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
从企业经营、管理、财务、市场价值原则去分析企业的角度很实在、有效,这本书很好的体现了巴菲特的投资理念,并通过案例重现其投资决策的过程。不过大概看了下英文原版,在影响巴菲特的投资理念的人中,中文翻译只介绍了格雷厄姆和费雪,原版还介绍芒格等2位。。。
评分本想写短评的,字数超了: 《The Making of an American Capitalist》主要是从传记的角度写的,对巴菲特的投资总结不太到位。这本书对巴菲特的投资哲学总结得很清晰,特别是对巴菲特投资思想的成型和转变作了很好的总结。也难怪巴菲特要给他打电话了。这是很好的入门读物,可惜...
评分本想写短评的,字数超了: 《The Making of an American Capitalist》主要是从传记的角度写的,对巴菲特的投资总结不太到位。这本书对巴菲特的投资哲学总结得很清晰,特别是对巴菲特投资思想的成型和转变作了很好的总结。也难怪巴菲特要给他打电话了。这是很好的入门读物,可惜...
评分刚开学的时候在图书馆看见的,至今仍然未还,并不是放在书架底层忘记它的存在,反倒是每次上公共课时带上的书都是它。公共课时我都会带上笔记本,细细的读这本书,有时候三节课才读了三十来页。现在我已经把它当成教材来学习了,受益匪浅,这个词很恰当。虽然我现在还没有开始...
坦白说,我带着一种略微怀疑的态度开始阅读这本书,因为市面上关于巴菲特的解读太多了,很多都流于表面。然而,这本书的独特之处在于,它似乎获得了一种特殊的权限,能够触及到一些更为微妙的、关于决策过程的细节。作者的语言风格非常克制、精准,几乎没有使用任何夸张的修辞手法,但正是这种克制,反而带来了强大的说服力。书中对“市场先生”这一比喻的重新阐释,让我对市场的波动性有了更超脱的理解。它不是让你去“战胜”市场,而是让你学会如何与一个情绪化、时常失控的伙伴“共处”。我尤其喜欢它对“机会成本”的强调,作者通过一系列对比鲜明的投资决策,展示了“不做任何事”有时是最好的决策,而这需要极大的耐心和对自我的深刻认识。这本书的结构安排也值得称赞,它不像流水账,而是像搭建一座精密的钟表,每一个章节都是一个关键齿轮,共同驱动着我们理解这位投资大师的内在驱动力。
评分这本书在案例分析的广度与深度上做得非常出色,远超我以往读过的任何同类题材书籍。它没有局限于可口可乐或美国运通这样耳熟能详的案例,而是花了大量篇幅去剖析一些看似平淡无奇,却被巴菲特用“安全边际”原则挖掘出巨大潜力的中小企业。作者的叙事风格是那种极其严谨的“技术分析”与“人文关怀”的完美结合。例如,在探讨巴菲特对管理层的评价标准时,那种对“诚实、智慧和精力”的层层递进的解读,让我对企业领导力的理解上升到了一个新的维度。它让我意识到,投资一家公司,本质上是在“信任”一个团队,而这种信任的建立,需要比财务报表更复杂、更细致的考察。这本书的行文风格就像是一位经验老道的导师,他不会直接给你答案,而是通过讲述他自己走过的弯路和取得的成功,引导你一步步走向正确的方向。读完之后,我感觉自己对于企业竞争优势的判断标准,有了一种更加锐利和可靠的“滤镜”。
评分我得说,这本书的文字功力达到了一个惊人的高度,它读起来完全不像是一本商业传记,更像是一篇篇精雕细琢的散文诗,充满了对商业智慧的敬畏与赞美。作者在描述巴菲特与查理·芒格之间的“化学反应”时,那种默契与互补,被描绘得淋漓尽致,仿佛我能亲眼目睹他们在每年的股东大会上那种充满智慧火花的互动。最让我感到震撼的是,作者深入挖掘了巴菲特在特定经济周期和市场恐慌时期所展现出的心理韧性。这种韧性并非天生,而是建立在对商业本质几十年如一日的洞察之上。书中对于“能力圈”概念的阐释,不是简单地告诉你“要知道自己不懂什么”,而是通过大量实例展示了如何通过持续学习和自我反思,来逐步拓宽这个圈子的边界,同时又保持对未知领域的敬畏。阅读过程中,我几次停下来,合上书本,沉思了许久,思考自己投资组合中那些“能力圈”之外的盲点。这本书的价值在于,它不只是教你“做什么”,更重要的是塑造你“如何思考”的底层逻辑,那种冷静、理性、甚至带有一丝幽默感的思维模式,是无法用金钱衡量的。
评分这本书散发着一种历经沉淀的智慧气息,它的文字像是用慢火熬制的老汤,味道醇厚,回味无穷。我发现作者在描述巴菲特在不同历史阶段的心态变化时,运用了一种近乎心理学家的洞察力。比如,当市场狂热到极致时,他如何保持内心的清醒;而当整个世界陷入恐慌时,他又如何敢于在别人恐惧时贪婪。这种对极端情绪的管理能力,是这本书给我最大的启发。它的语言风格非常注重逻辑的连贯性和论证的严密性,读起来丝毫没有冗余感,每一个段落似乎都在为构建一个更宏大的哲学体系添砖加瓦。它深入探讨了“价值”的动态性,即真正的价值并非一成不变,而是需要在时间的检验中不断被重新定义的。它不是一本提供“快速致富秘籍”的书,而是一部关于如何建立一个稳固、可持续的财富观和人生观的指南。读完之后,我感觉我的投资哲学得到了一次彻底的“重装系统”,变得更加关注长期主义和内在价值的深度挖掘。
评分这本书的叙事结构简直像是一部精彩的侦探小说,只不过主人公不是在寻找凶手,而是在揭示这位“奥马哈先知”投资哲学的核心秘密。作者没有采取那种枯燥的教科书式的说教,而是巧妙地将巴菲特那些看似简单却无比深刻的投资原则,融入到一个个生动的历史案例和决策转折点中。我尤其欣赏它对早期伯克希尔哈撒韦公司转型过程的细致描绘,那段从纺织业的困境中挣脱出来,转向真正具有“护城河”的优质企业的转变,读来令人拍案叫绝。它不仅仅是在罗列“买入并持有”的口号,更深入探讨了巴菲特如何构建他那套独特的企业估值框架,以及他如何抵制华尔街的短期诱惑,保持心智上的绝对独立。整本书的节奏把握得极佳,让你在跟随作者的笔触回顾历史的同时,不断地反思自己日常的投资行为是否也被市场噪音所干扰。它成功地将复杂的金融概念用日常语言清晰地阐释出来,即便是初入股市的新手也能从中汲取到宝贵的营养,而对于资深投资者而言,这本书提供了一个绝佳的“校准工具”,帮助我们回归价值投资的本源。
评分我居然看完了 = =
评分我发现以后真的要读原版书,翻译的书老是读不通~这本书真的不错~
评分因为先看了the warrent buffet portfolio,所以觉得这本书里有些已经讲到过了。很喜欢讲management 的那段。这是选股第一标准。
评分我居然看完了 = =
评分我发现以后真的要读原版书,翻译的书老是读不通~这本书真的不错~
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