity, are good for the future stock price. But there are many factors such as buying back the company stock, borrowing more, etc., that could affect the future price of a stock. Buffet is usually looking for big stable companies to buy such as Coca-Cola, Procter& Gamble, Wells Fargo that have a long history of stable, increasing earnings and paying increasing dividends.

The next step is not to lose. This is easier said than done since the price of stocks obviously fluctuate quite a bit. He studies many companies carefully to find those that will do well in the long-term. To minimize the chances of a loss he waits to get the best price he can with the intention of holding forever. Over the years he has shown a preference for purchasing whole companies with the owners staying on to actually run the business itself. His chief function seems to be to allocate the income streams from many companies he is associated with into new and profitable businesses and the expansions of existing businesses. Since you coninue to discuss purchasing stocks, this might be be better at the end or before the next to the last paragraph. )

Several times in his long investing career he announced that he couldn't find any worthwhile stocks to invest as in during 1969, 1987, 2001, and 2008. Other times he announced he was like a kid in the candy store and there were many stocks he wanted to buy in 1974, 1982, 2002 and 2009. He uses many criteria to choose stocks to buy. Apparently when most of his criteria are showing that stocks are not a good buy he considers it may be a good time to think about selling. In other words he does the opposite of the average investor. He sells when everything is looking great and profits abound, he buys when it looks like the end of the financial world. This is quite easy to say, but quite difficult to do in practice.

Many other techniques are used to maximize profit such as arbitrage, especially in takeovers, options -both calls and puts, and the futures market. Buffett uses these techniques to improve his chances of getting exceptional long-term results. All these require some special knowledge and good timing. The stability and financial power of Berkshire have been used to get very good deals on convertible securities that ordinary investors don't have a chance of getting.

Craigslist with this piece of s***Buffett has several suggestions for better investment results. One is to consider a stock as an actual business and research as if you were going to be the owner for the next decade or longer. Another is to realize the business value and the stock price frequently show a large difference. It is best to purchase the stock when its price is depressed, which is most likely when entire market is in free fall. Look at stock fluctuations as your friend rather than your enemy. Try to buy a stock when there's a great deal of pessimism in its area and the price is depressed. Sell a stock when there's a great deal of euphoria and the price seems like it will climb forever. Finally always look for a margin of safety, some advantage that will make price fluctuations less severe.
Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing
Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing
Having read several books on Buffett and having done some research of my own, I sometimes wonder whether there is still more to learn about Buffett's investment strategies. Thankfully, this book is very insightful and while the points are not all new, the material is presented in thoughtful and interesting ways. Points such as the importance of superior management, low leverage financing for investors and firms, avoiding listening to most
talking heads, meaning of adequate diversification, emphasis on downside risk while looking for growth prospects, doing a lot of research before buying stocks gives you the conviction to have staying power and patience and will lower the chance you will panic when there is volatility in the stock price, are worth repeating.

I have particularly liked reading a book by an academic since the arguments/points are made in a logical manner consistent with general finance theory. Sometimes when you read stuff written by practitioners, the
reasoning is not entirely logical and sometimes inconsistent with general finance theory.

Prem is a well respected Accounting/Finance Professor and has taught at some of the best schools. Fortunately, he has avoided the dogmatic/ideological positions taken by many academics on the efficiency of markets and he allows for the possibility of above average returns for skilled investors. His personal investing experience may have influenced his opinion on these issues.

Finally, some of the valuation examples appear a bit too approximate. Prem's background in accounting and personal investing experience could be a potent combination that provides rich insight into various valuation aspects and deliver high dividends to his readers.
The Warren Buffett Way, Second Edition
The Warren Buffett Way, Second Edition
An excellent, nuts and bolts discussion of Warren Buffett's investment thesis and strategy. After about a 75 page background on Buffett, Berkshire and the Buffett history and mystique, Hagstrom dives into the investment philosophy. He manages to distill the Buffett approach into ten tenets:

*Is the business understandable?
*Does the business have a consistient operating history?
*Does the business have favorable long term prospects?
*Is management rational in capital allocation?
*Is management candid with shareholders?
*Does management resist the institutional imperative?
*You need to focus on return on equity, not earnings per share.
*Calculate "owner earnings" to get a true reflection of value.
*Look for companies with high profit margins.
*For every dollar retained, make sure the market value increases by at least one dollar.
*Understand what is the value of the business?
*Can the business be purchased at a significant discount to value?

He then analyzes many Berkshire investments looking at these ten tenets. Once you have read the book, you will have a better understanding through Hagstrom's thorough examples of how to apply these tenets to an investment. A good, practical and not too wonkish book.
Think Like a Titan: Lessons from Jeff Bezos, Bill Gates, and Warren Buffett
Think Like a Titan: Lessons from Jeff Bezos, Bill Gates, and Warren Buffett
This book was given to me for free at my request and I provided this voluntary review.
Think Like a Titan is a self-improvement book that uses the stories, anecdotes and quotes from the lives of Jeff Bezos, Bill Gates and Warren Buffett,
There are 30 attributes split 10 among each of the titans. Given the short length of the book that means we don’t spend much time with any given attribute. If there is any criticism in the writing it would only be that I wish we got to go deeper with each of the titans but this serves as an excellent introduction to each and will hopefully encourage you to learn more about these remarkable men.
The narrator was clear, energetic and easy to listen to.
The Neatest Little Guide to Stock Market Investing: Fifth Edition
The Neatest Little Guide to Stock Market Investing: Fifth Edition
The reviewer who said that this book is meant for the "serious beginner" said it best. This is not a fluffy book -- it's more like a 3-month investment course packed into a well-written small volume and designed to make the reader fully conversant in the language of the market. Before I picked up this book, I thought that the Dow was an exchange, like the NASDAQ. No joke. After I read it, I knew more about long-term investing strategies, market terminology, and identifying companies with value than any of my attorney colleagues who have invested in the market for years. Most individual investors seem to invest blindly in large- and mid-cap companies like Target or Apple and in mutual funds without conducting their own research. This book is for you if you want to understand not only why traders care about P/E ratios, but also how you hedge against inflated earnings calculations by analyzing other fundamental criteria, like profit margins; not only how a dividend yield is calculated, but why it matters in determining whether a stock is undervalued; and not only how Dow companies are chosen but also how to reap the benefits of leverage when investing in Dow companies.

That said, this book is not designed for swing traders or day traders. While Jason Kelly claims to espouse both value and growth approaches to investing, I'd say that the balance is 80% in favor of value (identifying good companies with long-term profitability). He explains the fundamentals of technical analysis, but his primary purpose is not to teach how to speculate or predict trends using Bollinger bands or stochastic curves. His point seems to be that an investor should use graphs and technical criteria as just one of her tools to know when to buy, how to limit the downside potential of leveraged investments.

Their isn't much self-promotion. The writing is so clear that it takes the author's personal philosophies out of the equation and focuses instead on the more broadly applicable teaching points (bullet-pointed, even, after each section). If identifying value is not a strategy that appeals to you, you won't like this book. The book is basically a love letter to Warren Buffett and has very little of Kelly jumping off the pages, other than when we mentions his own free newsletter and website in a list of a dozen or so other newsletters and websites. (By the way this list included Kelly's reviews of many stock screener tools, good financial magazines, and the most useful stock newsletters. I used it to build my internet favorites folder, which I look at everyday.)

This book provides a comprehensive treatment of fundamental investing concepts and strategies. You can turn to other, more detailed texts if you want to learn how to trade like a trader, not like an investor.
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
This is an enhanced reprint of the original, with additional study questions/ discussion and review added at the end of every chapter. I bought the original about 18 years ago and it changed my families destiny for the better. I am glad the reprint came out as it prompted me to reread it and deepen my understanding.
Some people complain that this book does not give a step by step process for change. I would counter that one size shoe does not fit all feet. There are many individual paths to wealth, and Kiyosaki sets the guiding stars to navigate by, but you have to walk your own individual road.

Some key concepts of this book are: 1) Assets put money in your pocket even when you are on vacation. Liabilities take money out of your pocket, therefore your house is a liability [unless you rent out rooms and the garage as one person I know did while rebuilding his asset base].
2) Wealthy people buy assets first, and then let their assets buy their luxuries from the surplus cash flow.
3) Wealthy people continuously increase their assets by reinvesting their surplus cash flow in more assets.
4) There are 3 primary asset classes: Real Estate, Businesses, and Paper assets (stocks bonds notes, etc)
5) Cash Flow is more important than Net Worth. Net Worth is similar to potential energy, to use it you have to spend it, then it is gone. Cash Flow is like power from a hydroelectric dam, constantly replenished.
The rich don't work for money, they work for assets.
The tax laws are fair from the standpoint that the laws that the rich spent billions of dollars to have modified and interpreted apply to everyone who learns how to use them.

A great foundation book for beginning to improve your financial intelligence so that you don't work 4 or more month's of every year for the Tax man, more months for the banks that hold your mortgage and credit cards, and whatever is left making the company you work for wealthy. Good luck on your journey to being Rich, poor, or middle class.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition
If you heard about investing (usually a sign we're in a bubble or getting there) and you're thinking of start investing you should start with this book.

It makes a really compelling argument for investing using an index fund and saving time and energy for other things you may enjoy more than researching companies, etc.

Over the long terms:
- Costs compound badly
- Active investors on average fail to produce good results because of the costs of trading and CGT (Capital Gain Taxes) expenses
- By buying an index you reduce the emotional stress and you'd be less likely of panic or get greedy

For some reason I still think the book is missing something in terms of preparing the reader for the frequent and normal up and down of the markets.
The Warren Buffett CEO: Secrets of the Berkshire Hathaway Managers
The Warren Buffett CEO: Secrets of the Berkshire Hathaway Managers
I have always had a strong passion for reading biographies. I think what attracts me to them is the lessons that the reader can take away and apply to their own lives. With this interest in mind, combined with my strong interest in Berkshire Hathaway, I eagerly awaited the publication of The Warren Buffett CEO. I was anxious to see what lessons and insights I could learn and apply to my own path through life.
I found the book to be an extremely enjoyable read. It provides a richness of detail and previously unavailable insight on the mangers that make the subsidiaries of Berkshire Hathaway such a remarkable group of exceptional performers. It was also refreshing to see Mr. Buffett receive credit for being the outstanding manager he truly is. Almost all of the attention he receives focuses on his investment prowess and disregards completely his abilities as a manager. As this book will show you he is simply a tremendous manager who is able to inspire his mangers to continue working to produce results that will make him, and Berkshire shareholders, proud. He is able to achieve this even when the majority of the managers certainly no longer have a financial need to continue working.
Mr. Miles has grown as a writer and has given us all an excellent tool that provides many insights into what it takes to be a good manager, the dedication and drive it takes to succeed, and what to focus on when trying to create, and grow, an enduring customer centered business.
Essays of Warren Buffett Lessons for Investors and Managers
Essays of Warren Buffett Lessons for Investors and Managers
This is an excellent book which is a collection of excerpts from the annual letter to shareholders from Berkshire. Cunningham has done an superb job of collating this material and extracting the most important sections which give detailed and in depth view of the workings of Buffett and Charlie Munger and lay out his philosophy and his strategies and his evolution as an investor, which I found particularly fascinating. His move from being a Graham clone to his adoption of Fisher's approach and his fine tuning of his criteria for investmnet.He deals with the amazing successes and the numerous failures and mistakes. For anyone interested in improving their investment expertise and learning about Buffett's approach this is an absolute must. A book that I shall revisit time and again.The Essays of Warren Buffett: Lessons for Investors and Managers
Warren Buffett: A Biography
Warren Buffett: A Biography
Per fortuna che mi hanno rimborsato. Davvero pessimo: scritto come fosse una tesina delle medie, forse una 20ina di pagine (le ho anche lette). Tutto materiale che può essere trovato online o su qualsiasi libro su Warren Buffet.
The Deals of Warren Buffett, Volume 1: The First $100M
The Deals of Warren Buffett, Volume 1: The First $100M
This is a derivative work with nothing new, and no original thoughts. Most of the book is just rehashing what you could have learned for free by reading Buffett's annual letters to shareholders. In fact large portions of the book are simply quoted directly from the annual letters. Those parts that aren't from the annual letters will already be familiar to any Buffett follower that has read any other book on Buffett. If you've never read anything about Buffett and don't want to wade through the annual letters, than this is the book for you. However, if you looking for any actual meaningful analysis of Buffett's deals, that is completely absent from this book.
The 100 Best Stocks to Buy in 2020
The 100 Best Stocks to Buy in 2020
I'm deeply disappointed that they've gutted this book series.

Gone are all the charts at the beginning that highlighted certain segments of the market. Gone is all the analysis at the beginning of the book that helped contextualize all their picks. Gone is all the explanations for why they picked 17 new stocks this year.

And most importantly, they don't say how their picks matched up to the success of the S&P 500 last year, which was the benchmark they measured themselves against every single year. With the intellectual dishonesty of refusing to compare their picks to the broader index, it reinforces that they are very poor stock pickers, and I shouldn't spend my money on their book, because I'd earn more investing in an index.

This book has been reduced to a glorified blog post. I will never buy it again.
How to Think Like Benjamin Graham and Invest Like Warren Buffett
How to Think Like Benjamin Graham and Invest Like Warren Buffett
Although the definitive popular book on Benjamin Graham and Warren Buffett remains to be written, this excellent work is certainly the state-of-the-art in this area. For those who do not have the time or inclination to read the writings and speeches of these important investment thinkers, you get the key kernels of wisdom in action-oriented doses here. This is the first book I have read that gives the stock investor who wants to outperform the market averages a sense of what is involved in order to have a chance. The examples of how to apply these methods to companies like General Electric, Coca-Cola, Microsoft, and internet retailers are very helpful. I thought this book was much more valuable in every way than Buffettology.
Both Graham and Buffett see buying stock as being the same as buying a whole company. The analytical methods involved are similar to those used by companies thinking about making an acquisition, except there is no need to consider what the joint operating benefits of the companies will be. The strength of this approach to stock investing is that if stock values for a company fall too low another company or group of cash-flow-oriented investors will acquire the whole company. In the long run, stocks should not fall too far below their intrinsic value (a Graham concept) as cash flow generators.
The book is organized into three sections. The first looks at whether the stock market is efficient or not. If it is, you cannot beat it. If it is not, you can beat it by investing where it is not efficient. The evidence here summarized estimates that the stock market is at least 20 percent inefficient and becoming more so. I am aware of a number of studies showing other kinds of inefficiency that Professor Cunningham does not cite. My own personal view is that the stock market is not very efficient at all, but is relatively predictable within a band of probability.
A particular strength of this section is in creating a summary of many of the arguments for stock market efficiency and inefficiency. Trust me. Unless you really love reading this kind of research (which I happen to), you will be better off reading the summaries here rather than the originals.
The second section discusses how to outperform the stock market. The best part of this section is an extremely well done parable about a man who wants to sell his apple tree. He is approached by many different types of potential purchasers, and they offer wildly varying prices. You get the interior logic of how each price is arrived at in a way that allows you to see the fundamental weaknesses and strengths of each approach. Nicely done!
The heart of this section emphasizes the familiar Graham and/or Buffett (their philosophies do not coincide, but rather partially overlap) concepts of sticking to what you know well, having a margin of safety, and doing your homework. I particularly liked the detailed description of how to determine where you have a knowledge edge that allows you to potentially have an advantage as a stock investor. The cautions against overestimating what you know are very well done.
The third section looks at the role of company management and boards of directors. It debunks a lot of the popular thinking about the importance of good governance. As Warren Buffett often emphasizes in his annual letters to shareholders, you should invest only with people you "like, trust, and admire." A CEO with a weakness (particularly a lack of integrity) can quickly tank your investment before you can do anything about it. Certainly, I have been sorry a number of times when I have not followed that rule. I certainly subscribe to it now. Every management will make mistakes. Only highly focused and capable ones will notice that they have and work on rectifying the errors rather than trying to explain why there really is no problem.
If you read this book carefully, it will convince you that outperforming the stock market is a pretty hard thing to do unless you have a great deal of knowledge about public companies and unusually good access to company managements. I think describing what needs to be done is the most eloquent argument that I have seen for why the average investor should be in indexed mutual funds for the stock portion of her or his portfolio. I suggest you already read John Bogle's Common Sense on Mutual Funds. I was pleased to see that this book raises an important question of valuation for when to commit to new purchases of indexed funds. People differ on this subject; but while the S&P 500's multiple is as high as sit is now and cash flow growth is so weak, many people may benefit from holding off or buying other indexes instead. Consider the small cap value indexes instead now, for instance.
I suspect that you can learn a lot by comparing your past stock investing with the patterns described here. Are you a great investor? Great investors have "independence of thought, . . . [and] utter and profound common sense . . . ." The challenge here is that "common sense is . . . it is so uncommon." On the other hand, "those who buy stocks outside their circle of competence are gamblers, speculators, or fools." Please wear the shoe that fits you.
The most accurate prediction of future stock market conditions is that they will fluctuate. Currently, the average stock varies by 50 percent in price each year. What method of stock investing will allow you to either ignore or best take advantage of that volatility? Be sure to consider your emotions at least as much as your intellect and available time in making this determination.
Get a great return on your time and on your investments!
Of Permanent Value: The Story of Warren Buffett
Of Permanent Value: The Story of Warren Buffett
I’ve read most of the biographies of Warren Buffett, but I consider this to be the definitive biography. There are several reasons. This book has been developed over a period of many years (around 25, at this point) and is the result of dedicated research and writing. The author has access to Mr. Buffett that most writers do not, and you can see this in the various letters and documents that Buffett has provided for publication. Each year, Buffett personally selects a group of books to be sold at the Berkshire Hathaway annual meeting in Omaha and every year this book is chosen. This kind of endorsement by Buffett is probably the only reason you really need to pick up a copy.

At the 2016 meeting, one book was selected for “super highlighting” by creation of a giant version of the book cover for display. This is that book. Although I think I keep up with everything going on with Buffett, I am always amazed when I read the updated version and discover new facts. This latest version contains a nice recap of the premiere of the HBO Documentary Becoming Warren Buffett. The insight provided by Mr. Kilpatrick is available because he was there. You probably don’t get invited to a premiere like that without being fairly well-connected. It is this connection you can take advantage of by reading (and re-reading) this book.

There is great humor, insight and information in this book. You'll learn about an incredible personality and be truly entertained in the process. My bookshelf has several books on Warren Buffett, but Mr. Kilpatrick's is my favorite.
Investing QuickStart Guide: The Simplified Beginner's Guide to Successfully Navigating the Stock Market, Growing Your Wealth & Creating a Secure Financial Future
Investing QuickStart Guide: The Simplified Beginner's Guide to Successfully Navigating the Stock Market, Growing Your Wealth & Creating a Secure Financial Future
Note: I received a copy of this book in exchange for an honest review. Thank you, ClydeBank Media!

Oh, boy. This was a good book overall, but I definitely have some Opinions on it.

First, the good.
1. This is truly an absolute beginner's guide to investing. When many books say that they're a beginning guide to fill-in-the-blank topic, a lot of times they're only sort of right in that they expect you to know some definitions and some basic idea of the topic already. Not so with this book. Probably the book's greatest strength is that it starts from the very beginning. In that vein...
2-3. I loved how the first few chapters had really great fundamentals of investing, including really great definitions and little story problem math examples on how the various items worked.
3. The chapter on various financial statement analysis metrics was another very good introduction to the topic.
4. He had a really good emphasis on not freaking out when your investments are down and selling off based on feelings. Buy low, sell high is a fundamental that you cannot go wrong on. It's just figuring out the highs and lows that can get ya, as is the way that "traditional" investing works.

And the weaknesses. For the sake of full disclosure, many of these items I consider to be weaknesses because I do not agree with the author's strategy of investing. I'll explain as I go.

1. Throughout the book, I felt really confused as to whom this book was meant for. The beginning chapters had all the great definitions and story problems. There was another chapter where he talked about how he as a financial advisor wasn't snobby enough not to want to advise middle class people (vs those advisors that only accept people with over a certain threshold to invest). Those things made me think that this was for the Average Joan like me who wants to save for retirement. But then, there was this whole long chapter on derivatives, futures, options, etc. His warning about how risky these instruments are was not as fear-inspiring as I felt it should have been had this truly been a book for the Average Joan like me. Which also leads into...
2. YOU CANNOT HAVE A DISCUSSION ABOUT ROTH IRAS WITHOUT DISCUSSING NOW VS FUTURE TAX RATES. I'M SORRY, BUT YOU CANNOT. Seriously. The author does not misstate the benefits of Roth IRAs in that their growth is not taxable, but you also have to take into account that if you're waiting until retirement to pull from the Roth, you will PROBABLY have a lower tax rate by then (in which case you should think about putting the bulk of what you can into traditional IRA so that you pay less money in taxes OVERALL IN YOUR LIFETIME.
3. Here's where we get into critiques because I do not agree with the author's overall strategy. The author believes that "The mark of an excellent investor is to consistently outperform the market." Over time, the total stock market average growth is 8%. Why shouldn't I just come up with a good asset allocation and just invest my money in a total stock market index fund?? As the Average Joan investor, I don't have time to perform fundamental analysis for every stock I pick, and I am certainly not going to have any sort of information that gives me any insight that people who actually do this for a living will have. The author briefly mentions indexes, but he doesn't present a compelling case either for or against them. Which brings us to....
4. Fees. There is a short discussion of mutual funds/index funds, but there is NOT ENOUGH EMPHASIS on how actively traded funds include all sorts of micro fees and commissions and everything that absolutely DEVASTATE your investment growth over time. There is no discussion on the numbers behind why you want a fund that has 1% or less in fees as well as being a fund that doesn't generate a high trading volume (back to point 3: as the Average Joan investor, I buy and hold because I'm literally investing in the ENTIRE stock market with my low-cost index fund. Unless the literal apocalypse comes, I'm betting with my money that the market will rally over the long term, and I'd rather have the stability of the entire stock market than have to make guesses about what's going to go up and down in an attempt to beat the market).
5. The author overstates the benevolence/effectiveness of financial advisors. To be fair, he did mention that you should expect your advisor to have an ethics statement as well as to be fully transparent about their fees. However, he did not emphasize enough that they need to be EXPLICIT about whether they are legally required to act as your fiduciary or not. If they're not your fiduciary, there is no incentive for them not to push you into riskier investments where they might have a commission you don't know about. I do concede his point that advisors potentially help keep a client from selling off in times of panic, but you have to have the right advisor.
6. There is a cursory chapter on FIRE at the end of the book. Which is fine, but....due to his own interests of being a financial advisor (and therefore wanting your business to come to his company) there is no discussion on the actual fundamentals about how most FIRE people go about it. There's no discussion of the benefits of index funds and no discussion on safe withdrawal rates (which I consider to be two of the most fundamental parts of most FIRE plans).

So there you have it. As a "traditional" investment book (i.e. pick your specific stocks, use an advisor, etc.) this is a good book. But when there's so much data out there on how likely it is that you will consistently beat the market with your individual investments (view spoiler) I'm just not convinced that my total stock market index fund will be any worse than the alternative. In the words of John Bogle in The Little Book of Common Sense Investing, “Don't look for the needle in the haystack. Just buy the haystack!”
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition
Poor Charlie's Almanac has been on my reading list for the last couple of years. It took me a six-month sabbatical (and then some) to get through it. This is a testament to the information, lessons, references and stories from Charlie Munger. Fundamentally, this book is an encyclopedia of information on what it takes to be successful and to achieve greatness in what it is you want to do in life; all from a very successful and extremely well read (and connected) 90-ish year old billionaire!

Let's be clear, this is not a book that you can quickly skim through, but rather a book you spend quality time with every day; for a good couple of months. This way you're giving yourself the best change of retaining all of Charlie's tidbits of wisdom. One of the great things about this book is the plethora of quotes from successful entrepreneurs, historians, philosophers alike whose ideas and writings have survived the test of time.

Suffice to say, this is one of those books I'm going to re-read, reference and quote for the rest of my life. Well worth a purchase!

Three Key Takeaways from the book:
1. Charlie knows no wise people who didn't read all the time. It is more than just reading though, one has to grab ideas and do sensible things. Most people do not identify ideas, and if they do, they do not know what to do with them
2. Diversification in investing is something that Charlie doesn't believe in. His recommendation is to choose three good company stocks and invest accordingly. Interesting approach given most financial advisors typically recommend the opposite
3. Self-pity is always counter-productive, It's the wrong way to think. And when you avoid it you get a great advantage over everybody else or almost everybody else, because self-pity is a standard response. And you can train yourself out of it
The Warren Buffett Way, + Website 3rd edition by Hagstrom, Robert G. (2013) Hardcover
The Warren Buffett Way, + Website 3rd edition by Hagstrom, Robert G. (2013) Hardcover
I am not finished yet merely half-way into the book but I wanted to review this book; I just could not wait ;-) to tell you all about it. I am taking my time and digesting it all because the meat needs to be chewed, enjoyed and digested thoroughly. I am enjoying each aspect of this book and can't say enough...............I am loving this book.

I have purchased several books pertaining to Buffett and have followed him and his work for a few years. I was interested in him not only because of his investments but his character is to be rewarded; money isn't everything. I have not finished the other books that I have purchased about him but want to be able to absorb this one first before moving forward into the others. Nor have I gotten a chance to delve into the website yet, I can't wait.

This book helps you to see and delve into the ways into which Buffett processes his investments but also shows how his upbringing, mentors and experiences has helped him in his investment endeavors and the investment choices that he makes as seen in Chapter 2: The Education of Warren Buffet. Here it provides an understanding of the industry and having hands on experience does help but in not letting money be your guide is best. Once you understand then you can make better and educated decisions.

Everyone may not be able to have the same types of successes as Buffett has had but to understand the method behind the man says a lot. Robert G. Hagstrom does a good job in breaking down the book. As in Chapter 4: Common Stock Purchases - Nine Case Studies in the tenets that he uses are valuable from Simple and Understandable and Price Point to Candor/Rationality. Stay tuned for a follow-up from me once I finish the book and review the website.

Up unto this point this book is Highly Recommended.
Building a Small Business that Warren Buffett Would Love
Building a Small Business that Warren Buffett Would Love
In theory, the author should explain a simple and logic process for building a small business that Mr. Buffett would love.

In practice, the author explains a simple,logic and effective process which can be mainly applied for buying a small business that Mr. Buffett would love.

One thing is building, another thing is buying: it's quite different!!

Anyway, this isn't what I haven't liked because the main flaw of this book in my opinion is that there isn't any case history.

I've payed $19 for a book of about 190 pages on a particular subject, hence I would have liked to read at least just one case history!!

Never mind!!

Suggestion for the author: include at least a meaningful case history ( a must ) and if he feels like, he might go deeper because there also other kinds of competitive advantages:

[...]

Best regards.

Fab
How To Invest Like Warren Buffett: Discover the Wisdom of the World's Greatest Wealth Creator
How To Invest Like Warren Buffett: Discover the Wisdom of the World's Greatest Wealth Creator
Do not be frightened off by the title. This is not yet another “How to become as rich as Buffett by following his investment secrets.”
This is a mature and thought-provoking book that highlights some important practices of the best investor on planet earth. These are practices that can be easily followed by any investor and that will at best improve your returns, and at least highlight the difference between being a speculator and an investor.
The book opens with a description of Buffett’s early life, education and career, as well as his capitalist tendencies that started at age six.
The impression many have of Buffett as a great stock-picker overlooks the fact that his wealth is not based on stock-picking, and that he doesn’t spend his days watching the boards to see movements from which he can take a quick advantage. His is the “get rich slow” scheme, which requires work – Buffett works seven days a week.
Early in his career Buffett learned a powerful, clarifying insight from his mentor, Benjamin Graham, that of the erratic Mr Market. The stock market is like a manic-depressive partner who will offer to buy your 50% share of the business for more than it is worth when he is manic, and sell his 50% for less than it is worth when he is depressed. Buffett’s method is to ignore Mr Market and focus only on the business itself.
No business gets percentage points better in a day or percentage points worse in a day. Those are the ravings of the manic-depressive, Mr Market.
A well run business with its solid business model and high quality management, will go through rough periods, but those will pass and not affect the value the business will achieve – over time. “Over time” is five years, anything less is not investing, it is speculating.
Buffett works hard at finding out how good a company really is, and flees from companies that mask their problems or mislead their shareholders. Recently he dumped his holdings in Tesco, the British supermarket chain, when it was revealed the management had lied about their financial state. Buffett lost $440m, but would not leave his money with a company that cannot be trusted to tell the truth to their shareholders.
Buffett reads company reports insatiably, and places great value on those that have a Chairman’s report written by the Chairman himself, and not the PR department. However, Buffett also listens to “the Scuttlebut” – the bucket on the old sailing ship that the sailors would gather around to drink water and gossip, much like the modern coffee machine. What are the people in the company saying about the company and the management? What are the competitors and customers saying about the company?
Buffett has a share portfolio of $117bn, (larger than the National Budget of South Africa), but just four listed companies make up 60% of that value. They are Wells Fargo, Coca Cola, American Express and IBM. The rest of his portfolio are unlisted companies, eight of which are big enough to qualify for the Fortune 500.
Many talk of “diversification” of a portfolio, and their rationale is that where some companies fail to perform, the others will compensate. Buffett’s view is to “put all your eggs in one basket, but watch that basket very carefully, and know what it is that you are buying.”
In this short and very readable book, the trusted Alec Hogg has pulled together some of the most important lessons that can be gleaned from Warren Buffett. Hogg has followed Buffett for years and has had personal exposure to the great man. Complemented by Hogg’s knowledge of the South African context he has produced a ‘must read’ - whether you invest directly in the market, or through advisors.
Readability Light +---- Serious
Insights High -+--- Low
Practical High -+--- Low

*Ian Mann of Gateways consults internationally on leadership and strategy and is the author of Strategy that Works.
How to Close a Deal Like Warren Buffett: Lessons from the World's Greatest Dealmaker
How to Close a Deal Like Warren Buffett: Lessons from the World's Greatest Dealmaker
This is a book about the art of closing a large deal. The author has experience in this area. Before the age of 40 he "had headed four corporations, each of which [he] took from annual revenues of less than $15 million to more than $100 million." This book is an instruction manual for the business person that wants to grow their business exponentially.

This is for sales people, for executives, for CEO's, for entrepreneurs, and for innovators; everyone that wants to make their mark in business. That was the best takeaway for me - there are so many pieces of this process that I'll be able to use individually, outside of a specific deal, and I will be a more effective businessman as a result.

There are 18 Chapters or Lessons, that the author learned from tracking Warren Buffet, and I split those up into the steps toward winning a large deal. Those steps were:
1) Choosing your target - don't swing at everything
2) Craft a compelling solution that address the major concerns of Time, Money & Risk.
3) Speak the language of a dealmaker - don't speak like a manager to a CEO.
4) How to get an executive at a target prospect to call you back.
5) Building a team to engage your prospect effectively by predicting and addressing their concerns.
6) How to deal with the problems and people that will stand in your way.
7) How to close the sale AND secure the deal.

I was so impressed by the content of this book that I bought it for all my top customers. The first step in growing your territory is partnering with your clients to grow their business, and I'm confident this will make them stronger.

I identified one of the key takeaways from each of the chapters of the book. In order to fully understand them, it is best to read them in the context of the chapter, but these valuable nuggets are part of the treasure you'll find:

Gold Nugget 1: "Make deals with the kind of people you would like to be in business with."
Gold Nugget 2: "Developing a solution and a message that have an impact on the entire company, not just one department."
Gold Nugget 3: "Never go after the company, Always go after the deal."
Gold Nugget 4: In order for large companies to trust you, they want "safety and credibility."
Gold Nugget 5: "Big people with big problems don't buy little solutions."
Gold Nugget 6: "The big dealmakers want to hear about money, time and risk. These words are part of the language of big deals."
Gold Nugget 7: "What prospects do make deals on is what they can sell [internally] and defend later."
Gold Nugget 8: "Prospects for your next big deal expect you to have a relevant and valuable understanding of their problems so that you can discuss their general context immediately."
Gold Nugget 9: "You eliminate the fear by including on your team the people from your company who are best equipped to give in-depth answers to all the questions that are being raised."
Gold Nugget 10: "If you show any incompetence in your normal day-to-day dealings with your prospects, they will note trust you to be competent in carrying out your solution."
Gold Nugget 11: "Identify your known vulnerabilities."
Gold Nugget 12: "You must think in terms of what your prospects will value, rather than in terms of your product or service."
Gold Nugget 13: "Enrich your deal-making practice sessions further by adding one or more broken plays to the meetings you're practicing."
Gold Nugget 14: "You want to ask questions, but just like a good attorney, you have to know the answers before you ask the questions."
Gold Nugget 15: "As you receive these questions, you want to be helpful, thorough, and responsive. You also want to use this as a reconnaissance period for your own gathering of information."
Gold Nugget 16: "Your ability to make your prospect feel comfortable and unafraid about buying from you is what lands you the deal."
Gold Nugget 17: "The thoroughness of your solution in terms of how they get from here to there will determine whether they are willing to actually take the necessary steps to buy your proposal and move forward now."
Gold Nugget 18: "You now spend at least one-quarter to one-third of your time in research."
Warren Buffett - 41 Fascinating Facts about Life & Investing Philosophy: The Lessons From A Legendary Investor
Warren Buffett - 41 Fascinating Facts about Life & Investing Philosophy: The Lessons From A Legendary Investor
I enjoyed reading this book based on 41 factoid from Warren Buffett investment life and philosophy. Some of it was surprising, like the fact that he does not believe in diversification, and much of it as educational, particularly his explanation of the mistakes his made along his legendary career. This book is not great literature, but I found it educational and entertaining.

Ali Julia review
What I Learned Before I Sold to Warren Buffett: An Entrepreneur's Guide to Developing a Highly Successful Company
What I Learned Before I Sold to Warren Buffett: An Entrepreneur's Guide to Developing a Highly Successful Company
Over 300 helpful quotes, concepts and tidbits of information that the author has accumulated throughout his 33 + years running and growing a business.

It seems like the last few books I reviewed mentioned the importance of understanding "opportunity costs". On page 9, "Every activity you undertake exacts the price of not being able to pursue alternative activities... Thus the cost of putting out fires where fires exist and putting fingers in dikes where leaks exist is extremely high in the sense of decreased progress or missed opportunities." Peter Drucker calls that "feeding the problems and starving the opportunities"

Barnett also touches on the importance of being able to execute.

On page 115 there is great advise about the importance of raising prices and the importance of doing so on a gradual scale, whether needed or not because when it is needed you may not be able to play catch up.

A few cool quotes:

"Surrounding yourself with dwarfs does not make you a giant" - Yiddish Folk Saying

Meaning always hire up.

Success

To laugh often and much;

To win the respect of the intelligent people and the affection of children:

To earn the appreciation of honest critics and endure the betrayal of false friends;

To find the best in others;

To leave the world a bit better;

To help in leaving a better social condition;

To know that even one life has breathed easier because you have lived.

This is success.

-Ralph Waldo Emerson (1803-1882)

"In looking for people to hire, you look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill you.

- Warren Buffett

Chapter 63 is on "asking - not telling" It contains some great advise and a few notable quotes:

"I had six honest men-they tought me all I know: Their names were Where and What and When-and Why and How and Who.

- Rudyard Kipling (1865-1936)

By Kevin Kingston author of A 20,000% Gain in Real Estate: A True Story About the Ups and Downs From Wall Street to Real Estate Leading up to Phenomenal Returns

My Blog: bloglines.com/blog/KevinKingston
Lessons from the Legends of Wall Street : How Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton Can Help You Grow Rich
Lessons from the Legends of Wall Street : How Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton Can Help You Grow Rich
Before commenting on what's in the book, I would like to take a moment to point out what is not. When the history of the great investors is written about the years 2000 to 2020, it will be filled with names different than those studied in this book. We don't know who those people are yet, but they will probably do something different from what these great investors of the past have done. Caveat investor! A backwards look at investment styles often does not translate into superior rewards in the future. That's one reason why 80 percent of professionals cannot beat the market averages. See John Bogle's Common Sense About Mutual Funds for more details on that perspective.
If you already know who Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton are and what their investment styles are or were, you don't need this book. If these people or the details of their work are unfamiliar to you, this book will serve as a good introduction to those perspectives. It will also take you less time to study than reading the more definitive works on these people. If any of the approaches excite you, I suggest you go in for more depth elsewhere.
What is unique and valuable about this book is an attempt to blend the styles into one you can use to pick stocks and bonds. I thought that it was done reasonably well. Each investor is laid out in the same format, and then the results are summarized in the last part of the book. Basically, you are shown how to gather and evaluate the most appropriate information, and then to make a decision based on your evaluation.
There is also some good material to help you understand your risk profile, so you can focus on the relevant types of investments for you. There are also some questions to fill out like those that financial planners often use (that should be no surprise, given that the author is a certified financial planner).
My only concern is that this book could encourage you to try to do too much of your own investment picking and monitoring. Most people don't want to be that involved. And most people don't have the time or interest to do the job well, even if they want to. Although it is exciting to think about getting great investment returns, the odds are actually against you. If great results interest you, even after those caveats, I suggest you read ChangeWave Investing and think about putting 10 percent or less of your money into that approach. It could be the outstanding result that will become equally respected with the past greats in the future.
In any case, enjoy using this well done book to overcome your misconception, disbelief and procrastination stalls about personal investing. Your brief apprenticeship with the masters outlined in this book will give you a better understanding of what successful investment processes have looked like. Then see if they fit you.
Live long and prosper!
The Secret Guide To Making Money With Investments: Learn What To Invest In & Have Your Money Work For You (invest like a guru, stocks to riches, stocks to buy in 2020, broths news) (2020 UPDATE)
The Secret Guide To Making Money With Investments: Learn What To Invest In & Have Your Money Work For You (invest like a guru, stocks to riches, stocks to buy in 2020, broths news) (2020 UPDATE)
I cannot believe I wasted almost 3 minutes scan over this. This doesn't tell you anything beside buying ETF and promo his other books.

There is nothing wrong with buying ETF, but that is not how you out perform the market. Buying ETF is speculation. If you want to invest, you have to do with cashflow, AKA buying someone that give you cash, like dividend. Yes, 3 to 5% dividend seen little, but if you have it compound and also a gain of 3 to 5% of capital gain over the long run will out perform speculation in general. Unless you happened to bought Google and Apple from a decade ago
THE 12% SOLUTION: Earn A 12% Average Annual Return On Your Money, Beating The S&P 500, Mad Money’s Jim Cramer, And 99% Of All Mutual Fund Managers… By Making 2-4 Trades Per Month
THE 12% SOLUTION: Earn A 12% Average Annual Return On Your Money, Beating The S&P 500, Mad Money’s Jim Cramer, And 99% Of All Mutual Fund Managers… By Making 2-4 Trades Per Month
... und dabei immerhin so ehrlich, dass der aufmerksame Leser allem Phrasengeklingel des Autors zum Trotz erkennen kann, dass das System dem eigenen Anspruch eben nicht gerecht wird, nämlich systematisch das Risiko aus den Investments herauszunehmen.

Im Einzelnen: das vom Autor vorgestellte System hat eine momentumgetriebene Wachstums- und eine Hedge-Komponente. Gute Idee eigentlich. Er hat den Anspruch, das von Warren Buffett einem breitem Publikum vorgeschlagene Buy&Hold-Modell für den S&P500 (mittlere Rendite in den Jahren zwischen 2008 und 2016 ca. 8,5%) um 3,5% p.a. zu schlagen. Das gelingt dem Autor auch.

In den Backtests.

Wer genau hinsieht, erkennt, dass der Vorteil des "12%-Systems" in den Jahren 2008/2009 entstanden ist. Danach hat es die Performance von Buy&Hold dramatisch verfehlt. in 6 von 10 Jahren war das Halten der Aktien besser als das "Optimieren". Dass am Ende die Gesamtperformance besser war, lag alleine am dramatischen Einbruch der Aktien 2008 und dem nicht minder dramatischen Rebound 2009. EIN EINZIGES Ereignis sicherte dem System also einen Vorteil, alle anderen nachfolgenden Ereignisse führten per saldo zu einem systematischen Nachteil. Für einen Systementwickler ein No-Go-Fact! Ein singuläres Ereignis ist statistisch gesehen kein Ereignis, sondern von Zufall nicht zu unterscheiden - v.a. hinsichtlich seiner Auswirkungen. Von daher: wer Momentum-Ansätze verfolgen möchte, der nimmt das Buch von Antonacci zur Hand, dessen Ideen funktionieren seit ihrer Veröffentlichung auch nicht mehr ;-) ...

Man muss sich einfach klar machen: Momentum-Ansätze folgen dem Gedanken, dass Assets gekauft werden, weil ihr Preis steigt. Laut Warren Buffett das dümmste Argument, ein Asset zu kaufen ... Momentum heißt, der Herde hinterherzulaufen. Das funktioniert oft, ist aber eben auch extrem berechenbar. Wer hin und her handelt, ist ein Teilnehmer an einem Kontrahentenmarkt, der misst sich mit anderen Marktteilnehmern, die ihreseits ebenfalls hin und her handeln. Langfristig entscheidet der Wert eines Assets über die Entwicklung des eigenen Investments, kurzfristig aber entscheidet der Preis. Und der schwankt eben nicht nur, sondern das Verhalten der Masse wird von großen Kontrahenten in diesen Preisschwankungen systematisch ausgenutzt. Scharfe Einbrüche sind für professionelle Marktteilnehmer in einem Nullzinsumfeld eine Einladung zum Einstieg, für Momentumhändler ein Signal zum Ausstieg. So geraten billige Aktien in die Hände anderer Leute - nicht die Situation, in der man sich wünscht auf der Verkäuferseite zu stehen. Genau das passiert aber systematisch bei dem hier besprochenen Modell. Von einer Extrem-Baisse abgesehen, bietet es keinen Schutz gegen Marktschwankungen und erfüllt damit seinen Zweck nicht wirklich. Vielmehr hängt sein Erfolg vom Zeitpunkt des Einstiegs ab und ist daher zufällig. Genau dieser Umstand qualifiziert ein schlechtes System!
Creating a Portfolio like Warren Buffett: A High Return Investment Strategy
Creating a Portfolio like Warren Buffett: A High Return Investment Strategy
There are two kinds of books on investing like Warren Buffett: the good ones and the rip-off ones. This is one of the good ones. The author adds value by reverse engineering Buffett’s trades, and distilling what he’s found into several stock research checklists:

Business Characteristics
Earnings
Debt
Equity
Profit Margin
Capital Investment
Management
Dividend
Assets
Inventory
Share Buybacks
Insiders
Institutional
Inflation
Cyclical Company
Turnaround
Stock Price

Each of these have several questions, such as “What is the average ROA for the last ten years?”. There’s a tutorial on each question, showing what the author thinks Buffett is looking for. In total there are over sixty questions. To show how this analysis works, he then analyses Infosys Ltd, an IT company.

If you find this interesting, read Buffett himself in Berkshire Hathaway Letters to Shareholders.

If you want to invest like Buffett, there are at least three ways you can do it:

1. Buy shares in Berkshire Hathaway.
2. Buy the same shares that he does, when he does. Men Faber describes how to do this in Invest With The House: Hacking The Top Hedge Funds.
3. Use his techniques to find companies in which to buy shares. This book explains how to do it, but you might also look at Invest Like Warren Buffett: Powerful Strategies for Building Wealth.

If you have stumbled across this book while looking for something which explains how to invest your money wisely, you might want to look at my favourite book on investing: Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School.
The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
So most parents don't educate their children about money and schools definitely do not. I heard the worst financial and career advice imaginable from college professors. This is more about personal finance than investing. Buy it before you apply to med school. The author repeatedly points out that most physicians don't earn that much anymore but are tempted to live as if they do. Much of the book offers common sense suggestions such as spend far less than you earn and save the rest. Perhaps the highlight of the book is that the author suggests that if you know enough to determine if a financial advisor is knowledgeable and isn't going to rape you with fees, then you know enough that you don't need a financial advisor. In my experience, that is largely true, a bit like choosing your physician.

You don't know what you don't know so either you can read a lot of Suze Orman or you can hire a smart CFA. However, be aware that a CFA is not an accountant and not a real estate, estate planing, or tax attorney. The portion on investing is perhaps too superficial. The author does cover personal finance such as disability insurance, excess liability, student loans and so on. I take issue with his advice on taxes. He suggests pushing the boundaries when paying taxes. Yes, there are some grey areas, and yes you might save a few dollars pushing those until you trip an IRS flag and are audited. Then you will pay your accountant for the audit and if you fight it, you will hire a tax attorney at $400 per hour. Assuming that you are right and that you win (and the first does not in any way guarantee the second) your expenses will be substantial, and if they are larger than your tax savings, too bad. In addition, you will likely be audited several more times. Congress writes tax laws, the IRS writes the tax code, and then there is case law; there is no one person on the planet who understands it all.
How to Build a Business Warren Buffett Would Buy: The R.C. Willey Story
How to Build a Business Warren Buffett Would Buy: The R.C. Willey Story
I recently finished reading "How to Build a Business Warren Buffett Would Buy: The R.C. Willey Story." I was so impressed with the book that I am purchasing copies for each of my children and for many of my friends. It was both informative and inspirational. As one who has been involved in higher level management for many years -- I am currently serving as a college president -- the book comes to mind almost daily and reminds me of the importance of integrity and the value of customers (in our case, students). In fact, I am using the portions regarding customer relations as the basis for some training that we are doing in that area. I am blessed to know Mr. Child and Mr. Benedict and this book is the real thing -- it was a quick but inspiring read.
Stock Market Investing for Beginner: The Bible 6 Books in 1: Stock Trading Strategies, Technical Analysis, Options, Pricing and Volatility Strategies, Swing and Day Trading with Options
Stock Market Investing for Beginner: The Bible 6 Books in 1: Stock Trading Strategies, Technical Analysis, Options, Pricing and Volatility Strategies, Swing and Day Trading with Options
Love this book, actually investing in the stock market is a great way to build lasting wealth, but it can be a minefield, and you need to know what you're doing. Otherwise, you're going to lose your capital to the vagaries of the market that is if the siren call of market scams doesn't get you first.
But it doesn't have to be that way. If you're interested in trading and want to understand and explore proven financial advice and put your money to work, but don't know where or how to begin. Or you're tired of the truckloads of technical jargon, and the sheer complexity of the market scare you senseless, then keep reading. In this guide, you're going to learn how to put your money to work for you with field-tested, highly perfected, and fine-tuned trading strategies. Them will help you to make bank and create lasting wealth using two of the most powerful trade. Whether you're excited by the idea of trading, but fear you don't have what it takes to succeed. Or you're a dab hand in the stock market and are simply looking for ways to grow your stock investment. The information contained in this guide will hone your trading instincts and will help you make the right calls. An excellent overall guide for all of us. Grateful! Great one!
Creative Capitalism: A Conversation with Bill Gates, Warren Buffett, and Other Economic Leaders
Creative Capitalism: A Conversation with Bill Gates, Warren Buffett, and Other Economic Leaders
There are basically two teams in this match of ideas, with several participants trying to referee. On one side are the economists by trade, who are very skeptical about non-market criteria in economics. On the other side are the non-economists who believe the art and science of economics needs to be broadened, but are unclear on how this can be accomplished. Notably, I found the most refreshing approach of the many experts participating in the blog offered by perhaps its youngest contributor – the student Kyle Chauvin – who argued how we need to expand the reach of traditional, or profit, capitalism, not only around the world but to the overlooked corners of the developed world as well.

Unfortunately, the two sides never really converge in this debate and I suppose that may be why the conversation disappeared from public discourse (only 7 reviews?). Both sides accept some common premises that need to be challenged in order to break out of the box we find ourselves in on these issues.

These premises derive from the neoclassical school of economic theory that laid the foundation for general equilibrium theory in macroeconomics. Specifically, actors within the economy are classified according to a loose application of factor analysis, so we have workers, entrepreneurs and small business owners, corporate firms and managers, investors, savers, lenders, borrowers, consumers, and political actors. Then we lump these categories into producers, savers, and investors on one side versus consumers, workers, and borrowers on the other. The consensus seems to settle on the idea that some people produce and so policy should empower this production. Then successful producers can be taxed by political actors, and/or encouraged by philanthropy, to redistribute the wealth to non-producers for reasons that range from compassion to demand stimulus.

Capital accumulation and equity ownership in capitalist enterprise is an essential form of participation in the modern global market economy. Concomitant with ownership is the question of control in governance and risk management as the flip side of profit. But instead of focusing on how wealth is created and distributed through these market structures and institutions, we insist on dividing capital from labor and then try to redistribute the outcomes by political calculus, or by corporate largess. This is industrial age capitalism and such a mode of production will never accomplish what we hope to through creative capitalism. (I do agree with Clive Cook that we need a better term—maybe Inclusive Capitalism or the Singularity, to borrow from Ray Kurzweil.)

The problems that corporate social responsibility (CSR) seeks to address are rooted in the skewed distribution of productive resources across society, widening the gap between the haves and the have-nots. But taxing the haves to give to the have-nots is a self-defeating form of compassion. We should try to adhere to the Chinese proverb about teaching a hungry man to fish so that he eats for a lifetime. This can be put most plainly by asking the following question: If corporations work solely to enrich shareholders, then why aren’t we all shareholders? To widen the economic net even more, why aren’t all enterprise stakeholders shareholders?

Equity participation may also be the most viable way to promote “recognition” as a complement to profit maximization, as stakeholders have a broader range of interests, of which immediate profits is only one. This idea also focuses our attention on the real problem of free societies: agency failures and governance. Market economies depend on a multiplicity of agent-principal relationships in economic enterprises and political institutions. The abuse of these relationships is the mark of cronyism that dominates public attitudes toward “undemocratic” capitalism these days. This is not an easy problem to solve, but suffice to say equity ownership, control, and risk management must be as open, transparent, and competitive as possible. This is the only way to confirm that these relationships are accepted as just.

The only sustainable solution to world poverty and the skewed distribution of resources is the creation of a worldwide, self-sufficient, productive middle class. This is as necessary for democratic politics as it is for economics. For the middle class to grow, it needs access to resources, mostly financial capital and technology these days.

We can point to the history of land homesteading that built the American Midwest, and just recently, the idea floated by Michigan’s governor to promote homesteading in Detroit for foreigners. Society’s resources need to be spread far and wide in order to reap the benefits of innovation and adaptation, while maximizing the utilization of these resources. The financial imperative of capital is to maximize return, but the socioeconomic objective seeks to do so by combining capital with labor. This flies a bit in the face of the efficiency argument that some people are better at managing risk and creating wealth, so specialization of function should favor the risk managers on Wall Street. The problem is that we never know where to find the successful entrepreneurs and job creating small businesses of the future, only those of the past. And Wall St. only considers those who manage to squeeze through the narrow access door.

Without angel capital provided by family relations who merely saved and accumulated their personal wealth, many enterprises would never see the light of day. At the early stages, venture capital money is too costly or unavailable. This story is repeated across the economy, yet today’s concentration of capital in venture firms, hedge funds, private equity, buyout firms, major bank holding companies, etc. narrows capital access to those who already have it. The proliferation of ideas must be forced through this bottleneck, to what end? Better that individuals, families, small group networks, etc. are empowered by policy to accumulate their own capital to put at risk in entrepreneurial ventures. After all, sometimes the idea is not so sexy and may be nothing more than a new restaurant idea or a better mousetrap. In a world where the future is unknown, we can’t lock ourselves into narrow investment models built on the past. Likewise, we should not underestimate the ancillary growth Microsoft seeded by enriching its own shareholders.

The key point, which cannot be overemphasized, is that broad capital accumulation achieves double the impact of other policy options. First, it helps finance ideas, innovation and entrepreneurial risk-taking that will increase labor utilization, spreading the risks and benefits of economic growth. Second, accumulated financial assets, or savings, help mitigate economic risks of unemployment, health, and retirement through self-insurance. This reduces political demands on the state's safety-nets and the tax and redistributive policies on productive effort that hampers economic growth. Essentially, policies that promote broad-based capital accumulation are a win-win for all citizens of a democratic capitalist society.
Steve Jobs
Steve Jobs
With the exception of one laptop and 2 non-smart cell phones, in my personal and professional life since 2004 I've had nothing but Apple products - computers (both desktop and laptop), iPads, iPods, and my crown jewel: my iPhone. None has ever disappointed me. I say this not to put forth a review of the Apple products but to explain that I am part of Steve Jobs's choir: I value, respect and rely on the products that he created. I'm sold, so to speak. And so it seemed only logical that I would eventually read this book to gain insight both in the genesis and evolution of Apple and in the person of Steve Jobs. The book did not disappoint in either.

What I found out about the early years and the development of the personal computer was fascinating. I do remember a lot of the news articles from those years - I was living in San Francisco at the time and a good friend of mine worked for Apple - but I would not consider myself previously knowledgeable about Apple in any comprehensive way. I learned so much of the nuts and bolts of Apple Computer, Inc., from this book. The chapters about the creation of the iPod, iPhone and iPad were very interesting to someone who has used these products for years and years and feels she has some proficiency using what they offer me.

But the insight I gained from the book on Steve Jobs the man left me very sad. While I consider him to have been a true genius with an almost other-worldly imagination, I can't imagine that I would have liked him very much or respected him outside of his professional arena. As the founder and developer of Apple Computer, he was spectacular. He had an intense imagination, vision, and belief in things that had yet to be discovered. He was fortunate enough to find those people who had the same precise work ethic that he did. To find those people and to hone the abilities of the ones who stayed, he had no reservations about crushing their substandard efforts or their feelings. The ones who lasted were the ones who believed in his vision and their Jobs-given opportunity to indulge and demonstrate their own creativity. The ones who lasted were the best and brightest the tech and artistic world had to offer. The ones who lasted were the ones who took his ideas and made them into our reality. I am profoundly grateful to them and to him for the advances they made in technology and artistry. And I guess the one cannot exist without the other. Without his exact personality would the tech world have been turned on its ear and eventually controlled by Apple? I don't know. Actually I doubt it.

In terms of his family, it seemed as if his attention to them was given only when it was not required or demanded elsewhere. His children were discussed very little; the same is true about Laurene Powell, his wife. But it is clear that in his wife he found the one person who was his equal in intelligence and commitment. Their marriage is portrayed as strong but him as absent.

The sections on his cancer and eventual death were moving but not enough to make me feel for him as a person. I am sorry he died but my sorrow has to do with the loss of him professionally and what he might have accomplished and achieved had he lived but not with the loss of him as a man. And yet I can recognize his genius and I'm glad I read the book.
Warren Buffett : 100 conseils pour investir et devenir riche (French Edition)
Warren Buffett : 100 conseils pour investir et devenir riche (French Edition)
Les conseils de Warren Buffett distillés dans ce livre sont comme des lumières dans le monde quelque peu obscur de la finance. Avant d'investir des fortunes sur les marchés il est des plus rentable d'investir quelques euros dans ce guide qui dicte certaines des erreurs qu'il ne faut pas commettre, les règles de bon sens qui permettent de tirer son épingle du jeu très risqué des placements financiers. Et ces conseils sont également utiles pour tout décideur économique qui doit investir, faire un pari sur l'avenir, être un visionnaire, comprendre ce qui fait la solidité et la force d'une entreprise.

Bien sûr on n'apprend pas à nager en lisant des livres de natation mais on apprend quand même mieux en compagnie d'un grand maître, on a ainsi plus de chances d'éviter la noyade !
Même si le difficile est de mettre en pratique ces conseils, par exemple avoir la patience d'investir réellement à long terme sans céder à la tentation de prendre ses bénéfices en vendant ou sans céder à la peur lors d'une petite baisse du cours, (bien qu'il faille à mon avis savoir limiter ses perte et vendre si la baisse est vraiment trop forte pour éviter de tout perdre).

A la fin du livre, on voit ce à quoi Warren Buffet considère ce qu'est la réussite d'une vie, non pas au nombre de milliards qui ont été amassés et qui ne vous suivront pas dans votre cercueil mais "au nombre de personne qui vous aime vraiment", même si quand ont fait un gros chèque on a tendance à vous trouver paré de toutes sortes de vertus...
Warren Buffett: 20 Life Tips To Get Control Over Your Life And Gain Success: (Warren Buffet Biography, Business Success, The Essays of Warren ... The Intelligent Investor, Security Analysis)
Warren Buffett: 20 Life Tips To Get Control Over Your Life And Gain Success: (Warren Buffet Biography, Business Success, The Essays of Warren ... The Intelligent Investor, Security Analysis)
Absolutely awful. Book in this case means a 1/10th of an inch pamphlet filled with spelling mistakes, grammatical errors and content/quotes that could have been pulled out of any Warren Buffet biography and typed up in an afternoon.The pages are too thick to be used as toilet paper and the book itself isn't big enough to prop up my wonky coffee table ( It may be for yours but I can't comment on that)
Bear Market Trading Strategies
Bear Market Trading Strategies
Another Home Run, This time in the Bear Market. Matt just keeps giving us the Best that he has when it comes to beating the odds in the Stock market. I just hope he never stops providing all this great information. When I first began trading stocks, I was clueless. With Matt's books, I now feel more comfortable and positive on what I am doing when it comes to investing in stocks, Futures or Options. Wherever I am honing my skills in long term or short investments, my portfolio continues to rise. Thanks Matt!

Lorenzo
The Great American Dividend Machine: How an Outsider Became the Undisputed Champ of Wall Street
The Great American Dividend Machine: How an Outsider Became the Undisputed Champ of Wall Street
While I can't say that this book was a complete waste of my time and money, it was close enough.

Bill Spetrino does a good job in the beginning of the book telling a story about his childhood and how he had to learn to be creative to make money and basically think outside of the box to set yourself apart of the pack. His stories about how he learned to be a professional gambler are good too and he uses these examples in his book to tell the story of how he figured out how to be a great investor. However, outside of his childhood stories, he does very little in the way of passing on how he learned to be a great dividend investor and how and when he picks his stocks. If anything a lot of the 'advice' he does give is very surface level and if you've read any other books on investing or dividend investing you'll find that what he gives you is VERY surface level and for what you pay for the book pretty disappointing.

What really is the "icing on the cake" is the fact that he uses the book to ADVERTISE and PUSH for you, the reader to subscribe to his newsletter. He even uses phrases like "for six cents an hour let me do the work for you...", "Money Back Guaranteed if you don't like it..." and other things that advertisers of advisory services and newsletter do to get people to buy their services. I'd be Okay with this IF I didn't pay for the book that was supposed to help me be a better investor. Instead I paid for a short story about Bill's life, surface level analysis "skills", and for him to tell me to subscribe to his newsletter. Anyone who gave this book more than two stars has either never read or looked into fundamental or technical analysis or is a paid shill.

I read "Dividend Growth Machine" by Nathan Winklepleck recently. While it was not an all comprehensive book on dividend investing (Nathan even points it out in his book), there's more information that I found useful and actionable than Bill's book. Also, Nathan gives a list of other books suggests that might be worth his reader's time, but he doesn't shill any of them or flat-out says to buy something from them, or him.
The New Buffettology: Warren Buffett's Proven Techniques for Investing Successfully in Changing Markets
The New Buffettology: Warren Buffett's Proven Techniques for Investing Successfully in Changing Markets
I like both Buffettology and Buffettology II as books I can go back, skim through, and find straightforward ways of examining the worth of stocks. I give it 5 stars as being excellent for steering you to good investments. But don't assume every other method and every investor is as stupid as the book claims: it will lead you to value this book's opinion alone too much.

In Buffettology II, I'm sure many novice investors come away with the idea that EVERY major investor is an idiot and that through Warren-like value-investing methods you will have a tremendous advantage on the rest of the market. They also treat long-understood investing phenomena, like a long-lasting competitive advantage, as if it's only being revealed to the world through this book. For example: "...we'll let you in on one of Warren's best kept secrets. He figured out that some, but not all, companies have what he calls a "durable competitive advantage."" HE figured out? Ben Graham and Phil Fisher were writing books about it while Warren was just getting out of college. Phil Fisher's "Common Stocks and Uncommon Profits," published in 1958, goes to great length explaining the situations to look for in which a company has such an advantage.

I'm glad such a thing is discussed in the book while at the same time I'm outraged the authors LIE to me to make the book look more unique and valuable. EVERY chapter includes some kind of thing like that which makes you wonder at the authors' motives.

Why do they need to lie and exaggerate if they're really providing the best way for the average person to evaluate stocks without going through the whole, formal, "asset value, earnings power value, growth value" math calculations required by advanced methods as per Greenwald, et al's "Value Investing"?
The Real Warren Buffett: Managing Capital, Leading People (Bookbytes Executive Summary)
The Real Warren Buffett: Managing Capital, Leading People (Bookbytes Executive Summary)
I first read this book in 2003 and re-read it again in December 2010.

O'Loughlin's "The Real Warren Buffett: Managing capital, leading people" focuses on both Buffett's skill as an investor and his role as a business leader. Most people are perhaps more familiar with the first yet curiously we are likely to learn more from the second. Why, well because Buffett was "hard-wired" with the kind of logical mathematical brain that favoured him in investing whereas he had to learn to become a good leader.

This book is a great help in addressing how Buffett became a sucessful business leader. It talks about the "explosion" in Buffett's cognition after 20 years being a successful stock picker which came in part from his exposure to Charlie Munger, his subsequent business partner. Just as Benjamin Graham influenced his early approach to investing, Charlie Munger was an equally important influence on his later approach to investing and business leadership.

O'Loughlin highlights how Buffett first began to address the issue of the "institutional imperative" in organisations and then realised it applied to him as well. What is the institutional imperative? It refers to the tendency of organisations to resist any change to its current direction. Buffett liked to quote Churchill who said "you shape your houses and then your houses shape you" and Lord Keynes who said "The difficulty lies not in the new ideas but in escaping from the old ones". In Buffett's case this meant escaping the old ways of valuing businesses that he learned from Ben Graham and learning new ways he was exploring himself urged on by Munger.

In Buffett's case his imperative was to stay focused on stock picking or "renting stocks" as O'Loughlin refers to it, whereas Munger was encouraging him to look at value creation and at those businesses that had enduring franchises (the great businesses as Munger called them). Such businesses had a future whereas for most of Buffett's short-term stock picks, their best days were behind them.

Once he started to acquire these "great franchises" he was faced with a new problem, 'How to motivate their managers to stay running the business long after most had any financial need to do so'? Buffett's answer to this question is the main reason he is as successful as a business leader. How did do it?

His challenge was to get the new managers to continue to think like owners. He did this by guaranteeing their autonomy, but trusting them and by giving them a reputation to live up to. He encouraged them to "run their companies as if these are the sole asset of their families and will remain so for the next century" (Buffett, Letter to Shareholders, 1999).

Ralph Schey noted, "The greatest strength he has - giving you a lot of freedom to run the business the way you want. And that way, you can't pass the responsibility back to him" (ex CEO Scott Fetzer). Bill Child noted, "He has a way of motivating you. He trusts you so much that you just want to perform" (R.C. Willey Home Furnishings). On retiring after 20 years working with Berkshire, Ben Rosner commented to Buffett (paraphrase)"I know why it worked" he said "you forgot you bought the business and I forgot I sold it". In 2000 Buffett said, "in our last 36 years Berkshire has never had a manager of a significant subsidiary voluntarily leave to join another business".

In re-reading the book now, I am struck by the emphasis that O'Loughlin places on "development" which is of course central to my own research on Buffett. I am also reminded that just because a book is eight years old, and there have been many other books on Buffett since (most of which I have read), doesn't reduce this book's many useful insights.
The Book of Investing Wisdom
The Book of Investing Wisdom
This book is quite mediocre, consisting of a bunch of second-rate excerpts from the work of famous investors. It's like an art museum that, instead of the BEST works by famous painters, has the WORST work by each famous painter. I can't imagine why editor Krass did this, except maybe to save on the expenses of securing permission to reprint.

For example, in the case of Benjamin Graham, instead of choosing something sublime from, say "The Intelligent Investor", Krass chose an obscure piece from "The Magazine of Wall Street" in 1920, which talks about hedging techniques that Graham himself said were useless, later in his career.

The biographical sketches before each piece are full of errors, for example misspelling "Niagara" as "Niagra" and stating that J.S. Bach died in 1760 when even the most amateur student of music history knows that he died in 1750.

The underlying cause of all this nonsense becomes clear when you go to the dust jacket and see that Krass has written a whole series of these books, such as "Book of Financial Wisdom," "Book of Leadership Wisdom," etc. Clearly Krass is a hack who knows nothing about investing, and is just assembling quotations at random to make a few bucks. Save your money and buy a good book on investing. This is not it.
How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition
How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition
Don't get me wrong but this is one of the worst books I have ever read.

Let me explain why...
This book is about growth investing and growth investing only. The reason I thought the book is horrible is because the author go against some of the already proven techiniches and consensus already stabilished not only in Wall Street but for great legends like Benjamin Graham, Warren Buffett, John J. Murphy, Bulkowski, Nison and others.

For instance, he desregards the use of P/E or Discounted Cash Flow as a good metrics, giving exemples about the high P/E ratios found on Microsoft and other Tech Growth stocks and how the investor would have missed those stocks.
But he does not tell the story about the dot com bubble and how this same over valued P/E stocks went from a fortune to nothing, capitalizing on earning growth that even did not existed, more like a future promisse.

He gives other example about Bank of America with low P/E in 2008. For God Sakes a global financial crises and meltdown of stock market should not be a parameter for nothing and pro investor or not, who earned money in that year?

Other point the author dismiss based on his research is about Technical Analysis and some Patterns, saying almost all patterns have a low rate of success. The only pattern that he considers good is cup and handle because he was the first person to spot it and write about it, I guess...

On the final chapters the author have some chapters with titles like When to sell or how to time markets and stuff like that, but he does not give clear clues and techniques and pictures of how to do it and how to do it, he just talk in a shallow way.

He dislikes the idea of buying good and stabilished companys like Coca-Cola and Gillete just because the are too big to generate good profits or because he judges their management team old fellow with no interest to innovate or step out of the box. Also deslikes the idea of buy and hold good companies like Warren Buffett does.

In resume, is almost like he is saying "Go Big or Go Home!" and instigating the new investor to take risks with this unproven enterprises...

Like I said, this is a good for those interested in buy and look for growth stocks and maybe in this matter it can be a useful book, but to dismiss all the common sense and already proven techniques ranging from value investing and technical analysis for me would be madness
Warren Buffett: The World’s Greatest Investor, or Just an Extremely Lucky Guy? (Smart Investor Book 1)
Warren Buffett: The World’s Greatest Investor, or Just an Extremely Lucky Guy? (Smart Investor Book 1)
I would very prescribe it to anybody endeavoring to decode the in many cases beguiling universe of contributing. I observed this book to be the most effectively justifiable breakdown of Warren Buffett's speculation standards. Anybody would have suggested a book on Warren Buffett so am not helping you out by prescribing this. Regardless I keep one of the pages of this book posted in my office since it reminds me once a day of Warren's fundamental venture principles.
Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
This is by far the best book on investing that I've ever read. And I've read several dozen of them, plus another few dozen trading books. It's very clear, very concise, and makes perfect sense. I re-read it every year. Hallam gives us a complete investment strategy, which works across all phases of the market. You'll need to do a little bit of research at the beginning, but you won't need to make any complicated decisions. It should take a few hours each year to implement.

The summary is:

* Spend only what you need to, in order to have a reasonable life style. Save as much as possible to invest for the future. Eliminate debt before you make new investments.

* Start investing as early as possible, to enjoy the benefit of compound interest.

* Invest in low-cost index funds.

* Split your investments into two segments: bond indexes and stock indexes. Weight the bonds according to your age, so if your are 38 years old, hold 35-40% of your entire portfolio in bonds.

* Over time the bond component will grow/fall at a different rate than the stock component. So when you invest new money, buy more of the under-performing component. For example, if stocks have done really well so your portfolio is now weighted 30% bonds and 70% stocks, buy bonds with the new money. Then every year, rebalance the portfolio, selling enough of the higher performing component to buy more of the worse performing component. Note that most people would do the opposite, and buy more of high performing component.

This strategy forces you to sell high but buy low. That's exactly what you'd do when buying and selling any other product.

I can't recommend this book highly enough. If I could, I'd give it ten stars. Buy it, read it, digest it, follow its advice. Ignore almost everything else.

No, I'm not related to the author, I'm totally independent of him.
Of Permanent Value: The Story of Warren Buffett/2014 Endless Extra Edition
Of Permanent Value: The Story of Warren Buffett/2014 Endless Extra Edition
The new edition of Andy Kilpatrick's fascinating biography of Warren Buffett, Of Permanent Value, is a large compilation of details about Buffett's life history. There are more than 2,000 pictures throughout the book that add interest to the well-written history of the man, his colleagues, family, and friends.

The author became fascinated with Buffett early on. He set out to document what he learned by writing it all down in this excellent book, adding new information every one to two years. Thus the new 2014 edition is named "Endless Edition" so that the reader is aware that much of what is found here is recent.

I heartily recommend Mr. Kilpatrick's book as an important addition to the reader's library. The reader will enjoy the lay-out, including the easy to read text, the arrangement of chapters, the many quips and conversations between Buffett and his acerbic partner, Charlie Munger, many new and interesting details about his rise to fame and fortune, and fully indexed notes.

I bought this book just before attending the Berkshire-Hathaway Annual Meeting in Omaha, May 2014. I began reading the book before arriving in Omaha and found the information contained within added so much more to my experience at the meeting. I learned that the author attends this meeting regularly and has done so for several decades. I met with him there and gained a new-found admiration for his work on documenting Buffet's life and for his dedication to teaching others through this fine book.
The Buffett Essays Symposium: A 20th Anniversary Annotated Transcript
The Buffett Essays Symposium: A 20th Anniversary Annotated Transcript
If you’ve ever watched Warren Buffett and Charlie Munger answering questions at a Berkshire Hathaway AGM, one thing that is striking is the combination of breadth and depth. That is, the breadth in the number of topics covered and the depth of the insight. The George Washington University professor Larry Cunningham early on realized the quality of Warren Buffett’s thinking and two decades ago took Buffett’s letters to shareholders, rearranged the writing after topic and created an instant investment classic. The Essays of Warren Buffett is solidly parked on our list of best investment books ever.

In connection to the launch a two-day convention in New York was hosted by Cunningham. Apart from Buffett and Munger a number of well-known investors like Lou Simpson, Bill Ackman, Robert Hagstrom, Bruce Berkowitz and Paul Hilal had the rare luxury of attending the event. A total of 150 persons attended the two days. The arrangement was that an expert panel per subject would start a discussion and pretty soon Buffett, Munger and others would join the discussion. This book is the edited transcript of this symposium.

The topics of the discussions - and the chapters of the book - were corporate governance, finance and investing, mergers and acquisitions and accounting and taxes. Much of the text covers the panelists discussing their take on a specific line of thought that has been presented by one of the others - and that doesn’t necessarily have to be related to the writings of Buffett. It’s a learned and intelligent discussion, which in the academic tradition wiggles forward through trial and error and testing a thesis of a more or less important topic. Often Buffett and Munger are asking questions and learning rather than taking the lead role.

It’s nevertheless when Buffett and Munger now and then join in that the discussion goes from interesting to sparkling. It’s fascinating to view the difference in language. The panelists use an academic prose littered with specialist expressions and with a deep knowledge of detail. Every other line from Buffett and Munger instead reads like a quotation from Yogi Berra. The words glow. The drastic examples, mundane wording and smart metaphors cant hide the fact that Buffett and Munger often capture the essence of what the other panelists painstakingly are trying to arrive at.

While the expert panelists change depending on subject, Buffett and Munger continue to discuss topic after topic on the same high level. Now and then it shines through that the two are very rational in how they spend their time and therefore haven’t fully studied the finer details of matters they don’t think benefit them. For example when Munger quips that he supports the weak form of market efficiency, he probably rather wants to deliver a good punch line than have an opinion on the usefulness of technical analysis specifically. Buffett and Munger have rejected modern portfolio theory on a common sense basis, what is then the use of wasting time studying the details of the theory?

The Buffett Essays Symposium is a short book and it really doesn’t offer new thinking from Buffett or Munger. It’s a nice set of Buffett trivia with plenty of unique pictures but the reader learns little new. I still think it is remarkable how early Buffett and Munger had come to formulate their worldview and how little it changes over the years. Compared to the panelists they more often take a broader societal view, they look to fairness and justice and distils key principles. Then naturally there is little need for change of viewpoint. What’s right is right. I also think Charlie Munger comes more to his right in these discussions compared to playing the role of the drastic side-kick at Berkshire AGMs. His background as a lawyer shines through when he discusses corporate governance structures etc.

The Essays of Warren Buffett is a need to have. Without having read this book you cannot claim to be an intelligent investor. For anyone but the die-hard Buffetteer this symposium book is a nice to have - wrong, a very nice to have - but still.

This is a review by investingbythebooks.com
Of Permanent Value: The Story of Warren Buffett (Part I)
Of Permanent Value: The Story of Warren Buffett (Part I)
I've purchased Mr. Kilpatrick's updated version of this book over the years, but this is the first time it's been available on Kindle and what a delight! There is a lot of information in this book and having it on Kindle makes it even easier to read. I've read most of the books out there on Warren Buffett and have also read the annual reports going back to 1977. Here's the bottom line: If I could only have one book on Mr. Buffett, this would be it. It's comprehensive, packed with great information and you'll get an occasional bit of both Mr. Buffett's and Mr. Kilpatricks's wit. I enjoy reading books that are a little "fun" and this one is. Enjoy.

This review applies to Parts I, II and III here on Kindle. Make sure you get all three parts.
101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway
101 Reasons to Own the World's Greatest Investment: Warren Buffett's Berkshire Hathaway
The shelves are full of books that are aimed at helping you learn how to invest like Warren Buffett does. I generally find those books to be a waste of time. If you want to invest like Warren Buffett, why not simply buy Berkshire Hathaway's stock? Well, this book takes the positive side of that perspective. In the process, you can learn much more about how Mr. Buffett has invested for himself and others at Berkshire Hathaway. Where most books about Mr. Buffett's work are overly simple and general, this one captures many fine subtleties. The book's main weakness is that Mr. Miles is not open to seeing the vulnerabilities for the future in Mr. Buffett's approach.
This book had an interesting genesis. It started as posts by Mr. Miles on the Motley Fool bulletin boards. I suspect that we will see more examples of this kind of authorship in the future, and think that it is a good idea. Authors get feedback on-line about their ideas, and can create a market for the book at the same time. Very nicely done!
The book contains literally 101 arguments in favor of buying and holding Berkshire Hathaway stock. I suspect that there was a target number set, because some of the arguments repeat each other. The appendix is very valuable in providing more fundamental perspectives on buying stocks for a new investor.
Space limits me from praising or critiquing each concept, so I will just focus on a few points. In doing this, though, you should realize that there is a lot of very solid and valuable material here.
First, just for the record, let me note that there are CEOs whose stocks have outperformed Mr. Buffett's record in the last 10 years. These are concentrated in the high technology and service business areas. I suspect that there will be more and more of these in years to come. My studies of the most successful CEOs show that these success rates are improving. Where Mr. Buffett was once near the top of the list, he increasingly is falling in the rankings. This is primarily due to his focus on avoiding technology investments. Those have been and will be the driving force of economic growth, and it's tougher to grow fast if you stick to the sidelines. As Mr. Miles points out, this avoidance does have advantages -- your stock is not as volatile on the downside (as we have seen in the last year or so).
Second, you will find it helpful to compare this book to John Bogle's excellent book, Common Sense About Mutual Funds, which makes the case for indexed fund investing. In many ways, Mr. Buffett outdoes the index funds -- by having lower management fees, less stock turnover, and fewer taxes incurred.
Third, Mr. Miles is in denial about that fact that Mr. Buffett is a man in his 70s. You will not be able to invest with Mr. Buffett after he is no longer active as CEO of Berkshire Hathaway. While no one knows when that will happen, and no one wishes it to happen, it will happen regardless. Mr. Miles treats this like it could be the best thing that ever happened to the company. I would have liked to have seen more discussion about the downside risk. Avoiding risk and losses, after all, is what Mr. Buffett's approach is all about. I know of no investment vehicle that did as well after its founder retired.
Even if you have no interest in buying Berkshire Hathaway stock, you can learn a lot about good investing from seeing what Mr. Buffett does, as expressed here.
As to buying Berkshire Hathaway, for most people this would be a good move as an alternative to some of the funds they would otherwise put into mutual funds that are actively managed. But I would argue that no one should have more than 10 percent of their financial assets here. A lot of Mr. Buffett's big winners in the past (like Gillette and Coca-Cola) are having real problems. He is also fueling the company's growth with exotic insurance products. The world is full of people who found the market could turn on them in specialized financial services.
If you do want to buy this stock, wait until the current bear market on Wall Street is over. The stock will probably be cheaper then. But feel free to follow and learn about Berkshire Hathaway in the meantime.
A good thing to do is to think about who is going to be the next Warren Buffett and is younger, and invest some there as well. Who are your candidates? I have mine.
Achieve your financial goals, whatever they may be!
How Buffett Does It: 24 Simple Investing Strategies from the World's Greatest Value Investor (Mighty Managers Series)
How Buffett Does It: 24 Simple Investing Strategies from the World's Greatest Value Investor (Mighty Managers Series)
Firs of all: this book will not make you rich. Nor will explain you a secret which will help you become rich.
After all, it was not written by Warren Buffet himself - that should give you additional warning sign.
This book explains some principles Buffet used in his way to the top, it explains differences between him and many others and many other things, but it doesn't bring any magic formula. Some things you will find in are useful, of course and in general it is worth reading, but in general nothing spectacular. It explains Buffet's general philosophy and strategy, but without some key things: how to find "gold share" and how will you know when you find it. Also, my opinion is that it's applicable to USA only, if you are in Europe - take care. Shares available in some smaller countries are not even close to ones you can buy in USA. But can still offer high revenues if you NOT follow some rules in this book.
Anyway, I would recommend this book to anyone dealing with shares because it gives you some wider perspective and ideas you will not hear from your own broker, but still - use your own head.
100 Stocks That A Young Warren Buffett Might Buy: Proven Methods for Buying Stocks and Building Wealth Like Warren Buffett and Charlie Munger
100 Stocks That A Young Warren Buffett Might Buy: Proven Methods for Buying Stocks and Building Wealth Like Warren Buffett and Charlie Munger
In this rather long book, the author first gives some background on both Warren Buffett and Charlie Munger, his right-hand man, before giving a brief analysis of their investing style. The author then goes on to provide just a little bit of advice about how to manage your portfolio and other stock advice. But the bulk of the book by a large margin is the hundred stocks mentioned in the title. The author does give his choosing criteria based on his analysis of Buffett and Munger’s investing style. This is definitely not a book that you sit and just read straight through. You can do that with the first part, the more theoretical part, but the section on each of the specific stocks themselves should only be taken in small doses. The author made me curious enough that I think it would be interesting to follow these companies to see if he is correct in his assessments. All in all, I found it to be an interesting glimpse into two men who have amassed such wealth, as well as into the mind of the author—whom I’ve read before. I find books were people make analyses like these to be fascinating.

I received a free copy of this book, but that did not affect my review.
101 Entrepreneurial Facts About 10 of The Most Successful BILLIONAIRES That Can Inspire You: Warren Buffett, Steve Jobs, Elon Musk, Richard Branson, Mark Cuban, Oprah Winfrey, Jeff Bezos...
101 Entrepreneurial Facts About 10 of The Most Successful BILLIONAIRES That Can Inspire You: Warren Buffett, Steve Jobs, Elon Musk, Richard Branson, Mark Cuban, Oprah Winfrey, Jeff Bezos...
Enjoyable read for any person interested in learning about how to become successful in business and life. Focus is on 10 billionaires who have made their fortune in a variety of different endeavors, but all share similar qualities and principles of success. In particular I liked reading about Elon Musk, as he is an inspiration to me as he started Tesla and Solar City, and is a real visionary and leader. Overall very interesting read and well written. Highly recommend.
The Warren Buffett Shareholder: Stories from Inside the Berkshire Hathaway Annual Meeting
The Warren Buffett Shareholder: Stories from Inside the Berkshire Hathaway Annual Meeting
I have gone to the meeting for the past 5 years, but missed this one. After getting over my initial FOMO, I was delighted to find out that this book would arrive just in time for me to enjoy while I watched the webcast of the meeting.

And then I REALLY had FOMO.

Cunningham/Cuba do a phenomenal job of curating and arranging these perspectives to imitate the environment of the meeting and surrounding weekend events, and will really make it feel like you're there. If you don't go, you'll really wish to be a part of the events/networking/ethos.

One thing that I was very impressed with was a constant theme of humility. These are accounts from some of the most studied scholars and biggest names in investing and finance, and there was a constant sense of respect and lifelong learning. In Cunningham's forward, he speaks about "coaching" the essayists not to use the regular tropes-- "woodstock of capitalism," etc-- Cunningham's guidance REALLY made the difference when it came to these essays. I was afraid they would get repetitive, especially having been to Omaha a couple of times myself, but no, each essay was extremely enthralling to the very end.
The Women of Berkshire Hathaway: Lessons from Warren Buffett's Female CEOs and Directors
The Women of Berkshire Hathaway: Lessons from Warren Buffett's Female CEOs and Directors
I thoroughly enjoyed this carefully researched book based on the stories about successful women and the ethical businesses and corporations where they worked. The inside information such as how to position yourself to be in the right place at the right time (it's not all luck of course) is useful and entertaining. It was interesting to be educated on how and where to shop. For instance if I ever need to shop for fine jewelry, I now know to ask about the "store price." There is a wealth of information about running businesses including home sales throughout the book.

It was a real pleasure to read about Berkshire Hathaway and other corporations that function with high standards of integrity. We hear so much of greedy executives bleeding companies dry - leaving employees and investors in the ruins. None of that goes on here. I knew that Warren Buffett and Bill Gates were involved in many humanitarian organizations but did not realize how positively it reflected on their businesses and corporate cultures. There is much to admire about the women executives who are so vitally important to them.

Each woman and the circumstances leading to her success is different. There is no single plan of success, but the tips are sincere and valuable. The author, Karen Linder, writes with authority gained from personal experience. She ran her own company which she started in Omaha and has now organized a second one. In the spirit of integrity exemplified by the women and men in this book I want to disclose that I have known Karen for many years through our mutual association in laboratory science.
How to Retire on Dividends: Earn a Safe 8%, Leave Your Principal Intact
How to Retire on Dividends: Earn a Safe 8%, Leave Your Principal Intact
I have been a fan of Brett Owens for some time now and after reading hundreds of articles written by him for his Contrarian Outlook and I decided to join his Contrarian Income Report newsletter. I started investing in several of the Closed- end Funds he recommends and for the past year I have been pleased with the dividends and how the stocks are doing in general. He has recommended that we sell a few of the stocks for various reasons and I have followed what he has recommended. In one case the stock price was headed down and we got out before that happened. In another recommendation he said sell and take the profit. I did and made $800.00. When I ran across this book he and Tom Jacobs have written I wanted it. It explains a great deal about the market and how stocks react to good news and bad. It explains how to retire on dividends and leave your principal intact and I am all about that. I retired in 2006 and I have multiple investments. I started with laddered CD's and as they matured the interest rates had dropped to levels I could not accept so I bought a mutual fund which has paid me every month since 2013 but the value of the mutual fund has gone down almost as much as I have been paid. To sell it today I would still be money ahead but I would not get all my principal back so I am holding it and collecting the monthly dividend. I also bought several Annuities one has matured and I bought another one with a different company. I also have a bond fund that provides monthly income. I was invested in the stock market also and just doing fair. I was making money but it was taking for ever using drip plans for several of the better known companies. As interest rates were going down I needed a way to make more income by making my money work harder for me and I found Brett Owens. He has pointed the way to Closed-end Funds and following his advice I am making more money following his Contrarian Income Report advice than I was on my own. I highly recommend you get this book and if you like his advice join his Contrarian Income Report and he recommends certain stocks and tells you what price to pay and if he sees something going wrong he will recommend you sell NOW. On the recommendation he made to sell now I did loose 2% of my investment but for the others I have been averaging a little better that 8%. If you are not like me and have to have the hard copy you can get this book online cheaper and read it then decide if you to want to join his Contrarian Income Report newsletter. He will give you monthly updates and if he sees bad news you will be the first to know it and get out while you still have 98% of your capital intact. I give his book 5 stars. Of the 19 stocks he is currently recommending I own 10 of them. All of them are making me money.
Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
If you are looking for an easy to read, fast-paced, bulleted, full of magic formulas, and a quick way to make a fortune book, please look elsewhere. If you are new to investing or even a seasoned investor who feels that you really don't have a grasp of the overall investing scheme, and if you are willing to plow through a lot of reading to extract some basic principles of investment analysis, then reading this book could be well worth your money and time. In his own roundabout way, the author will lay out for you concepts and answers to questions that you may not have considered relevant.

Notwithstanding the hype evidenced on the book covers and the introduction by the author's son, a highly-regarded and well-known investment manager, the author has credentials that money cannot buy. That would be fifty years of being a successful , professional, private investment manager. In this book, he will bring that experience into play as well focusing on factors that are not covered by the mainstream financial media, or as he refers to them as "the financial community. "

Here are some basic concepts that that the author will cover in his treatise: He will differentiate between a stock trader and stock investor; He will analyze what to buy and when to buy it; He will explain the movement of stocks in general or of a particular stock; He will argue the merits whether to follow the herd or to do otherwise; He will advise you whether to concentrate on intrinsic or extrinsic factors in evaluating a firm's stock; He will give you his opinion of the value of reading reports of the financial community.

Here are three key questions that he will pose and answer: Should you buy cheap or otherwise? How long should you hold on to hold a stock? When should a stock be sold? The author will provide you with his views on the value of historical prices and earnings. He will correlate stock prices with interest rates. The closest the author will come to using numbers is when he lists his fifteen points of what to look for in buying a common stock. And after listing those points, he will highlight that one point that will override the other fourteen points in not buying the stock. In fact, that one point could very well summarize the book in a single word.

As a reader, you will not get buried in a landslide of financial trivia but will learn general techniques and trends of investment analysis that often aren't considered by the statistically-oriented investors. However, in order to glean these gems of intrinisic stock information, you will have to have to forgo charts, illustrations, tables, and financial data commonly presented in stock analysis.
Warren Buffett: Sein Weg an die Spitze (German Edition)
Warren Buffett: Sein Weg an die Spitze (German Edition)
Das Buch hat mir sehr gefallen. Besonders die Aussage über die CEO Vergötterung: Investiere nur in Unternehmen, die ein Dummkopf führen könnte.

Auch die Passage über Ajit Jain fand ich sehr interssant. Bisher war mir nur Charlie Munger bekannt, die rechte Hand von Buffett. Aber wie Buffett sagte: Schwimmen Sie zu Ajit, wenn Sie nur einen retten können.
Mich nimmt Wunder, ob Ajit wirklich der Nachfolger von Buffett werden kann.
Somit kann ich das Buch sehr empfehlen.
Of Permanent Value: The Story of Warren Buffett/2008 Cosmic Edition/2 volumes
Of Permanent Value: The Story of Warren Buffett/2008 Cosmic Edition/2 volumes
In his latest two-volume work, "Of Permanent Value The Story of Warren Buffett", Andrew Kilpatrick has proven his genius as a biographical historian equals the genius of Warren Buffett as an Entrepeneur.

During all of my years of reading everything available about and following the many activities of Warren Buffett, nowhere have I encountered as complete a compilation of pictures, personal memorabilia, and historic data as those condtained in Mr. Kilpatrick's work. The ingenuity and inventiveness of the book's presentation and the obvious effort required to amass and so careingly organize such an abundance of material leaves little doubt as to the author's personal admiration for his subject.

Overall, the format of the book is well organized, interesting, and very readable. However, one of my greatest pleasures emerged gradually as I discovered the value of the book's content from an historical perfspective. Because the author has so successfully endeavored to arrange all of his material chronologically, the work subtly conveys to the reader some insight into the variety of historical events our coutry hosted, commencing with Warren's very early years as a child in the 1930's and on up to the present day.

This Anthology of the young boy from Omaha, Nebraska who became the world's greatest financial entrepeneur, and wealthiest man, compiled by Andrew Kilpatrick, is destined to remain one of the most thorough, well-organized, and historic portrayals of Warren Buffett's personal life, methods, and business ventures ever assembled into a single source.

Whether for their informative value or merely pure pleasure, everyone interested in its subject should own this work by Andrew Kilpatrick. Nowhere else are the life, times, acquaintances, and entrepenurial genius of Warren Buffett so skillfully bundled into a single work.

These two very attractively bound volumes leave the reader thoroughly convinced that although Warren Buffett, in the realm of finance, has achieved the status of a Babe Ruth, it is Andy Kilpatrick, the author, who has just hit the home run!
Value Investing: From Graham to Buffett and Beyond (Wiley Finance Book 82)
Value Investing: From Graham to Buffett and Beyond (Wiley Finance Book 82)
A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I took Prof. Greenwald's courses in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.

The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.

First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure. A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages. Otherwise he or she is just another punter, taking a flier rather than making an investment." What a breath of fresh air to read this passage.

Second, this book lays out a structured way to value a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. I, like the authors, find traditional DCF valuations to be plagued by false precision. The authors' more practical method starts by adjusting the balance GAAP balance sheet to calculate the cost of the assets for a potential business entrant. Next, the company is valued based on the earnings generates consistently, assuming no growth. A key insight is the value of the franchise: the difference between asset value and Earnings Power Value is the value created by a company that has significant competitive advantage. Last, the value of profitable growth is considered.

As a self-admitted recovering growth stock addict, I learned from this book that value investors are skeptical about growth for two reasons. One reason is that it is so hard to predict, but more important, many times growth is not worth much. Unless the return on capital (ROC) of the company is higher than the cost of capital, growth does not create value. (I am a slow learner; Greenblatt's example in The Little Book That Beats the Market of opening an additional gum store is even clearer to me.) The growth matrix and formulas in the book were a revelation to me. The surprising thing is how little multiple expansion a stock deserves based on growth. Unless a company truly has a franchise, expanding into other areas and "diversifying" the business often destroys value. And growth for growth's sake will not make a stock go up.

This book brings value investing into the modern stock market. Modern value investors still use traditional valuation principles in a structured way, but they also consider the value of growth and the attractiveness of the business. What a relief, I not restricted to buying typewriter and pay phone stocks! The authors quote Warren Buffett: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
How to Build Wealth Like Warren Buffett: Principles and Practical Methods Used by the World's Greatest Investor
How to Build Wealth Like Warren Buffett: Principles and Practical Methods Used by the World's Greatest Investor
Miles has an unusual tact here, because he covers move than you would first realize. One he unites the ideas of what it takes to invest like Buffet and then also run a company like Buffet i.e. Berkshire Hathaway. It is that two fold attack that is surprising; most break them up or don't realize the importance of having such a complete viewpoint that feeds into itself.

Tips abound: limit yourself to companies you understand or really want to know about, in depth i.e. become your own specialist. t's best to have a very strong #2 on-board, to discuss and bounce off ideas. Select the best and concentrate your time, labour and money in that. Being frugal isn't a vice. Remain debtless and try to live as simply as possible so you don't lost time and energy taking care of worthless assets. Ignore dividends -- because they channel assets away from the enterprise but also are taxable :-)

There are lots of other nuggets, like things & people that inspire Buffet peppered throughout ( John Maynard Keynes), health personal tips i.e. deny Keep yourself in good health, discipline yourself, keep yourself humble. Overall this really does make Buffet look like the Sage of Omaha but to be honest it's a lot of good sense in a very palatable package that helps you not just with your busines, your investments but with your overall handling of life. It's enjoyable to listen to and probably worth taking notes on, you could learn alot from Miles and Buffet and particularly the Berkshire annual report./TKL
Warren Buffett's Vanguard Funds: His Two Funds for Retirement Income
Warren Buffett's Vanguard Funds: His Two Funds for Retirement Income
This book let me see that retirement investing does not have to be difficult or expensive. Mr. Buffett`s strategy relies on pretty simple concept of compounding of a well diversified portfolio. I can make a low cost mutual fund group to my needs. This book provides what I needed--retirement advice without the sugar coating!

Awesome buy!!
Buffett and Beyond: Uncovering the Secret Ratio for Superior Stock Selection
Buffett and Beyond: Uncovering the Secret Ratio for Superior Stock Selection
A lot of the free financial websites only supply people with 5 Years of History for Book Value, Net Income, Share Count and Dividend. The Morningstar website can supply 10 years.

Since the technique uses as much history as possible to adjust the book from an initial accounting book value, people using this technique will end up with very different clean surplus ROE ration if they have 10 years of history versus 5 years.

The author claims that the clean surplus ROE produces better results for stock picking than the Accounting ROE. The tables in the book showed the clean surplus ROE for his stock examples, but it would have been nice to show the traditional accounting ROE in the table as well as the Dupont ROE ratio which uses a different formula which is the profit margin multiplied by asset turnover multiplied by the financial leverage..

The example portfolios were 8 stocks versus the DOW. I would have liked to have seen the results of four 8 stock portfolios selected thus:
- 8 Best Clean Surplus ROE (using 10 years of data)
- 8 Best Clean Surplus ROE (using 5 years of data)
- 8 Best Accounting ROE (using 5 years of data)
- 8 Best Dupont ROE (using 5 years of Data).

The Author said the 8 stocks with the Clean Surplus ROE outperformed the DOW, certainly, but would a selection of the top accounting ROE or Dupont ROE resulted in a similar portfolio of stocks ? Stocks with a high clean surplus ROE also tend to have a high accounting ROE so someone can easily end up with the same stocks using the accounting ROE. It's hard to know without a comparison of the 4 different ROE

One other aspect which I wonder about is buybacks. The author adjusts the oldest book value with retained earnings but buybacks is an outflow of money from the enterprise. So following buybacks, remaining share holders have a bigger piece of a poorer company. Is there an adjustment which must be made with buybacks or alternative with share dilution via the emission of new stocks ? There was very little said about buybacks.
Build a Rental Property Empire: The no-nonsense book on finding deals, financing the right way, and managing wisely. (InvestFourMore Investor Series 1)
Build a Rental Property Empire: The no-nonsense book on finding deals, financing the right way, and managing wisely. (InvestFourMore Investor Series 1)
Waste of time. Compared to The Book on Rental Property Investing from BiggerPockets... Which I also bought because I wanted to get as much info as I could... The problem with Mark's book is that is more like a compilation of blog articles. It lacks structure, number crushing, explanations... It's very opinionated... Instead of explaining how to do the math to objectively compare different investment options, he provides a poor example based on his experience and that's it. The math is deferred to online calculators on his blog. There's not a good summary of each chapter or a way to quickly get an idea for example of repair costs... In that repair section in particular, he spends like one or 2 paragraphs talking about his experiences instead of just providing a table for all the numbers that the reader should be aware of...

Also, it's very unrealistic in the sense that he has a lot of tricks that regular mortals won't have which makes rental investing like an unachievable goal... For example, having a realtor license, an extremely good team, finding deals way below the market, etc. Probably good for someone willing to spend most of it's time on this business but not really appealing if you don't want to leave your job...
How to Stop Living Paycheck to Paycheck (2nd Edition): A proven path to money mastery in only 15 minutes a week! (Simple Personal Finance Books) (Smart Money Blueprint)
How to Stop Living Paycheck to Paycheck (2nd Edition): A proven path to money mastery in only 15 minutes a week! (Simple Personal Finance Books) (Smart Money Blueprint)
I would imagine this is a great book for certain kinds of people. The problem is that the information and the tips in this book are geared towards the lowest common denominator. If you have no or next to no previous financial education then this is probably an excellent book for you to start with. If you already understand the basics of budgeting, and what a budget is, then it might not be worth your while to read through this entire book.
There are a few small things I got out of the book, here and there. But ultimately I could tell that I wasn’t the target demographic for this book. I also didn’t like the last chapter where the author kind of broached the idea of “money scripts” but then didn’t mention what a money script was or how it impacts one’s ability to budget and save money. It either shouldn’t have been included or should have been written differently.
If the idea of budgeting is foreign to you, if you’ve never tried it before, if you’ve never taken any accounting or finance classes, this book will probably help you elevate your game a thousand. But if you’ve had even an elementary financial background and are having problems budgeting for reasons other than you go to happy hour every day, then you’ll probably be better off with another book.
This book spends a lot of time essentially saying “be honest and transparent with yourself about where you spend your money and why you do it. Then plan to do better.” It’s a worthwhile message for everyone, but this book isn’t just for anyone.
Go! Stock! Go! A Stock Market Guide for Enterprising Children and Their Curious Parents*: *everything you were afraid your kids would ask
Go! Stock! Go! A Stock Market Guide for Enterprising Children and Their Curious Parents*: *everything you were afraid your kids would ask
Super book! Very easy to learn about investing! Makes it simple so you come away with the ability to actually try it out -- invest in a few stocks and watch what happens. Demystifies the whole process for me and my kid! I bought the book to read with my son because he was interested in investing. He's in middle school. We enjoyed reading it together. He could have read it on his own but I wanted to learn how to invest as well. The illustrations make it fun and easy to follow as does the story. My kid could relate to the teens and I was amused by the parents. There are straightforward and easy steps on how to do the math needed -- again, making it so anyone can do this! Really a fun thing to do with my son. I'll give it as a gift too for the right kid! Something unique because it's practical too. Offering kids a chance to make money on their own! Learning a practical life skill.
Growing Money: A Complete Investing Guide for Kids
Growing Money: A Complete Investing Guide for Kids
El libro está en inglés, así que tus hijos deberán tener cierto nivel para seguirlo. Hay algunas cosas que específicas de USA (aparte de que siempre se menciona al dólar y ni a otra moneda), pero en general todo es válido.

Lo suyo es leerlo junto con los críos o, en su defecto, que vayan ellos leyendo un capítulo y que luego pregunten lo que no hayan entendido, haciéndoles a su vez algunas preguntas de control.

Mientras que no haya nada parecido en castellano, es una buena opción.
Forty Chances: Finding Hope in a Hungry World
Forty Chances: Finding Hope in a Hungry World
*A full executive summary of this book is available at newbooksinbrief dot com.

The main argument: In the developed world, the vast majority of us enjoy a standard of living unmatched in the history of humankind—and going hungry is the last thing on our minds. Nevertheless, it cannot be said that poverty and hunger have been eradicated in the developed world entirely (in the United States, for example, 1 in 6 are considered food insecure—including 16 million children). Still, the greatest problems with poverty and hunger continue to exist in the developing world. Indeed, despite substantial improvements over the past 30 years, poverty remains a significant issue, and nearly a billion of the world’s 7 billion people still face chronic hunger (while about twice that number are malnourished in some way)—and millions starve to death every year.

It is not that many well intentioned people and organizations have not spent a great deal of time and money trying to solve the world’s poverty and hunger issues. Indeed, over the past half century the amount of resources that have been poured into these problems is staggering. So, just why do the problems of poverty and hunger stubbornly persist?

Well, at least part of it has to do with the fact that there are several significant obstacles standing in the way—everything from armed conflict, to corrupt governments, to particular cultural practices etc. The humanitarian Howard G. Buffet has been involved in fighting poverty and hunger for upwards of 30 years, and knows these obstacles all too well. However, Buffet insists that there is yet another reason why all of the well-intentioned efforts have fallen short of reaching their ultimate goal. And that is that many of the approaches have proven to be inadequate (if not downright counter-productive).

The fact is that most of the aid flowing to the poorest parts of the world has been (and continues to be) in the form of projects that are meant to help people in the short-term. For example, NGOs commonly enter an area, drop off bags of seed and fertilizer, and then turn around and leave. This approach may help the area for a season or two, but in the end the seed and fertilizer do run out, and the community is right back to square one. Thus the approach acts more as a band-aid, than a self-sustaining solution that addresses the root causes of poverty and hunger.

Thankfully, in Buffet’s 30 years of work as a philanthropist he has learned that there is indeed a better approach, and one that stands a much better chance of rooting out poverty and hunger for good. The more effective approach is much less about aid as development—less about helping people as enabling people to help themselves.

The development approach involves linking subsistence farmers up with the larger economy, and establishing a self-sustaining ecosystem that will allow this connection to be maintained into the future. It involves things like helping to establish agricultural schools and private seed companies; working with farmers to improve farming techniques and yields (and not in a way that assumes that what has worked well in one place—or one’s own backyard—will work everywhere); establishing grain storage systems; physically connecting farmers to markets; and working with governments to establish and maintain the infrastructure (especially roads) needed to make the system work smoothly.

The development approach may be more involved and take longer to get off the ground, but it pays off in the end, as when it is done well, it only has to be done once (Buffet speaks often about NGOs needing to take an approach that ultimately puts themselves out of business).

And helping impoverished farmers join the larger economy is not just a matter of helping them help themselves. The fact is that the world’s population is continuing to grow, while we are running out of good farmland to farm. The UN estimates that in order to feed the world’s projected 9 billion people by 2050, farmers everywhere will need to increase the planet’s food production by 70%. Part of the solution to this problem must involve helping the world’s subsistence farmers to produce a surplus to help everyone.

But the solution doesn’t end there. Farmers everywhere, including in the developed world, will need to increase their yields to meet the growing demand. However—and this is important—farmers will need to increase their yields in a sustainable way. That is, they will need to do so in a way that does not degrade the soil, or threaten the world’s fresh water or woodlands—as too often happens now.

Thankfully, Buffet’s experience as a farmer (which he has been practising even longer than philanthropy) has shown him that here too there is a solution. And a big part of this solution is a very straightforward approach known as no-till farming. No-till farming is an approach that eschews tilling the soil in favor of planting nitrogen-fixing cover crops. The approach not only increases water retention, saves soil, and reduces the need for chemical fertilizers, it also helps increase yields (and thus it’s a win-win solution). Now it’s just a matter of convincing other farmers of this—which is a big part of Buffet’s project.

This is a fantastic book. Don't let the fact that Buffet is the son of one of the wealthiest men on the planet dissuade you from taking him seriously. The author may have had a head start in life, but he stands on his own two legs, and he has used his privileged position to help him gain perspective (rather than let it make him arrogant and entitled). Anyone interested in the hunger problem (and the best way to approach it) would be well advised to read this book. A full executive summary of the book is available at newbooksinbrief dot com; a podcast discussion of the book will be available soon.
Warren Buffett: (Marathi Edition)
Warren Buffett: (Marathi Edition)
Book gives insights about investment tycoon Warren Buffet.. High level details about life of Warren Buffet & how he shaped his company is given perfectly
Life Is What You Make It: Find Your Own Path to Fulfillment
Life Is What You Make It: Find Your Own Path to Fulfillment
The son of one of world's richest billionaires, Peter Buffett received from his dad what many could call a dubitable inheritance: a $90K check at age 19. Period. Peter was raised to expect nothing unearned. He understood from early on that his father's substantial fortune would never trickle down his way, because he needed to find his own path, prove himself, make his own living, and discover his self-worth, self-respect, and the meaning of his life all on his own. His true inheritance was less tangible: uncompromising moral and ethical values, true love of knowledge and learning, and a strong work ethic that was based not on acquiring wealth but on committing to his passion. Eventually Peter carved out his own successful career as a music composer and author, and later also created a way to give back to society by starting a foundation that helps girls and women find equality and opportunities.

Children born to wealth are often passionless or indifferent: they have little motivation to work because they take everything for granted. Oftentimes, as well, parents misguidedly give to their children in excess, trying to make up for their own lacks while growing up. This little book offers many insights that may help all find the right attitude and perspective to discover true passion and joy in their lives.
Dividend Investing Made Easy
Dividend Investing Made Easy
I purchased this book thinking that there might be some content of interest to a person when considering investing in stocks for their dividend yield. Unfortunately, what I found was some extremely basic investment advice that was simplified to the point of being misleading (e.g., attributing dividend returns to the growth in value of a portfolio that was almost certainly driven quite substantially by capital appreciation). There was almost no discussion at all of portfolio construction beyond picking either an ETF or a handful of the "dividend aristocrats". The author explains some basic investing concepts like dollar cost averaging, but there is nothing in this book which makes it worth the price tag. The Investopedia page on "Introduction to Dividends" actually contains more information about how dividends work than this book. If your investing knowledge is at the level where this book is actually helpful for you, you would be better served with a general book on investing rather than one targeted specifically toward dividend stocks.

On top of all this, the author uses large font with lots of white space on the page in order to inflate the page count (as well as a large section full of ads for other books). It took me about 30-45 minutes to read through the whole thing, and I'm usually a slow reader.
El inversor inteligente [The Smart Investor]: Un libro de asesoramiento práctico [A Practical Advice Book]
El inversor inteligente [The Smart Investor]: Un libro de asesoramiento práctico [A Practical Advice Book]
Entiendo que es un libro muy importante escrito por grandes referentes del mundo de la inversión, pero en mi caso, creo que tengo un nivel medio y aun así no entendía los términos que utiliza. Creo que está traducido del inglés literal y no a nuestras expresiones, por lo que a mi se me ha hecho casi imposible de entender, he de decir que los comentarios si que clarifican un poco el contenido, pero no lo suficiente.
The Millionaire Next Door (Millionaire Set Book 2)
The Millionaire Next Door (Millionaire Set Book 2)
The info in the book can be summarised in one sentence- live frugally. That’s is all. It is probably worth to get the sample first before buying. There is a lot of useless statistic that extend the book and provide no useful info,for example - a few pages written about the background of millionaires (German, English,,Italian etc.) with conclusion that the background does not matter at all. Then there is info about what credit cards millionaires use - not sure what was the point here. And the bottom line is they use Visa and MasterCard. Wow!!! What a surprise and yes, they do use loyalty cards. Why? Because they live frugally!
Moreover, it jumps from various point with no logic it will start describing info in a line of ‘3 out of 192 millionaires wear a watch worth more than 5k; out of these watches one was given as a gift; 7 of 192 millionaires have never spent lots than 1k on a watch;175 out of 192 wear a watch worth less than 500 etc’, this makes it not only a super boring read but leads to a point completely unrelated like their background, which then will lead tot he fact they write a budget and stick to it, to how much they spend on alcohol to someone life story to god knows what else- I did not even finish it but can already Imagine a few pegs written about 80% of 168 out 192 millionaires’ clothing is black or grey so when it is dirty so you cannot see that and 75% do laundry only once a month which allows them to save on the cost of laundry (detergent, water and electricity) ;P

If you are very early on in your wealth creation journey you may find this info eye-opening. If you believe that millionaires drive Ferrari and wear designer clothes you will quickly change your opinion but if you already know that frugality is crucial or in fact you want to drive Ferrari then this book is pointless.

The only info that I found of interest was that they live on 7% of their wealth.
Warren Buffett Top Life Lessons: Lessons for Unlimited Success in Business, Investing and Life (Volume 1)
Warren Buffett Top Life Lessons: Lessons for Unlimited Success in Business, Investing and Life (Volume 1)
This book is only 29 pages. The content is good, but it is only a brief snapshot of Warren Buffet's life and investment strategy. More importantly, it seems that this book is self-published since no publishing company is listed (not even the "CreateSpace Independent Publishing Platform" company is listed as it is in the Amazon description), no references are cited (ya, references are sort of important (can you sense my understated sarcasm here)), and the entire book needs editing. It appears that the author just threw this book together in an afternoon and as highlights from other Warren Buffett books. There are multiple grammatical errors. For example, some sentences are incomplete, missing some important connecting articles, some pronouns and antecedents are switched or missing, and there is a center-justified paragraph on page 25 that stands out like a sore thumb against all the other left-justified paragraphs. I even got a good laugh out of how the disclaimer on the last page is a medical disclaimer, which must have been copied and pasted from some unknown source without much thought.
Superinvestors: Lessons from the greatest investors in history - from Jesse Livermore to Warren Buffett and beyond
Superinvestors: Lessons from the greatest investors in history - from Jesse Livermore to Warren Buffett and beyond
This book is at the same time in a rewarding but ungrateful genre. Learning from the best is always worthwhile and getting to know the secrets of those who have been the most successful in equity markets never fails to interest a wide audience. Still, profiling a collection of famous investors and turning this into a book has been done numerous times before – it is hard to add much to what has been written previously. In Superinvestors Matthew Partridge, a UK financial journalist, historian and previous investment bank employee, presents his selection of 20 investors to study. Further, the author takes on the hard task of rating those profiled and name the “best” investor of all times.

The structure of the book is – as expected – fairly simple. After a brief introduction 20 “super investors” are portrayed and the book finishes off with the conclusions the author draws from the many individual fates and fortunes. For each investor the reader is served with a short personal and professional history, a discussion on the investor’s method, his performance and potential mistakes made. Then Partridge seeks to distill some learnings from the above and ends the section with a rating where the investor gets a score from 1 to 5 on performance, longevity, influence and ease of replication for the private investor. Many of the profiled names like George Soros, Warren Buffett, Benjamin Graham and Peter Lynch will be well known to many readers.

Although it’s always arguable who should be included in such an illustrious group I would have made some different choices. Even if it is quaint that Paul Samuelson privately acted at odds with what he preached as the high priest of efficient market theory I don’t think that his profile, nor the one on fellow economist David Ricardo (1772-1823), adds much to the discussion and the venture capital pioneers of George Doriot and Kleiner & Perkins feels a bit misplaced. Further, there is obviously much to learn from Jack Bogle but he is more successful as a businessman and advocate of an idea than a successful stock market investor. Who would I want to see instead? Jim Simons, James Chanos and Seth Klarman could in my view be fair alternatives. On the other hand the book benefits from the author’s deep knowledge of UK investors who are less documented in literature and Anthony Bolton’s track record in China will come as a surprise to many – as it did to me.

In my opinion the texts on UK investors Neil Woodford and Nick Train were the most interesting. Also, even though I had heard of Robert Wilson as an early short seller, I knew nothing of him. Overall Partridge, with some minor disagreements, in my view gives a short but fully accurate picture of the investors I had previous knowledge of. The author is clearly well read and even the cover is inspired by Ken Fisher’s 1984 book Super Stocks. My only objections are that I think George Soros’ concept of reflexivity is too vaguely described and given its huge influence on the hedge fund community and its closeness to the current concepts of complexity theory and adaptive markets it is a bit harsh to say that the theory has left little mark. Further, to describe what Ed Thorp did as “nothing new, but more systematic” is to diminish a person who long before academics Black and Myron Scholes came up with an option pricing model that allowed rational derivatives trading.

Even though the book is over 200 pages long it is an easy read and it is quite tempting to time after time read “just one more profile”. The conclusions at the end are sound but hardly novel. So who does Partridge rank as the best investor of all times? Those on the short list are Philip Fisher, Buffett, Bogle and Graham (skip Bogle and add Soros and Thorp and I would have agreed). The winner is Graham, much thanks to his huge influence on later day investors. A good choice.

It is never possible to do an investor justice over 6 to 8 pages. However, it is through books like this that many up and coming investors have gotten a glimpse of their role models for the first time.

This is a review by investingbythebooks.com
Credit Repair: Special Edition - Two Books: Learn How to Repair and Improve Your Credit Report Quickly Using Federal Laws That Are Designed to Protect You from Collectors, Credit Bureaus and Banks
Credit Repair: Special Edition - Two Books: Learn How to Repair and Improve Your Credit Report Quickly Using Federal Laws That Are Designed to Protect You from Collectors, Credit Bureaus and Banks
I purchased two self help, “credit repair” books and this particular publication was by far the better of the two. The material is easy to follow, step-by-step tutorial on how to do the necessary work to repair bad credit. It provides detailed templates on the letters you MUST write to individual agencies.
Security Analysis: The Classic 1940 Edition
Security Analysis: The Classic 1940 Edition
I just finished reading this book cover to cover, and will probably read it again in a few weeks time. I found it to be quite simply the best and most complete resource on value investing I have ever seen, read or heard of in my life. Graham and Dodd not only teach us how to invest and why, but convey with beautiful eloquence their reasoning and frame of mind. They teach us that investing is as much about constitution and temperament as it is about logic and numbers, and are able to impart that wisdom and experience to us in those few hundred pages (ok, many hundred pages).

For those of you reading this who are new to investing, Benjamin Graham and David Dodd quite literally wrote the book on value investing, and this is it. I would point out though that it was written for the purpose of being a source of information and tools rather than a way of introducing and inspiring its readers to the philosophy of value investing. So if you are new to investing or to the concepts of value investing, I would really recommend reading Graham's "The Intelligent Investor" first; it's a comparatively easy to read introduction to the concepts covered in greater detail in this book.

While I have not read the original 1930's edition, I have heard that this version is more complete in that it irons out some of the kinks in the investment strategy that Graham developed following his near bankruptcy during the great depression.

A word on the relevance of this book in today's market: Much of the book centers about examples from preferred stocks of utilities and railroads, investment vehicles which are far less prevalent today than they were in the early 20th century. However, these are just examples, and the pitfalls and opportunities which arise in the stock market are as prevalent today as they were in the days this book was written. I am of the opinion that those who criticize this work on the basis that it is outdated, really did not understand what Graham was trying to do; to convey a new way of thinking about stocks, and to understand them based on the company that they represent. It doesn't matter whether you are purchasing a pre-depression era railroad preferred or the hybrid floating rate bond of a modern technology company, the examples exist to illustrate how to look past all that and to understand what the purchase of that security really means. If, after reading this book, you find yourself unable to transfer the examples to the modern world, then quite frankly you've read it wrong.

If, however, you are concerned about the relevance and are after more specific guidance on modern applications (as well as trimming of the "less" relevant sections), take a look at the 6th edition of this book, which contains detailed chapter summaries and introductions by modern money people.

Finally, the reason for the 4 stars: The digitization of this book is not fantastic, and given the price this is not really acceptable. I found several errors which I have reported (and will hopefully have been fixed by now), but my real gripe is with the tables and figures, which are simply scanned. This is usually fine, but many of the footnotes are so small as to be illegible, and the overall feel is somewhat like a sketchbook; with cutouts glued to the pages where the tables were in the real book. I had hoped that Amazon would instead have digitally transcribed the tables and inserted them, or at least given them a transparent background, rather than the sepia tone that can't be changed on the tables. If this is ever corrected I'll change my review to 5 stars and remove this paragraph.

I can't possibly express my gratitude for what those two did when they decided to put Graham's experience onto paper in the form of this book, and I think I will forever be grateful for their efforts. This book has taught me invaluable lessons not only in investing but also in prudence and the value of sobriety in the face of euphoria and gloom, lessons which apply to many other facets of life.
In Search of Jimmy Buffett: A Key West Revival
In Search of Jimmy Buffett: A Key West Revival
I chose to read this book based on the title, cover, description, and my own love of Key West. It was a quick, light read, but didn't feel like anything new or special to me. I was surprised at the simple plot with almost no conflict whatsoever. The main character had no trouble finding employment, cushy housing, friends, and a love interest with little to no effort and absolutely no struggle. I didn't care too much about Livie because I didn't know enough about her, particularly her past relationships or mistakes. The story was told through the eyes of Livie's best friend Blair, and that didn't work as well as it could have. Blair was hardly part of Livie's story at all, so she just came across as a pretty silly storyteller. I did like the end, but it didn't seem to match the rest of the story. It was more introspective than better than the shallow meanderings earlier on. I did not like how a minor character was described. She was overweight and her appearance was ridiculed by the narrator. "Pillsbury dough arms" seemed nasty and unnecessary. Livie's mother was also an annoying character, but her father and brother we're tolerable. I didn't love this book, but it was OK. I certainly loved the setting. It kind of read like the author's fantasy life goals, particularly at the end. Fine for a beach read. Thank you to Net Galley and the published for allowing me to read an ARC.
Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor
Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor
Design of book:

Chapters headings and sections headings are structured to be captivating and clear, making it easy to convey the purposes and meanings of the principles.

Content:

The initial chapters of the book build on some of Buffett's stories and are intended to persuade the reader into following Buffett's principles of investing. You will unfold more of Buffett ways as you read, but most of the essential tips are already mentioned in the first half of the book. The later chapters merely serve as unnecessary elaborations. Principles and examples are also recycled at the later chapters giving readers a feeling that they were reading the book again, before they finished reading.

Buffett debunks the Efficient Market Theory (EMT) by emphasizing on knowing the stocks you buy, buying at a discount and his track records. He also believes that knowledge of basic finances and accounting (GAAP) are necessary to value businesses. However, it will be hard to replicate his success given the difficulties of finding under-valued firms and attaining his wealth of experiences in interpreting annual reports.

For who:

More for first-time readers of Buffett's principles and books, though the author suggests that readers of other Buffett books would find it beneficial as well. Like most books, its persuasive content might not be relevant for readers who are already believers of his principles.

This is also not a `get-rich at once' book. Further readings like The Intelligent Investor and Security Analysis (both written by Benjamin Graham) are necessary for savvy investing. Discipline, morals and experiences are also vital when following his principles.

Readers should also have the mature mindset to determine the usefulness of some principles, which might be out-dated in today's context. In fact, the reason behind the popularity of Buffett and his principles are due to his simple and conservative approach towards investing, something which simple people are attracted to at the start.
The Dhandho Investor: The Low-Risk Value Method to High Returns
The Dhandho Investor: The Low-Risk Value Method to High Returns
Pabrai has written a great book for value investors. Like Pabrai, I have followed Buffett/Munger for decades and attempted to emulate their investing style and philosophy. In this book, he goes through several examples of his investment strategy which includes finding stocks where if you are wrong you don't lose much and if you are right you win big, very big. He tends to make large and infrequent bets. Similar to Buffett he waits for the big fat pitches to come along and then swings for the fences with sizable bets on them.

If you have studied Buffett and Munger you will find a lot of his investment philosophy familiar of course but it is a good refresher and Pabrai communicates these principles well. I found the book an easy read and enjoyable. Other investment books sometimes I have to force myself to push through them but Dhandho was a breeze.

One big thing I learned from Pabrai that I either never picked up or internalized properly was the idea of making big bets. Over the years if I had a high conviction stock I would make an equal size bet on it. I might hold 30 to 50 stocks that make up the bulk of my portfolio. If one got too big I'd pare it down if my conviction on it was lower in order to keep diversification and lower overall risk. In hindsight, this was likely a mistake on my part.

Pabrai introduced me to the "Kelly Formula" which is a betting formula that gives you an idea of how big a bet you might want to make on a particular investment. Using this formula I found I probably should have made bets that were 10% or at times 20-30% of my total portfolio. In reality, most of my original stock investments never exceeded just 2% to 4% of the total portfolio value. As a result, I watched some higher conviction positions become multi-baggers over the years that would have had a higher impact on the portfolio had I simply bought more.

Of course, everyone says "I should have bought more of "xyz" but I look back and know there were some safe stocks I bought to be diversified with low risk and others that I had a higher conviction on that also came without undue risk. I simply did not apply the formula and bet as big as I should have.

I highly recommend this book to any investor and especially value investors. I wish it was written a decade ago or more and that I had found it. I'm sure with the knowledge I have gained from Dhando Investor I would have mostly likely beaten the markets by an even larger percentage.
Jimmy Buffett: A Good Life All the Way
Jimmy Buffett: A Good Life All the Way
Before I can truly review this book, I need to provide some background. I'm not a Parrothead, although I know Parrotheads. Like many non-followers, I have tagged along with other hardcore Jimmy Buffett fans to several shows over the past decades (Pine Knob, Buckeye Lake, The Palace, etc.) because seeing Jimmy live is, quite simply, a good time with friends. Whether you know the legends or just like the music, the concerts are a fun evening out (or whole day... or weekend). I originally purchased this book for a fan, the type that lives and breaths all things Jimmy. He, after devouring the book, passed it back to me and told me I HAD to read it.

From a non-fan perspective, this book is DEEP. Not deep in the philosophical sense, but deep in the shear amount of details and research that must have gone into the collection of stories and history within its pages. The book starts out with a lovely short chapter on the formation of the band. It reads more like a novel and is beautifully and vividly described. Even though I didn't know all the characters per say, I was able to follow the action. Hard core fans will have no issues following the story of Jimmy's arrival in Key West. The second chapter then jumps back into time to some family history, specifically Grandfather Buffett, the sea captain. While this chapter was a bit more academic and read more like history than novel, it does set the subtle ebb and flow of the book, like waves on the beach, skillfully moving from story telling to history lessons in the Encyclopedia Buffett. The book mostly follows this pattern, jumping from scene to scene, and through various places and times.

As a fan of history, and a good biography, I found the tales and history surrounding Mr. Buffett fascinating and well told. There is so much lore surrounding the legend of Jimmy Buffett, it was really fun to see the origins of the folklore (like any good hero, there is typically some truth to the surrounding myths). Additionally, after reading through all the history I feel quite lazy in comparison. The Buffetts and the extended family of personalities that have come and gone from the Coral Reefer band have (wildly in some cases) accomplished way more than I could ever hope to in my lifetime. The productivity of the collective is amazing, and Jimmy is STILL going, not so much the legend of years past... but still traveling, touring, and transforming into the ultimate master of brand and marketing he is today.

Even though I had to web search for some of the references in the book (note: Parrotheads will likely not have this issue), I still found every chapter well worth the read. This was obviously a labor of love for the author, and I suspect it was a blast to research, collect these tales, and spin the yarns. Peering over at Mr. White's other offering Springsteen: Album by Album , which seems to be quite a different type of book, he does like his musical icons.
When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar, Germany
When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar, Germany
I got this book in October 2010 based on a recommendation from either BullionVault.com or another website devoted to providing a dissenting view to mainstream economics. It was first published in 1975, just four years after the Nixon administration had severed the last tie between gold and the U.S. dollar by closing the international “gold window” and terminating the right of foreign governments to exchange dollars for gold. At that time the prospect of an American hyperinflation seemed far off, even as inflation was rising fast, and those scratchy old silent-film clips of forlorn Germans pushing wheelbarrowfuls of banknotes to the bakery to buy bread were quaint and unreal-looking.

As I type these words the price of gold is US$1,818 per ounce, an increase of 4400% since 1971, and last week Switzerland, long a bastion of monetary probity, gave up on maintaining the value of its franc and pegged it instead to the moribund Euro, joining the other major currencies in a death-spiral of competitive devaluation. For those aware of what hyperinflation is, the possibility of experiencing it for ourselves is becoming ever more plausible and imminent. Adam Fergusson’s book gives a detailed picture of how hyperinflation—the death of a paper currency—played out in a modern industrial economy in the 1920s. It’s not a pretty sight.

I never knew much about the Weimar hyperinflation, but assumed that it had something to do with the payment of war reparations imposed on Germany by the Treaty of Versailles. And while Fergusson’s topic is not really the cause of the hyperinflation, he does eventually come out and say that war reparations probably had nothing to do with it. Instead we see a fledgling republic facing severe social and economic problems, but whose leadership throughout remains stubbornly timid and ignorant. The leaders of both the government and its central bank, as well as newspaper editors and other leaders of opinion, were almost unanimous in asserting that the inflation had nothing to do with the runaway printing of banknotes, which they saw as an effect rather than as a cause of rocketing prices.

Hyperinflation inflicts severe suffering on almost everyone except those able to profit by making bets on the collapse of the currency. The suffering, though, is very unequally distributed, and the injustice of the whole process is one of its most striking features. With a whole generation of children malnourished, women selling their bodies for a pork chop, and retired civil servants dropping dead on the street from hunger and cold, you also have farmers hoarding bumper crops, unwilling to sell for worthless paper money, and industrialists in a frenzy of factory-building to make use of cheap credit. Some of the best parts of the book are extracts from the journals and letters of housewives describing what they see around them. They witness mob violence and exchange their pianos for potatoes.

In other ways though I found the book to be a dry read, and I felt that it was really addressed to people who were already students of this period of German history and had a grasp of the people and events of that time. The author assumes a knowledge of the time and place that in my case was lacking, which made the reading tougher going. I also found that his style lacked fluency, which made things harder as well. A sentence taken at random: “The uncertainties to which these postponements gave rise in large measure accounted for the wild fluctuations of the mark during the year.” Another writer would have put this is a more readable way.

All of that said, this book was for me very readable because of its relevance to the events unfolding around me in the world. The enormous federal budget deficits in the United States are starting to look like the Weimar deficits, and although printing presses are no longer used to create money, dollars are being created by the trillion—a figure that became familiar in Germany in the early 1920s. When I go shopping I’m struck by how much less my money buys than even a year ago, and I fully expect that prices will only accelerate upward from here.

But does that mean we’re headed for actual hyperinflation? According to writers like James Turk of GoldMoney.com and John Williams of ShadowStats.com, yes we are. Williams, a longtime statistician with the U.S. federal government, thinks it will be in the next year or two.

But are our governments as timid or as deep in denial as the Weimar republic? I’ll leave that question with you. Another thing I’ll leave with you is a favorite quote from another writer, Henry Hazlitt, an American journalist on economics and finance. In 1946 he wrote these words:

"Inflation discourages all prudence and thrift. It encourages squandering, gambling, reckless waste of all kinds. It often makes it more profitable to speculate than to produce. It tears apart the whole fabric of stable economic relationships. Its inexcusable injustices drive men toward desperate remedies. It plants the seeds of fascism and communism. It leads men to demand totalitarian controls. It ends invariably in bitter disillusion and collapse."

If you’re looking for a refutation of Hazlitt’s points, you won’t find it in When Money Dies.
Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets
Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets
I listened to this book basically because I wanted to learn a bit about Soros, Buffett and Volcker, which this book was pretty good for. Certainly not a full biography, but enough to give a good intro. More than that, it was a discussion about how these three pragmatists views compared to the academics views, and basically makes the case that common sense and pragmatism wins the day both when viewed against the dogmas of the liberals or the conservative academics. Its a worthwhile read in that light and I actually found more helpful than Trillion Dollar Meltdown in understanding, at a high level, what was missed by the authorities.
Smart Investor: Warren Buffett Way: How to know the stock market has bottomed? (Market Crash, Intelligent Investor, Stock Market, Financial Freedom, Stock Valuation, Wealth Creation Book 1)
Smart Investor: Warren Buffett Way: How to know the stock market has bottomed? (Market Crash, Intelligent Investor, Stock Market, Financial Freedom, Stock Valuation, Wealth Creation Book 1)
I find this subject of Stocks and Shares and investing on the Stock Markets a real minefield. I bought this book hoping it would shed a little light on it. It really did. The author writes in a really straiightforward way and makes it easy to understand and to follow. Don't get me wrong you won't know all the ins and outs of Stock Market Trading and how to invest just by reading this book but it will really help you get a basic understanding and give you a good grounding to start investing in the Stock Market.
Mustard Seed Faith: Mountain-Moving Ideas to Change Your Life by Changing the Lives of Others
Mustard Seed Faith: Mountain-Moving Ideas to Change Your Life by Changing the Lives of Others
This book is thoughtful and evocative . As a friend of the author , I would love to give it 5 stars but I have to apply the iceberg principle which says that 90% is never seen . Eric's vision of the world we need to improve is flawed only in so far as thinking that so many people don't feel the same way he does . Perhaps it is my naivete that leads me to believe that most people are not ships of war but rather ships without rudders . To that extent , Eric offers beautiful and constructive ideas on how to help people find their rudder by reflecting the love of Christ in our own behavior . I hope that most people are not motivated by self aggrandizement but rather , they are fearful of the pain of rejection . We can all share Eric's hope but not if we think so many people are hopeless . Jesus taught us to leave the 99 to search for the one . I hope that everyone reading this book feels moved to touch at least one life and plant a mustard seed of hope in the life of another soul for hope is the seed from which faith grows .
Warren Buffett: An Illustrated Biography of the World's Most Successful Investor
Warren Buffett: An Illustrated Biography of the World's Most Successful Investor
Buffett 101 in Manga form - this illustrated novel is a great 45 minute overview of the Oracle of Omaha. It covers the highlights of his life in a factual and humorous format: How he started in business as a child, his mentor/student relationship with Graham, his additions to Graham's style, and his ongoing trials and tribulations in the market.

This is a great overview book, but just that. Expect to hit the high points, but not a lot of depth. (You need more words and less pictures for that!) Perhaps the greatest use of the book is a gift for Buffettologists to help explain their mania to the unitiated.

Enjoy!
Buffett's Bites: The Essential Investor's Guide to Warren Buffett's Shareholder Letters
Buffett's Bites: The Essential Investor's Guide to Warren Buffett's Shareholder Letters
I learned more about business from reading Rittenhouse's little book on the legendary "Oracle of Omaha" than in any economics course or investors' seminar. It is wonderfully written--short--with stories within stories. It's funny. And heart-warming. And you will learn A LOT about money--yours and everyone else's.

You will also learn a lot about what our mothers said was "the rarest thing in the whole world"--common sense. And even "obfuscation". (And not just how to spell it.)

With rapier swords (and wit!), one financial genius and one extraordinarily bright and engaging author will help you navigate the murky waters of high finance. It's a joyful sail. (And good reading for a short plane ride.)

Don't miss this little gem.

My only disappointment is that the publishers didn't put the photo of Buffett with the Sees Candy box tucked under his arm on the cover rather than on the title page. But they will surely remedy this in the second edition.

Nan Elliot
Author/Filmmaker
Anchorage, Alaska
April 27, 2010
eSCAPE: The 4 Stages of Becoming A Successful Entrepreneur
eSCAPE: The 4 Stages of Becoming A Successful Entrepreneur
I read Rich Dad Poor Dad books and that of course educated me a lot, but I think that after you read those books you still have to have a more detailed constrictive book that should guide you through all the obstacles of an entrepreneur, you need someone to push you through the hard times every entrepreneur goes through -not just you..- (and that's not gonna be your boss) so when no one holds you accountable you can hit the snooze button but your business will fail, Anik really goes through the steps of taking away the obstacles so you can succeed, just one example that helped me with a business idea from this book, to stop focusing on many ideas (even it feels more cool..) and only focus on one idea and master it, so that's what I did, and I'm deeply involved in putting up this one business, I would never hold this far if I would be busy with other ideas at the same time. it may sound simple but all those small distractions or things mentioned in this book delays your success and eventually make you failing. so I would definitely recommend this book if you have an urge to become an entrepreneur but don't seem to succeed as you would want to.
Warren Buffett Management Secrets (Gujarati Edition)
Warren Buffett Management Secrets (Gujarati Edition)
This book will gives you necessary key points about how to make work and relationship productive in professional life and personal life. Majority all points are covered based on Buffet's experience. This book is good for entrepreneurs, management people's, businessman.
Art & Science of Value Investing: Invest Like Billionaire Warren Buffett
Art & Science of Value Investing: Invest Like Billionaire Warren Buffett
My review...by Robert W. Johns.

I purchased this on kindle and it arrived on my device without any problem...

This book was fun and informative. I bought this to see how Mr Thompson thinks, as the
are few books available which are actually written by individuals working in Value investment
based money management, running other peoples money as such.

I have been a value investor for five years full time and was looking for something to fill some gaps
and as a reference point. This book simply delivers, the section on discounted cash flows would be
invaluable to someone just starting out in qualitative analysis and understanding future business cash flows.

Scott writes with a relaxed and honest candor, never becoming pretentious or overbearing. It is evident he
has a genuine passion for Value investing and this shows in the highly complementary description he gives
of famous Value investors.

These kind of things are what got me into this industry, the is a considerable amount of kindness, honesty
and integrity found in the famous past, present professional practitioners of this investment approach. No doubt
many other such individuals will be the same in the future. There's a good introduction to Scott's influences and sets
a nice theme for the book.

Sometimes even those with an excellent memory can benefit from reading what they may have forgotten in time and
this book is one of those great reference guides to keep you mind sharp. The author has an MBA and in many countries
it can be difficult to hold a relevant MBA and be a value investor just down to the practicality's of it all. Therefore his line
of thinking has been of a benefit to me.

All in all i definitely picked up a few golden nuggets throughout the text and some insights making the purchase worth while.
Most of the big ideas are well represented here and beginners would do well to read this book before the classics to get
a good framework for how the goal posts have changed with market efficiency.

This reviewer would be happy to see this text in a university coarse. Although
such a coarse would undoubtedly require more material. Value investing cant be taught in a
day but you can get the bug that fast!.

I had heard of Philip L. Carret, but not in detail. There is a section with a transcript on his personality and style. This was
the highlight of the book for me as he had an incredible money management record and i am interesting in learning more.

So i have withheld one star as customary for me. I only give 5 stars to a few people and those people are Ben Graham
, Charlie Munger and of coarse Warren Buffett. My only criticism is that the book contains many quotes. Who actually originally
said some of these things first i believe may have been in some instances lost to the hands of time. I may well be wrong
and this is simply nitpicking.

Robert W. Johns
The Private Equity Playbook: Management’s Guide to Working with Private Equity
The Private Equity Playbook: Management’s Guide to Working with Private Equity
I purchased "The Private Equity Playbook" by Adam Coffey and, frankly, I couldn't put it down. As a former owner of a nationally recognized middle-market service company. I wish that I had this book a few years ago. The author states that his book is a primer on the private equity business, but I believe that it is much more--I've read other books on the subject, but for brevity, de-mystification and just plain enjoyment this one beats them all--by a country mile.

Coffey is a maverick. He sees himself as a blue -collar CEO/ He left home at 17. After a stint in the Army, he worked as an engineer and then changed to the business side , rising to middle-management with General Electric. Private equity recruiters came calling and he listened. For the last 20 years, Coffey has been President/CEO of three different national private equity backed companies. Each company has grown exponentially under his watch. And, he tells you how.

The author likens the experience to building a winning team. He introduces two players , "Josh" and "Rose" ( a mirror of his former self ). Josh is the CEO of a middle-market service company. He has built the company into a recognized leader in it's field, and is thinking about selling out. He knows little about private equity and wonders if this is a viable exit strategy.--Rose is a " Fortune 500" middle-market executive who gets calls from private equity recruiters looking for a CEO/COO in a private equity backed middle-market company. She is doing well now, but wonders whether she should make a career change

The heart of the book is Coffey's recounting of his own journey in the problems that he faced and decisions that he made. Among the many points that the book covers: private equities growth from 312 firms in 1990 to over 5300 firms today with over $3 trillion in assets under management--over 50% of middle-management companies to have a private equity partner in the next few years-- various type of funds today--the "playing field", the players and how they fit into the decision making for Josh and Rose--the rules of the game and the specific questions that Josh and Rose must ask themselves as well as the private equity firms--why an investment banker is needed--why the acronyms IRR,MOIC and DPI are so important as measurement guidelines--how partnering with a private equity firm is an accounting game changer--how EBIDTA can be fluffed up to accelerate growth--growth strategies through organic growth , price, product or service, rebranding and blue ocean search--equity creation for management through the ABC waterfall--why IRR is mandatory in the game--buy and build strategy with mergers and acquisitions--how to beat a recession-- how outside consultants could actually be worth the cost--why a private equity partner can create generational wealth for both Josh and Rose for years to come, " The gift that keeps on giving".

Everything in the book is tied to Coffey's personal experiences in putting together a winning team. This is a fascinating read, down-to-earth and hands-on. Highly recommended
Invest Like a Guru: How to Generate Higher Returns at Reduced Risk with Value Investing
Invest Like a Guru: How to Generate Higher Returns at Reduced Risk with Value Investing
I use the research site GuruFocus almost daily. It’s my go-to source for fundamental stock research, and the screeners and graphing tools alone would be well worth the subscription cost.

So, I was thrilled to find out that GuruFocus founder Charlie Tian, PhD recently authored a book, Invest Like a Guru: How To Generate Higher Returns At Reduced Risk With Value Investing.

Tian doesn’t have a background in finance. He’s a scientist with a PhD in physics and an expert in fiber optics and lasers. Perhaps because of his unorthodox background Tian approaches the investing process in a scientific way, picking apart the strategies of successful investors to see how they work. Much of Invest Like a Guru – and GuruFocus too, for that matter – is focused on the strategies of wildly successful value investors such as Warren Buffett, Peter Lynch and Donald Yacktman.

The dominant theme of the book is quality. Buffett famously said “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price,” and Tian spends most of Invest Like a Guru expanding on that core idea. Chapter 6 is particularly useful as a 20-point checklist of criteria to look for when seeking out quality companies, including consistent profitability, capital efficiency and insider ownership.

But while Invest Like a Guru is full of solid advice in what to look for in a stock, it’s far more useful in telling you what to avoid. As a case in point, Tian dedicates a chapter to deep-value investing, and I personally consider this the most important chapter in the book. I myself have gotten suckered into deep-value plays in the past, and they rarely seem to work out as planned or on the timeframe I had hoped.
Deep-value investing is what Warren Buffett called “buying dollar bills for 40 cents” earlier in his career. Later, he mostly eschewed the strategy, calling it “cigar-butt” investing.

The rationale is easy enough to understand: It’s hard to lose money buying a company that is worth more dead than alive. If a company’s net assets are worth significantly more than its current market price, management could sell off the company for spare parts and deliver a decent profit to shareholders. And generally, that would be the right move. Remember, if a stock is trading that cheaply, chances are good that it is a company with very deep problems.

The problem is that it never quite works out that way. Monetizing assets is messy and complicated, and management has a vested interest in keeping the enterprise going. And the longer they do, the more value gets eroded.

As a case in point, consider the case of Sears Holdings. Eddie Lampert and Bruce Berkowitz – both respected value investors – have effectively bet their careers on Sears in the belief that its real estate and brand portfolios represented massive untapped value. They problem is that the Sears retail business continues to deteriorate around them. They may eventually unlock the value they had hoped to, but it will have cost them dearly in money, reputational damage and – perhaps most importantly – opportunity cost. Had they focused their energies elsewhere, they might have made far better profits with far less headache.

Buffett himself learned the same lesson with Berkshire Hathaway, which was a failing textile producer when Buffett originally bought it. Berkshire eventually failed, but only after Buffett had wasted untold time and energy (not to mention money) trying to keep it afloat. Buffett called his purchase of Berkshire Hathaway a “$100 billion mistake.”

Tian finishes the chapter with the simple observation that “There are better ways to make money.”

If you’re new to value investing, I highly recommend Invest Like a Guru. But even if you’re a seasoned investor, you’ll find plenty of insightful food for thought. My compliments to Tian on a solid addition to the value investor’s library.
The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market
The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market
relatively short book, but over simplified at times - you should “zig” when the crowd “zags” typical contrarian emphasis (you can’t beat the market if you buy the same things, you need to buy different things, but still be right). Good review of Buffett’s Dempster Diving days where he was doing cigar butt investing, buying graham style investments and squeezing/liquidating them. Then he talks about the magic formulae (see readings about Joel Greenblatt) beating the market. Then he talks about the aquirer’s multiple which beats the magic formulae - similar idea with magic formula, except special emphasis on low debt and high cash holdings of the company. He really emphasizes reversion to the mean in terms of stock price and leading businesses profits declining overtime due to competition. He has an antigrowth stance generally speaking - states that only warren buffett is able to find business with protective moats that protects its profits.

I appreciate content about activist investing - although this is very difficult for a low net worth individual investor to do (buying a significant percentage of a business in oder to influence management to unlock value and run a better business). I would give this book a B to B+ (I tend to have high standards now that I’ve read so many investment books - but I must admit, I probably don’t follow Carl Ichan as much as I should for coattail activist investing).

He argues that returns are better if you buy fair companies at wonderful prices vs wonderful companies at fair prices. Which I may or may not agree with - I think it depends - it's kind of like the argument of where is the best value? that can be found in growth stocks or "cheap stocks" with cheap stocks you're hoping that it's cheaper than it's liquidating value, assuming that you are able to take over and liquidate the company or hope someone else does the work for you and is successful. sometimes companies are cheap for good reason - i've had my fair share of those. I just can't sleep soundly and ignore news using the liquidating strategy. If i had all the time and little more money, i think activist investing would be good for really advanced people - people who actually manage money for a living.
The Intelligent Investor: The Classic Best Seller on Value Investing
The Intelligent Investor: The Classic Best Seller on Value Investing
This is the best investment book that I have read and I am a veteran of many investment books having written one myself. In fact, The Intelligent Investor is probably the best investment book ever written. Good investing doesn't require a gigantic IQ, but it does need a proper state of mind, the intellectual framework for recognizing the truth and the ability to keep your emotions from eroding that framework. What I liked the best in the book was the numerous case studies which allowed me to work out my investment decisions on given stock situations and then see what subsequently happened to that stock. The subsequent discussions and the results proved that stock picking can be quite scientific and predictable. The book further proves that the investors worst enemy is often himself/herself. The fault Dear Brutus is not in our stocks but in ourselves for we are underlings. Enthusiasm might do well in other endeavors, but in Wall Street it almost invariably leads to disaster. In Wall Street it's the facts that count not wishful thinking or fantasy as so many have recently learned. Incidentally, I agree with Graham's definition: An investment is one which, upon analysis, promises safety of principal and an adequate return. Anything else is a speculation and should be avoided. Follow Graham and you might profit from the folly of others rather than participate in folly yourself.
Warren Buffett (Tamil)
Warren Buffett (Tamil)
This book is not written with reader friendly. An unwanted urgency sentence style was spreaded all over the book. Also looks like direct translation of an English book. But you need not neglect this. Just try it..
Warren Buffett: How to invest like Warren Buffett: A Proven Step By Step Guide To Value Investing: How To Get Rich Through Value Investing The Warren Buffett ... Buffet Portfolio, Warren Buffet's way)
Warren Buffett: How to invest like Warren Buffett: A Proven Step By Step Guide To Value Investing: How To Get Rich Through Value Investing The Warren Buffett ... Buffet Portfolio, Warren Buffet's way)
I've been interested in learning more about Warren Buffet and his investment style but never had the time to read his books. This book is packed with very vital information about how to invest like the multi-billionaire. I feel I know a lot now on what his secrets are just by getting hold of this book. What struck me the most though is Warren Buffet's passion not for money but for the challenge and responsibility he feels for those less fortunate. Investing for him is a game, a challenge, and not a way to fuel his greed. He insists on being clear about the more important things in life, and these are definitely not material things.

Getting books like this is a start to helping me get on the right track to investing like a pro. One must have self discipline to stick to what one deems profitable in the end and not be swayed by volatile projections in the market.
Invest like Warren Buffett, Be the Intelligent Investor: A Guide to Investing from Life & Business Lessons, Wit & Wisdom of Warren Buffett Portfolios, Stocks, and Businesses
Invest like Warren Buffett, Be the Intelligent Investor: A Guide to Investing from Life & Business Lessons, Wit & Wisdom of Warren Buffett Portfolios, Stocks, and Businesses
I have read this book thoroughly! I liked it very much. I find it very interesting, catchy and inspiring. Many people can learn from Warren Buffett, from his experience and knowledge. The most important thing for reaching happiness and success is hoping for that and believing in yourself. One must have courage ad faith in himself. This book can teach that not always the knowledge can help to become a successful man, but also one's courage, faith and strength. Warren Buffett is a great role model for all those, who want to become successful in business and in life.
The Rule: How I Beat the Odds in the Markets and in Life - and How You Can Too
The Rule: How I Beat the Odds in the Markets and in Life - and How You Can Too
I believe I am the first person to review this book who has actually purchased it. So, this review has no bias but my own and is totally independent.

It is important to state, this book does not provide you with exact rules saying you must buy here, sell here, place a stop here and diversify across these specific markets, and so on. So, please do not think you are buying a set of exact "Rules" in a list format. Fortunately, these tactics are not shared with us as the majority of us would not stick to it or understand its purpose.

It is even more important to know the strategies Mr. Hite uses and continues to use are shared with us. Following the trend, cutting losses, diversify to reduce risk and catch trends are shared with examples. This gives us the ability to design a system which we will stick to and can be profitable. As long as we use the mentioned fundamental "Rules". My own backtesting as shown this to be true.

There is plenty of information provided in this book which personally gives me more ideas to test and improve my own systems. It also provides ideas which I never even considered. "Thank you for sharing your knowledge and experience".

The book tells us how Mr. Hite applied trend following strategies not just in the market but in life. Can you really be a trend follower in the markets but not in your personal life? Will there be a greater chance of internal conflict which may break your rules if you are not?

The additional advantage of reading this book is that it fills in the gap to Mr. Hites interviews in Market Wizards, also, the information provided by Alex Greyserman in Trend Following with Managed Futures and Mr. Covel series of books such as Trend Following and Trend Commandments, and many other books. This was really helpful to me as I had a lot of questions I felt on Mr. Hite could answer. This book has answered a lot of those questions.

I would rate this book amongst Edwin Lefevre - Reminiscences Of A Stock Operator, Nicolas Darvas - How I Made $2,000,000 In The Stock Market, Michael W. Covel - Trend Following, and Jack D. Schwager - Market Wizards.

I would highly recommend this book to anyone beginning or experienced in trading.

Thank you Mr. Hite. The book was well written and very clear.
MEG: Nightstalkers
MEG: Nightstalkers
I picked up the original "Meg" novel a couple of years ago and found it a pleasant surprise. It was well written and hit the balance perfectly between being believable and having some fun, over the top action. It was refreshing to find a giant sea monster story that didn't have the usual radiation/mutation/government experiment origins and was coupled with some likable characters. I enjoyed the sequel but as I've gone through the series there's been a noticeable decline in the quality. I was hoping "Nightstalkers" would end that trend but was sadly disappointed.

I understand that five books into a series there's going to be some rehashing of similar plot devices but I couldn't help feeling that I'd already read this book. It's been the same for a while now - despite tragedy after tragedy inflicted on the Taylor family by these sharks, they insist on repeating their mistakes. Initially they want to destroy the sharks, but then decide they want to save them and imprison them back in the lagoon/aquarium one more time despite all the failures of previous attempts and countless deaths. The megs are the secondary antagonists at this point, playing second fiddle to some even larger creatures, but the formula is still the same.

By far the worst point of the book is about 75% in where a character is introduced and brings with him an absolutely ludicrous alternate reality/time travel subplot. Yes you read that right, TIME TRAVEL!!. I wish I was making this up. It feels ridiculously out of place and is dropped after a few chapters never to be mentioned again (thankfully). I later discovered that this was a crossover with another series by the same author, and it feels like a cheap ploy to generate sales of his other books. At this point I actually put the book aside for a few weeks feeling like it wasn't even worth the effort but I'd already invested enough to want to see it through to the end. I won't spoil anything, but the door was left open for more sequels to follow.

If you've read the first couple of books of the series then please just stop there. It's sad how terrible this getting.
The Beautiful Poetry of Donald Trump
The Beautiful Poetry of Donald Trump
A family of Donald Trump supporters, we laugh at ourselves, so why not our President, right? This seemed like a perfect gift for one of our business minded family members to have in his office. Once the book arrived it was a disappointment. The few laughable poems were immediately overshadowed by inappropriate language and suggestive comments. It's not that we're ignorant to Donald Trump's inappropriate moments. It's the fact that there's more than enough material and odd phrases used by Mr. Trump to write this novelty book without stooping this low. The comedy suffered due to vulgarity. Item was returned.
Positively 12th and K: A Bob Dylan Tribute
Positively 12th and K: A Bob Dylan Tribute
There are plenty of musical tributes to Bob Dylan out there, but you'd be hard-pressed to find one with more talent and energy than this one. Jackie Greene, Sal Valentino and company present a wonderful assortment of Dylan material, both acoustic and electric, and it's all recorded live! Who could ask for more? Especially fine are Jackie Greene's better-even-than-Dylan-himself renditions of "Subterranean Homesick Blues" and "All Along the Watchtower," Sal Valentino's masterful version of "Isis" and Mick Martin's scorching "Lonesome Day Blues." Add to that Sherman Baker's beautifully rendered "Tonight I'll Be Staying Here With You" and other fine vocals by Lew Fratis and Billy Harper, Jr., the best being Harper's version of "I Shall Be Released," and you've got one little gem of an album.
Glow in The Dark Stars Stickers for Ceiling, 208 PCS Colorful Glowing Stars,Moon and Butterfly for Kids Bedroom,Luminous Stars Stickers Create a Realistic Starry Sky, Room Decor,Wall Stickers
Glow in The Dark Stars Stickers for Ceiling, 208 PCS Colorful Glowing Stars,Moon and Butterfly for Kids Bedroom,Luminous Stars Stickers Create a Realistic Starry Sky, Room Decor,Wall Stickers
This is a cool idea for a kids bedroom. You can decorate the ceiling and walls with the stars and moon that glow in the dark. They are "charged up" by the light first and then glow for 4 to 6 hours depending on how long you have charged them for.You get 3 different sized stars and they take at least 15 minutes to charge up so they can shine bright for you or your kids. It comes with some adhesives to make sure they stick well to the ceiling or wall.This is a nice alternative to a night light for those kids that are afraid of the dark or just want some lights on and dream of the stars. It is also a cute little decoration really. They are easy to use and install and were a hit with the little one.
Night Chills
Night Chills
Written in 1977, it may seem quaint, with computers that take up a lot of space and don't have as much power as your smart phone. But this is the foundation of a more recent book by Koontz, "The Face," that will give you 21st century chills. That is filled with high-tech complexities, in the sense that both the villain and the hero have resources available to them that are not available here. Makes this terror, however bad it may have been for the denizens of the tiny lumbering community where it took place, not so very terrifying.

One particularly satisfying element for me was that one of the three super-villains is a wealthy religious fanatic who wants to enslave the world for Jesus.
Honest Illusions
Honest Illusions
I'm sure that it's becoming apparent from my reviews that I am a Nora Roberts fan. English Lit degree to the contrary, I like light summer reading just as much as the next person; I just don't like feeling that I'm killing millions of brain cells while I read. Roberts bridges the gap nicely; writing romance novels with enough detail and research to keep the reader entertained as well as conscious. One of her finest books, in my opinion, is Honest Illusions, originally published in 1992.

::: Family of the Heart :::

Honest Illusions begins in the present, then flashes back to the past to give history before jumping back. Luke Callahan is a runaway; escaped from a life that makes Oliver Twist's look like Pollyanna by comparison. As he is picking pockets at a carnival, he is lured into the show of Max Nouveau, a magician. Max spots Luke in the audience plying his craft, and asks him backstage. He recognizes in Luke a kindred spirit, and offers to bring him along with the carnival, hiring him as a behind-the-scenes person, but treating him like a son.

Luke is soon drawn into Max's "family" including his daughter Roxanne, girlfriend/assistant Lily, mechanic Mouse, and, back home in New Orleans, a seeming cook and butler, LeClerc. It isn't long before Luke realizes that Max has more than one career: by day he owns the carnival and has his magic act, but by night, Max and company are accomplished jewel thieves. Luke learns to trust, as well as learns both of Max's crafts, and as he grows up, Max becomes more and more famous for his act while Luke beings to think of Roxy as less and less of a sister and more and more as a woman.

Still, Luke has a past that haunts him, and makes a few enemies along the way. When the book opens, he has returned to Roxanne after a five-year unexplained absence. But Luke has plans to seek revenge on his enemies, as well as get Roxanne back. Of course, Roxanne has a few surprises of her own.

::: I'll Admit It; I've Read It Several Times :::

Honest Illusions is probably my favorite Roberts book of all times, and I've read it more times than I care to admit. Roberts is at her finest with character development in this book, involving the reader in all their lives. Even seemingly minor characters aren't given short shrift, and Roberts' handle on both the carnival life as well as planning and executing jewel theft is absolutely incredible.

I'll confess that I usually read most romance novels with a jaded eye, treating them almost as if they were potato chips, indistinct from one another. I'd challenge any person to read this book and not cry at points, not root for Luke upon his return, and not gasp with shock and horror when Roberts reveals the reason for Luke's desertion.

The Nouveau troupe isn't the first time Roberts has made a major character or characters thieves, but she imbues them with such a sense of decency that you can't help but root for them and against those they steal from. Max even goes so far as to tithe profit from the sale of the items that he steals, and seeing him give Luke the love and care that he should have had all along will break any parent's heart.

If there is one single Roberts book that anyone curious should read, it should be Honest Illusions. Others are excellent as well, but this one is definitely one of her best, if not the best.

I originally reviewed this book years ago, and even that was years after I read it. I re-read it for possibly the 100th time this past week, beginning it while I was in New Orleans, after walking through the French Quarter. Roberts' ability to recreate setting in such a way that the reader can see where the characters are is impressive; I'd been able to picture New Orleans exactly as it is based on this book. Upon re-reading, it's still a favorite, and will probably be forever.

This review previously published at Goodreads.
Stephen King's The Dark Tower Concordance
Stephen King's The Dark Tower Concordance
The Dark Tower is a way of life. For those true appreciators of the series, you know what I mean. A friend of mine, the friend who actually recommended, relentlessly I might add, that I read The Dark Tower series (I being the King fan, he being the Tower fan), after finishing the series said to me, not unseriously: "Honestly, I haven't come across anything in the real world that disproves the existence of the Dark Tower." That's the kind of affect that the series can have on people, and it was the same for me.

All that being said, if you're a Dark Tower fan, this book is a must. I carry it with me frequently wherever I go, so that at any given time, if I have a down moment, I can stroll through it and get a taste of Mid-World, of the memories, of the journey of the Dark Tower series. It's so complete, from details you might have missed or forgotten, to the languages and terms of the various worlds in the books, to the mythologies and stories, even creation stories, to maps of the ka-tet's journey, and diagrams, my favorite being of Maturin carrying the universe on his shell, with the universe being represented as the Dark Tower and the guardians and their beams all connecting. Essentially it's a bible for the Dark Tower, and because I'm a bit odd like that and a considerable fanatic, I find myself wondering: why would anyone bother with actual religious texts when this exists? I joke, but that's the beauty of the series, and the beauty that this book exists.

Highly recommended! It's more than a reference guide: it's a way of life.
That Loving Feeling
That Loving Feeling
This book was Horrible! In the first story Annette is a spoiled brat. She pulls off some pretty stupid antics to win the attention of Josh. Falling and acting like she hurt her ankle, come on now. The stupidest thing she does is going to hotel room to lose her virginity to some other guy just so Josh will have sex with her! I was so disgusted with this story that I skimmed the second one and came to the conclusion it was just like the first story. Thank goodness I didnt waste any time reading that one. I wish I could get my money back.
Illuminating Angels and Demons
Illuminating Angels and Demons
I rented this movie and must say, it is really informative and thought provocative. It delved into the Vatican's role to secrecy, assassination of popes; and how it first fostered its role to use christianity and the Catholic Church to spread a single concept of God for the purpose of being the single domination and powerful ruler of the world. I recommend this documentary for any one seeking to understand the truth and what is missing...how war, politics, presidential nominations, elete powers, other illumanati groups, and more, impact our government and our lives in ways that we could never have imagined. Great job by the writers.
Sfera (Italian Edition)
Sfera (Italian Edition)
Di lui avevo già letto altri romanzi e avevo già apprezzato il suo modo di scrivere; ovviamente ho visto e rivisto più volte l'omonimo film ma non mi era mai capitato di leggere la basa da cui è stato tratto e approfittando di un'offerta molto allettante, approfittai di questa lettura.
La scrittura scorre bene e lineare, senza periodi o pause morte e per avere un'idea, la narrazione del libro scorre pressoché come film, salvo qualche particolare e qualche episodio che nella versione su pellicola non è stato riportato.
Anche questo uno dei tanti casi in cui la versione cartacea di un'opera è nettamente superiore alla versione cinematografica.

CONCLUSIONI
Per gli amanti dei romanzi di avventura dove si mischiano buona narrazione con misteri e fantasy vario, questo libro merita di essere letto e ovviamente la sua lettura è d'obbligo per gli adoratori dei libri di Crichton, solamente mi rammarico immensamente per la sua anticipata dipartita, avrebbe potuto regalarci altre indimenticabili opere letterarie.
Pippi fährt nach Taka-Tuka-Land
Pippi fährt nach Taka-Tuka-Land
Meine Tochter hat dieses Buch zum vierten Geburtstag bekommen, weil sie ein totaler Pippi Fan ist! Auf den ersten Blick war ich schon etwas von den Bildern enttäuscht, mir gefallen die gar nicht und sehen Pippi und Co auch wenig ähnlich. Bis auf die Haare könnte man nicht erkennen dass es Pippi sein soll. Geschrieben ist das Buch etwas hochgestochen, meine Tochter wollte das Buch schnell zur Seite legen und etwas anderes lesen! Mal sehen ob es vllt. in einem Jahr für sie etwas ansprechender ist! Mir jedoch als Mama gefällt das Buch auch nicht besonders. Daher würde ich es nicht wieder kaufen!
Lonesome Cowboy and Texas Two-Step: Heart of Texas, Volume 1
Lonesome Cowboy and Texas Two-Step: Heart of Texas, Volume 1
There are some of Macomber's books that I like, but Lonesome Cowboy and Texas Two Step are not ones I would recommend. They seemed so promising.
While the stories started out good, they quickly dwindled into a painful process of the hero of each story turning into a truly stupid clumsy oaf in every sense of the word. None of the males in the stories were described enough to get a feel for whether they were homely or good looking. And I have to be honest here, I like my heroes in romance fiction to be handsome (or at least attractive) and to have some kind of IQ to go with it. I mean these poor slobs were idiots.
As love stories go, these were pretty unbelievable. Mainly that's because Macomber just dropped the ball with her lack of characterization of the males. They were like dumb strangers.
And what kind of woman is repeatedly insulted by these stumbling oafs and just keeps letting them insult her over and over and over again?
And what's with this disgusting brother Richard that everyone just turns a blind eye to his evil ways? Asking too much of a reader to buy into that scenario.
Sorry for the bad rap, but I need a little more feeling and passion in romance novels. And please find some heroes we can like.
Bleach 56
Bleach 56
Das Buch ist sehr interressant und spannend geschrieben. Zu empfehlen für Animes Fans. Man sollte diesen Teil lesen, wenn man schon mehrere Teile hat.
Presidential Lottery: The Reckless Gamble in Our Electoral System
Presidential Lottery: The Reckless Gamble in Our Electoral System
Michener’s observations are prophetic. His options in 1968 are the same ones we have in 2020. His involvement in the political process at that time is actually more defined and specific than the hodgepodge we see from the participants today. Michener’s writing is in depth but precise in context. Makes it an easy read with definite thought provoking points. The popular vote idea he floats is deflated by his own arguments. He never defends it as diligently and emphatically as he does the electoral votes given on percentages. His options regarding the House vote was ahead of its time.
Recommend this as a foundational study on the Electoral College and the Founders, especially James Wilson, thought processes in protecting the republic from mob rule.
The Bling Ring
The Bling Ring
I won’t say this film is shallow, but… It’s based on a magazine article. Not a book, mind you, a single article in Vanity Fair, “The Suspects Wore Louboutins.” Having said that, it does shallow with a vengeance. The film begins with cartoon-level caricatures of Valley girls. Picture mom calling her teens down for breakfast with, “Girls! Time for your Adderall.” Mom of course is also a caricature. (And truthfully, I wish Hollywood would stop featuring homeschoolers as all children of the corn flat-earthers or total flakes. Stepmothers get a better rep from Disney… But that’s probably a topic for a different review...)

Emma Watson is deliciously vapid here. Not even a hint of Hermione’s quiet righteousness or simmering brilliance.
It’s also interesting to watch the peer pressure in play at “Idiot” high, and how easily the Bling Ring members move from underage drinking and skipping school to multi-million dollar robberies. Or situations where playing with a loaded gun becomes more than a metaphor.

Clearly, the closest this film comes to Oscar material is when they rob celebrities while those actors are attending the awards ceremony. But it’s a good rainy afternoon diversion. And you get to see the insides of Paris Hilton’s actual closet since she allowed them to film inside her mansion.
FYI – The sound track is horrendous. No idea where they got that music, but the opening song has a background droning like a running garbage disposal. I thought my TV speakers had died. And the ending song is even worse. Like someone stood on the chord buttons of an accordion and just kept standing there.

[I rented this on a rainy afternoon. But I can’t remember reviewing a film I’d only rented before. I’ll be curious to see whether this is Verified or not….]
India's Kitchen
India's Kitchen
Being an avid Indian cook, I love learning some of the dishes that I have eaten but never knew how to make. Do need to mention portions of ingredients because for the unexperienced cook, might be difficult to figure out. Hope there are more shows coming!
Glamorise Women's Full Figure No Bounce Plus Size Camisole Wirefree Back Close Sports Bra #1066
Glamorise Women's Full Figure No Bounce Plus Size Camisole Wirefree Back Close Sports Bra #1066
This is my second sports bra from this company (FYI, their regular nonwired ones are very comfy too). I had the delight of getting to try one for free as part of the Vine programme and it’s SO good I had to buy another because it definitely is one of my comfiest undergarments that I always forget I’m wearing (and for big girls, we know that’s a hard thing to find).

I use it for not just exercise but for general use - I bought it two size down at the band so can have a slightly tighter back size for exercise as a deliberate measure for keeping the boulders bolstered down (if you’re a big girl, this actually does make a difference, it’ll dig in at any back fat, but will give less bounce at the front - on me it is tight but NOT uncomfortable enough to restrict movement or hurt) then use an elasticated bra extender for normal every day wear so it’s comfy (and with the extender it is VERY comfy - in fact, I literally can’t feel it).

It has a “modesty” patch at the collar section to hide your cleavage, which I love. I’m bigger busted and I honestly hate that most sports bras push the “girls” together and then UP so that everyone sees, but this bra allows for separation while giving you a bit of modesty so your bust isn’t on display - nice if your sports tops are low cut.

Washes very easy, dries quite fast. Doesn’t have a lot of stretch except at the straps, obviously (essential if you want good support and don’t want the band sliding). What I do love is that for a sports bra it doesn’t give you a weird shape. It doesn’t flatten your bust down or push them into one weird looking mound (like the over the head ones do), it doesn’t push them up to your chin so that it looks like you’re suffocating -it keeps them separate and breast-shaped (although the longer you wear and depending on how you’re moving, they will eventually together and give you cleavage but this usually happens with most standard bras anyway).

For some reason although I’m a G, in this particular bra I’m a DD (I haven’t been a DD since high school), can’t explain it as a DD isn’t the sister size for a G, but it fits superbly and my bazookas aren’t squished at all. You might need to look hard at measurements when it comes to sizing as you might find another size is actually your “sports bra” sister sizing. Worth a look.

This might be considered expensive for a sports bra but a good bra is an investment, especially a comfy one that you need to withstand impact. This isn’t the kind of bra you have for half the year, wear twice and then dump, this is a solid piece of foundation garmentry that should last you a few years (like my other has). It’s worth spending on merely because you get what you pay for sometimes and I know that from experience. A discount sports shop over the head one or cheap fashion shop zip up one won’t compare to this quality. Invest in your sports bras.

Definitely recommend it, especially to the larger busted lady who struggles finding that right sports bra that doesn’t hurt.
Playtex Women's 18 Hour Ultimate Lift and Support Wire Free Bra
Playtex Women's 18 Hour Ultimate Lift and Support Wire Free Bra
You know your bras are old and so worn out that they no longer hold you up, no matter how much you tighten the straps. This was the case for me since I hadn't bought new bras in YEARS so I decided it was time to invest in some bras. I used to spend a lot of money on each bra from an expensive store (shhh, it's a secret!) and, while I loved them, it didn't seem to be very practical to me if I could find less expensive bras that were good quality and could do just as good of a job. I remember seeing Playtex bras when I was much younger and started searching for them. This seemed to be a popular choice among many people so I chose one of these to test it out.

This Playtex bra is an 18 hour bra meant to lift and support all day. It doesn't have an underwire and it's lightly padded on the shoulder straps. The cups aren't padded and there are three hooks for each of the three closure sizes for a total of nine hooks. I purchased the nude color which is a nice, light color that is good for a lot of light-colored and dark-colored clothes. Washing instructions are machine wash cold with like colors and tumble dry low. It is made in El Salvador of 81% nylon and 19% spandex (cup and center belt) and 92% nylon and 8% spandex (back). I always put my bras in lingerie bags in the washing machine and hang them up to dry.

For sizing purposes, I am typically a 36D and ordered a 36D in this bra. It fits perfectly so I'd say you will most likely want to order your normal size. This is a full-coverage bra so it goes up a little higher on your chest. I like the fact that it fits me nicely, the straps are padded and comfortable and the design is attractive.

The reason I'm not a big fan of this bra is because I don't feel it's very supportive. I usually wear underwire bras and thought I'd try this because it seems to be a popular choice. Even though I tighten the straps, I still feel like I'm drooping because I don't feel the bottom part holds me up enough. I end up adjusting myself several times throughout the day (fortunately, I'm a stay-at-home mom). The other reason I don't really like this bra is because it isn't padded. I don't need a lot of padding but I like some padding to hide the fact that I get cold. It was very easy to see that I was cold when I wore this bra, which my husband was delighted to point out to me.

Since this particular bra doesn't suit me well, I ended up purchasing 
2020 HP 14 inch HD Laptop Newest for Business and Student, AMD Athlon Silver 3050U (Beat i5-7200U), 8GB DDR4 RAM, 512GB SSD, 802.11ac, WiFi, Bluetooth, HDMI, Windows 10 w/HESVAP 3in1 Accessories
2020 HP 14 inch HD Laptop Newest for Business and Student, AMD Athlon Silver 3050U (Beat i5-7200U), 8GB DDR4 RAM, 512GB SSD, 802.11ac, WiFi, Bluetooth, HDMI, Windows 10 w/HESVAP 3in1 Accessories
I love that it is lightweight and smaller. It's not tablet size, but its not bulky like other laptops. I bought it for my home based business and it works great. The down side is that when you first start it up and set it up it is set as Windows 10 S and you are unable to install apps that are not Microsoft approved like Chrome, Firefox, Facebook Messenger, and Adobe Acrobat. However, you can find similar apps on the Microsoft store. If you would rather have Win 10 then you can switch to it from either the Microsoft store or your settings. You will lose some of the Windows 10 S features like the extra security protection. Another reason I gave 4 stars on storage capacity is that there is only 5 gigs of one drive space. You can either upgrade or if you have a family or business version of Microsoft Office 365 then you'll have the full 1TB of one drive space. I plan to upgrade the hard drive in the future to a 1TB.

Overall, it is a great buy and perfect for what I need it for. I chose to keep the Win 10 S as the operating system. And I just transferred my files to my one drive account I have associated with Microsoft Family so I have all my files. I just delete what I don't need from my main account after it has been uploaded to my secondary account. Just a word of warning you are not able to link Microsoft accounts to each other so make sure when you set up your laptop that you choose the account you want to login with because once it is set it cannot be changed.
Aurora - Mini Flopsie - 8" Black Face Sheep
Aurora - Mini Flopsie - 8" Black Face Sheep
I actually bought this as part of a gift "basket" for a close friend, because I knew he would appreciate the humor behind it. I ALMOST didn't include it in the basket, because I found it utterly adorable and cuddly. It's soft, huggable, and beyond cute. Long story short, he loved the basket, and he got quite a kick out of the sheep. I think it makes a great cuddle buddy at night. Try it; you won't be disappointed!
Teaching Graphic Design History
Teaching Graphic Design History
For someone who is about to teach her first history of design class, as a requirement for a Bachelor of Design (BDes) degree requirement in our program, this book has been most helpful. As with his other books on teaching design, Steven Heller lays out the terrain in the USA, by depicting how the field got started as a matter of necessity in the maturing design world of the 1970s at CalArts with Keith Godard. He also points to the ways in which the discipline has been developing and branching out since its beginnings. Heller also provides practical advice on how one might navigate the frontier of teaching design history, by providing the reader with a range of syllabi from pioneering faculty, as well as a solid reading list and websites to use as further references.
Hamilton Beach Programmable Slow Cooker, Stovetop Sear & Cook, 6 Quarts, Silver (33662)
Hamilton Beach Programmable Slow Cooker, Stovetop Sear & Cook, 6 Quarts, Silver (33662)
I purchased this crockpot a few months ago and decided to use it for the first time yesterday. The lid does not fit properly. It will actually fall in the crockpot. You have to balance it very carefully. Therefore it does not seal properly. I spoke to a friend who also purchased the same crockpot through Amazon Prime and she said hers does the same thing. I am very disappointed. My last Hamilton Beach Crockpot lasted for years and I loved it, until the ceramic crock eventually started to crack. That is why I was replacing it. I am totally disappointed with this product and because my friend bought the same model, with the exact same problem, I feel that this model should be taken off your merchandise.

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