Письма Баффета. Полный путеводитель

by L.J. Rittenhouse, Лаура Риттенхаус

Многие слышали о самом могущественном и успешном финансисте мира - Уоррене Баффете. Это самый богатый человек мира, инвестиционный гений, заработавший для своих вкладчиков десятки миллиардов долларов.
Однако мало кто знает, что с 1971 года Уоррен Баффет пишет своим финансистам информационные письма-эссе. В них он рассказывает о последних новостях фондового рынка, делится своим секретами, дает советы и полезные рекомендации.

Почему мы решили издать эту книгу

Феномен Уоррена Баффета трудно объять в одной биографии, даже очень полной и подробной. Переписка Баффета акционерам открывают новые грани его финансового гения.

Фишка книги

Баффет пишет настолько увлекательно, интересно и полезно, что прочитать его письма будет интересно всем, даже тем, кто далек от мира больших денег.

От автора

По форме мы корпорация, по сути - партнеры. Мы с Чарли Мангером относимся к нашим акционерам как к партнерам-совладельцам, а себя считаем руководящими партнерами. Масштабы нашого холдинга таковы, что нам приходится выполнять также функции контролирующих партнеров.
По данным различных исследований и оценкам корпоративных консультантов, стоимость акций на 40-60 процентов зависит от восприятия инвесторами личности СЕО.
Почему инвесторы так доверяют Баффету? Ответ прост: потому что сам Баффет "питается блюдами собственного приготовления". Он не только владеет большой долей акций своей компании - эта доля составляет значительную часть капитала его семьи.
Между фантастической реальностью Оруэлла и положением дел в современном финансовом мире немало общего.
Благодаря своей безупречной репутации и укрепленному наличными средствами балансу, Баффету удается заключать сделки, которые другим и не снились. Люди уважают его мнение и проникаются уверенностью, что когут полностью доверять проницательности инвестора. Он решителен и никогда не дает невыполнимых обещаний. Сначала Баффет скрепляет предстоящую сделку печатью рукопожатия, затем приглашает адвокатов для составления официальных документов.

Об авторе

Лаура Риттенхаус
Лаура Риттенхаус возглавляет компанию Rittenhouse Rankings, оказывающую широкий спектр консультационных услуг в сфере инвестиционного менеджмента. Ежегодно компания публикует результаты своего исследования CEO Candor Rankings, которое посвящено изучению влияния степени открытости руководителей компании на стоимость ее акций и уровень конкурентоспособности. Эти данные часто цитируются представителями различных бизнес-изданий, среди которых The Wall Street Journal, CNBC и многие другие.

Genres: Finance, Business, Nonfiction, Money

208 pages, Hardcover

First published September 26, 2000

Reviews

[Louise · Rating 5 out of 5]

This book is full of outstanding financial and life advice in an easy-to-understand format. A must read. Great gift for all those you care about too.

[Paula ϟ · Rating 3 out of 5]

3.5 stars overall

The author does a great job with inserting many of Buffett's writings rather than speaking on behalf of him. She also makes clear points and breaks down her guide into helpful segments.

[Chungsoon Haw · Rating 4 out of 5]

I found this book to be more about how to run a business and manage communication than about investing. I also love the concept of how Birkshire has branded itself that gives it a huge advantage when finding businesses to buy.

[Ravi Sinha · Rating 5 out of 5]

Despite being a long time disciple of Buffett's, over the years I've come to believe that it's also good to 'have fun along the way' in investing, e.g. with short term investing, technical analysis, and derivatives (options) etc. His philosophy of 'markets are inefficient, buy wonderful companies at cheap prices and hold them forever' sometimes seems just as extreme to me as the opposing, academic view of 'markets are efficient, just buy an index of the whole market and hold forever'. With my allegations of extremism out of the way, I generally side with Buffett's and Munger's ideas while also enjoying some 'fun' on the ride, because who knows who among us has 50 years to wait and see. As far as this book goes, the author extends previous work on CEO communications and focuses more on Buffett's philosophy of life, business, and communicating. The little book itself is doubtless a great investment of time.

[Nayan Patel · Rating 5 out of 5]

Great book about Warren Buffett and his investing acumen.

Great excerpts from Warren Buffet's shareholder letters. Provides valuable insights into the investing style and shareholder wealth creation philosophy of Warren.

[Ck Vinod · Rating 4 out of 5]

Excellent book lucidly defining the principles Buffett adopts.

[Gurnoor Chahal · Rating 3 out of 5]

Could be a little to overwhelming for newcomers

[Elong Fils · Rating 5 out of 5]

Fast reading, with a lot of lessons coming from analyzing Warren Buffett’s shareholders letters

[jenny · Rating 5 out of 5]

reading about Buffett always gives me a peace of mind

Never boring to read about the legend. This motivates me to read the original letters from the oracle himself in 2023.

[Value Investor · Rating 2 out of 5]

Not enough Warren, too much superfluous commentary padding by the author.

[Douglass Gaking · Rating 4 out of 5]

This book introduces the reader to the letters that Warren Buffett writes to his shareholders in the Berkshire Hathaway Annual Report. Buffett also includes a "Shareholder's Manual" in the report, which Rittenhouse uses material from as well. This is a great introduction to fundamental concepts of value investing, the strategy which Buffett has used to build a personal net worth of over $70 billion. Warren Buffett is more than a successful investor and business owner, he is a role model for all of us. One of the core values of his life has been stewardship. He finds business that are run by great people who truly care about their craft, invests in them or purchases their company, and then continues to let them manage and do their great work while he stays out of the way. He feels deeply committed to his shareholders, and strives to give them great returns and more than enough information about the company, as well as other sage advice. Rittenhouse is obviously a big believer in Buffett. She writes passionately about him and his work, and she writes so much like him that at times you forget whether you are reading his words or hers. This quick read is well worth the time for any investor, even if the extent of your investment is only a few mutual funds for your retirement. Value investing isn't only a stock market strategy, it can be a model for all the economics of life.

[Nandan Dubey · Rating 4 out of 5]

The book doesn't tell you how to invest but it surely tempts you toward investing. It's a great initial book for investing.. Depicts how easy it is all and how sure you should be IFF you do "little things right" also explains in a nutshell about the big IFF. So it is never like walking on Sword.. nope, it's like running in plain ground if it is not with you you will not fall.

Author Laura Rittenhouse has done a really nice job with the book.. Surely good start if you are into market and money.. and wanted to know something about greatest man money-wise, and his famous Berkshire Hathaway.

[Lucas Remmerswaal · Rating 5 out of 5]

Laura Rittenhouse has done a terrific job with this book. I enjoyed sharing a few minutes talking with Laura at the bookworm in Omaha during the shareholders meeting in 2011, she was a fan of my first book "13 Habits the Tale of Tortoise Buffett and Trader Hare"

[Daniel Oon Yong Lin · Rating 4 out of 5]

Above average simple read, good book if you want to know more about Buffett & his style; shareholder activities; management philosophy, and simole investment methods that the new generation are constantly trying to game the system for quick liquidity.

[Anthony · Rating 2 out of 5]

Common sense, now endorsed by Warren Buffett.

[Tony Moze · Rating 5 out of 5]

Interesting to know what buffet does for his investors. What a great guy!

[Amithanand D'silva · Rating 5 out of 5]

A very insightful insight into the worlds greatest most investor's thought process.