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Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett the World's Most Famous Investor, by Mary Buffett, David
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"Buffettology" is the first book from someone who, thanks to personal and professional access to Warren Buffett, has been uniquely positioned to learn from the master. Mary Buffett had the privilege-- during her twelve years as his daughter-in-law-- of sharing some of this very private genius's informal discussions of his investing philosophy, and now she shares some of her invaluable observations with us. This breakthrough book offers a full-blown explanation of how Buffett uses "Business Perspective Investing" as a wealth-building tool. His strategy is not so much to "pick stock" but to search for and invest in excellent companies whose intrinsic value and potential earnings he can reasonably predict through a series of steps we learn about throughout the book. Citing many fascinating case histories and examples, "Buffettology" shows us what kinds of companies Buffett looks for and why, and which he avoids and why. The authors show us the mathematical models and equations Buffett uses to determine the basic value and earnings potential of his final choices (and the right price to pay, for which he is willing to wait). We also learn how with the aid of an inexpensive, widely available handheld calculator, anyone can do similar equations. In addition to providing such in-depth analysis, this book offers two more firsts. One is a chapter on Buffett's rarely discussed and extremely successful arbitrage operations. The book gives us the arbitrage equation he uses to determine the positions he should take. The other is a comprehensive list and brief analysis of fifty-four companies in which Buffett has invested and the authors believe he continues to follow, many of which have never before been publicly identified as "Buffett companies".
- Sales Rank: #910050 in Books
- Brand: Scribner
- Published on: 1997-11-13
- Original language: English
- Number of items: 1
- Dimensions: 1.08" h x 6.46" w x 9.57" l,
- Binding: Hardcover
- 320 pages
Features
Amazon.com Review
Americans are infatuated with the stock market. The number of households that own stock has increased from around 20 percent in the early 1980s to over 40 percent today. The market offers the hope of quick wealth and early retirement, and just about everyone who is in the market is looking for an edge, from sources such as CNBC and Wall Street Week to the Beardstown Ladies and "The Motley Fool." So it should be no surprise the most successful investor of our time--Warren Buffett--has been the subject of dozens of books and magazine articles. The value of Buffett's company, Berkshire Hathaway, has increased from $18 per share in 1965 to over $70,000 per share today. The interest in Buffett has spawned an approach to investing called "Buffettology," which is the subject of a book by the same name written by Buffett's former daughter-in-law, Mary Buffett.
In Buffettology, Mary Buffett, with the help of David Clark, details Warren Buffett's approach to investing. It's a style of investing based on the work of Benjamin Graham and one that requires a quality that most investors lack--discipline. Mary Buffett writes, "As you read through this book you will come to see that having a business perspective on investing is more about discipline than philosophy.... In short, other people's follies, brought on by fear and greed, will offer you, the investor, the opportunity to take advantage of their mistakes and benefit from the discipline of committing capital to investment only when it makes sense from a business perspective.... You will find that almost everything that relates to business perspective investing is alien to Wall Street folklore.
Buffettology examines Buffett's methods for valuing companies and selecting stocks--it even encourages you to buy a calculator and work through the valuation formulas that Buffett uses when researching companies to buy. The book not only serves as a useful guide to understanding how Buffett invests, it's an excellent primer to investing in stocks, whether you plan to become a Buffettologist or not. Highly recommended. --Harry C. Edwards, Business editor
Review
Stevin Hoover Hoover Capital Management Absolutely the best book ever written on Warren Buffett's investment methods. --investment
About the Author
Mary Buffett is an internationally acclaimed writer and lecturer on Warren Buffett's investment techniques. She is also the CEO of a multimillion-dollar-a-year commercial and film editing company with clientele that ranges from Coca-Cola to Madonna. She currently makes her home in Santa Monica, California.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Overall I would say this was an absolutely fantastic book. Do keep in mind one shortcoming with ...
By John Wise
Overall I would say this was an absolutely fantastic book. Do keep in mind one shortcoming with regards to the 10 year projections. The author assumes that all the retained earnings will increase the equity base on a dollar for dollar basis. However you have to keep in mind that some of those retained earnings will go towards investing in plant, property and equipment which merely replace old equipment with new equipment and do not increase the equity base. This net operating income minus capital expenditures for plant, property and equipment (found on the cash flow statement) are your owners earnings or free cash flow and, in my opinion, are a more realistic gauge to project equity per share figures.
3 of 3 people found the following review helpful.
Some good concepts, but they're better explained elsewhere
By The Man in the Hathaway Shirt
There's a sucker born every minute. --P.T. Barnum
This is very basic Buffett, almost comic book Buffett, and there's no shortage of books on him these days. The general concepts are well-known, but because you understand the basics of sonata form or theme and variations doesn't mean you can write symphonies like Beethoven, or even that you can write them at all. The biggest black mark of this book is Mary and Davey are such cheerleaders and make it sound so easy that any doofus who forks over the money will think they can do what only one person has ever done in all of history. And even BUFFETT admits he couldn't do it again in THIS market. Warren Buffett makes most of his money now through buying companies and arbitage these days.
Beware of something made too populist. If it were this easy, we'd all be billionaires. If it were this rarified, Mary wouldn't be sharing it with YOU, because no publisher could pay her more than she'd make just by keeping it to herself. Additionally, the book's tone is grating: it's all "Warren this" and "Warren that." Mary is obviously trying to leverage her privileged place (Or at least make us believe she had one), but the book reminds me of the insincere salesperson who uses your name too much in his pitch. ("John, you belong in this car. John, this car is you. I see you in this car, John.")
More alarming are numerous mathematical errors--the type you can check just by doing the arithmetic on your calculator. Someone should have proofed the book more carefully; it reads like it was rushed out the door. Considering that a PhD in finance was once briefly employed by Berkshire Hathaway as an assistant to Buffett, and after a week he quit, unable to keep up with The Master's hyperfast mind, one can imagine how dumbed-down the mathematical concepts in this book are.
The final section, where Mary urges you to set up investment partnerships similar to Buffett's, using money from your aunt, uncle, parents, and friends is downright irresponsible. (She warns you to keep the number of people in the trust below 100, so that you can avoid federal regulators!) That alone is enough to send the book to the garbage heap. What's interesting is Mary states frequently in this book that this is an investment technique for all times, that it's classic. Yet she has since come up with another book, "New Buffettology," in which she says the first book was written for a bull market and this new one is for the soft market. Oh really??? Anything for a buck, eh?
Some fine books on Buffett are The Warren Buffett Way, Buffett: The Making of an American Capitalist, and (best of all) Lessons for Corporate America. This book you can safely pass on.
1 of 1 people found the following review helpful.
Too simple
By A Customer
Buffetology tries to provide an, analysis behind the key to Buffets investing philosophy:
Investing in a business has two parts. 1) You need to understand if it is a great business (has a great business design) 2) You need to make sure that buy it at a price that will give you a good return. Both are necessary, although often only the first condition is present.
I would say that once you understand this, the rest of the book is spent providing an oversimplified `how to' guide for each part - still useful for many, but probably too simple for the people who were most likely interested in the first place.
Putting the above into practice, I think it is worth a read through, but I don't think the book is worth the $27.50 you'd have to pay to buy it -- maybe more like $9.99, or just skim through it in a bookstore.
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