The Warren Buffett Way

书名:The Warren Buffett WayInvestmentStrategiesoftheWorld'sGreatestInvestor
作者:RobertG.Hagstrom
译者:
ISBN:9780471648116
出版社:Wiley
出版时间:2004-10-11
格式:epub/mobi/azw3/pdf
页数:272
豆瓣评分: 8.6

书籍简介:

Book Description A decade has passed since the book that introduced Warren Buffett to the world – The Warren Buffett Way by Robert Hagstrom – first appeared. Since then, Buffett has solidified his reputation as the greatest investor of all time – quietly amassing a multibillion-dollar fortune, despite the wild fluctuation of the markets. Although Buffett has claimed time and again that what he does is not beyond anybody else's competence, some people still do not understand how this value investing legend can consistently perform so well. That's where Robert Hagstrom and the Second Edition of The Warren Buffett Way come in. This completely revised and updated look at the Oracle of Omaha encompasses Buffett's numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner. Buffett is back …and better than before! A decade has passed since the book that introduced the world to Warren Buffett–The Warren Buffett Way by Robert Hagstrom–first appeared. That groundbreaking book spent 21 weeks on the New York Times Hardcover Nonfiction Bestseller list and sold over 1 million copies. Since then, Warren Buffett has solidified his reputation as the greatest investor of all time–becoming even richer and more successful, despite the wild fluctuation of the markets. How does this value investing legend continue to do it? That's where Robert Hagstrom and the Second Edition of The Warren Buffet Way come in. This Second Edition is a completely revised and updated look at the Oracle of Omaha–comprising Buffett's numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner. Rather than presenting Buffett's strategies by stock purchases–as he did in the first edition–Hagstrom makes "Buffett's Way" more accessible to the individual investor by presenting Buffett's basic tenets of investing and illuminating these principles with relevant and up to date examples from Buffett's investments. Readers will also see how Buffett's investing has evolved over time as he has applied his fundamental principles beyond stocks to include other areas–such as private companies, bonds, and foreign currency. No one understands Warren Buffett like Robert Hagstrom. Buffett himself commented that the first edition of The Warren Buffett Way was honest and accurate. The Second Edition of The Warren Buffett Way provides the same integrity and quality of information, with a decade's worth of new material that is sure to please seasoned investors while introducing a new generation of readers to the greatest investor of all time. Robert G. Hagstrom (Villanova, PA) is Senior Vice President of Legg Mason Funds Management and the portfolio manager of the Legg Mason Growth Trust. He is a member of the Association of Investment Management and Research and the Financial Analysts of Philadelphia. From Publishers Weekly Starting with $10,000 in 1956 and today worth some $8.5 billion, with significant holdings in Coca-Cola, Capital Cities/ ABC and the Washington Post Company, Omaha, Nebr.-based Buffet is a major player on Wall Street. Financial consultant Hagstrom, who did not interview his subject but obtained permission to quote from his Berkshire Hathaway annual reports, here outlines Buffet's iconoclastic tenets for investing. Unlike many entrepreneurs who take over companies to sell them off in bits, Buffet buys and holds. He rejects the "efficient market theory"; he doesn't worry about the stock market; and he buys a business, not a stock. He manages with a small staff, no computers and a "hands off" strategy. Learning his secrets here, now the rest of us can do a Buffet? Illustrations. Fortune Book Club dual main selection. From Library Journal Hagstrom, a principal in a Philadelphia investment firm, describes the investment strategies and techniques used by Warren Buffett to realize enormous success as a professional investor. Aiming his analysis at the individual investor, Hagstrom reviews the influence of Buffett's mentors, Ben Graham and Philip Fisher, and illustrates Buffett's synthesis of their investment philosophies. Hagstrom provides case studies of Buffett's major investments, showing the qualities of the companies that had appeal. Buffett's investment philosophy espouses long-term investing, respect for good management, and recognition of the value of a business franchise. This insightful work is a worthwhile complement to Graham's classic writings, considered essential for new investors.                         Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.-Book Dimension Height (mm) 235       Width (mm) 180

作者简介:

罗伯特·哈格斯特朗(Robert G. Hagstrom)

美盛投资顾问公司首席投资策略师、董事总经理。他是美国最知名的以善于写作巴菲特及芒格思想理念而著称的作家,已出版九本投资图书,包括《纽约时报》畅销书《巴菲特之道》《巴菲特的投资组合》《查理·芒格的智慧:投资的格栅理论》,以及《NASCAR:驱动体育的商业》《侦探与投资者:来自传奇特工的未曾揭示的投资技巧》等。

罗伯特本科与硕士均毕业于维拉诺瓦大学,并持有CFA证书。他与家人居住于美国宾夕法尼亚州维拉诺瓦。更多信息可以关注www.RobertHagstrom.com。

书友短评:

@ bigmac 价值投资 公司分析 情绪控制 @ 夕饮冰 2nd edition @ beirikui 翻译了一遍。书中有很多基本的数学原理以及投资的历史发展介绍,值得一读。 @ 一二一二一起咕 我居然看完了 = = @ 一二三 有术也有道,是巴菲特的投资哲学,也有点人生哲学的意思。以前看觉得啰嗦太多故事,把其他书看了一波,回过头发现这些定性的东西正好是巴菲特最强的地方。作者不厌其烦讲了很多投资纪律、准则,但核心就是最后一章的那句,你花一万年跟一条鱼说陆地上如何生活,都不如花一天真的在陆地上行走,running a business has the same kind of value。 @ Marshall 直接看巴菲特的信和股东会视频吧,二手资料还是差点儿意思 @ 臭臭的加密小狗 巴老爷子可能真的是财神爷转世 @ 一二三 有术也有道,是巴菲特的投资哲学,也有点人生哲学的意思。以前看觉得啰嗦太多故事,把其他书看了一波,回过头发现这些定性的东西正好是巴菲特最强的地方。作者不厌其烦讲了很多投资纪律、准则,但核心就是最后一章的那句,你花一万年跟一条鱼说陆地上如何生活,都不如花一天真的在陆地上行走,running a business has the same kind of value。 @ 如聽萬壑松 这是有关巴菲特的中书最喜欢的几本之一。 @ bigmac 价值投资 公司分析 情绪控制

书籍目录

  • 巴菲特投资方法12准则企业准则企业是否简单易懂?企业是否有持续稳定的经营历史?企业是否有良好的长期前景?管理准则管理层是否理性?管理层对股东是否坦诚?管理层能否抗拒惯性驱使?财务准则重视净资产收益率,而不是每股盈利。计算真正的“股东盈余”。寻找具有高利润率的企业。每一美元的留存利润,至少创造一美元的市值。市场准则必须确定企业的市场价值。相对于企业的市场价值,能否以折扣价格购买到?
    —— 引自第53页
  • 巴菲特在其进化和境界提升的过程中经历了四个重大转变:(1)从廉价股投资到高品质企业投资的风格转变。(2)从证券投资到企业购并和证券投资双管齐下的业务转变。(3)从资金需求者到资金提供者的角色转变。(4)从建立自我到追求无我的境界转变。巴菲特的投资呈现三重境界:第一重:聪明投资的境界。主要表现为:①符合价值投资的三大基本原则,是一名纯粹的(价值)投资者,完成弃投机化的进程;②聪明地利用市场先生的错误,用极低的价格买到便宜货,价值回归以赚取价差;③聪明地利用相关证券确定的价格背离,进行套利、对冲、调换;④聪明地利用股价的严重低估和长期低迷控制企业,影响其经营管理决策。第二重:精明投资的境界。主要表现为:在符合价值投资三大基本原则的基础上:①注重企业品质;②立足分享高品质企业的商业模式;③同时多策略、精明地捕捉市场错误带来的极低估和套利等机会。第三重:高明投资的境界。主要表现在:①自知之明,投资方式与性格偏好和生活方式高度吻合;②无为而治,不战而胜,战之大胜:立足分享伟大企业的商业模式,让钱为你工作,管道的思维,无为而无不为;③灵活适应,投资方式与商业模式完美融合。④持续进化,能力圈持续扩大,思想更加开放,技术更加全面;⑤极高的商业洞察力,对商业模式有极高的领悟能力和风险嗅觉,如护城河理论的提出、三类业务的划分等。如何做一个高明的投资者第一,要正确区分投资与投机。选择的力量是世界上最伟大的力量。第二,了解自己的天性。第三,持续学习。第四,持续实践。第五,持续专注。第六,特别强调,要进入巴菲特投资进化的三重境界,必须先成为一个纯粹的投资者。巴菲特的三部曲(巴菲特投资思想进化的“三个阶段”、“三重境界”)和“四转变”造就了巴菲特滚雪球的一生。贯穿的主线是:实力,持续学习进化提升软实力(智慧和境界),通过提升软实力壮大硬实力(财富和影响力)。
    —— 引自章节:推荐序七
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