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Investire come Warren Buffet. Strategie di acquisizione e value investing per guadagnare in borsa
See the world's #1 investor like never before--and learn how you can replicate his success
Many books have been written about Warren Buffett's value-investing strategy, and volumes more have been written about becoming a top-tier value investor. Even so, no one can touch the success Warren Buffett has achieved. Why? In this revealing examination of Buffett's success, practitioner, professor, and bestselling author Еlena Chirkova proposes the key to replicating his achievements is found in his acquisition practices as well as his investment strategy.
In "The Warren Buffett Philosophy of Investment," she looks at the man in full to piece together the framework leading to his unmatched wealth-generating prowess. The cornerstone of her study goes beyond investment theory to show Buffett's core wealth drivers are his philosophies behind Berkshire Hathaway. From his decision to create a joint stock company (instead of a mutual fund) to his hands-off policy with acquired companies to making himself a brand-name of mergers and acquisitions--she illustrates an intimate portrayal of Buffett operating behind the scenes by piecing together his career with scholarly diligence and scrutiny. Even well-read Buffett followers gain fresh insight into the man by discovering: Where his divergence from the principals of Ben Graham and Philip Fisher make him a superior investor Why his unorthodox perspective on the financial markets keep him ahead of the curve How his vision of risk, interpretation of volatility, and scepticism about investing in technology companies are interconnected What he sees as the critical problems of corporate finance
Additionally, readers are treated to extraordinary coverage of how Buffett strategically set up Berkshire Hathaway to suit his personal long-term investment strategy and provide almost cost-free leverage. See how Buffett's singular acquisition tactics and portfolio investments earned Berkshire Hathaway the distinction as "the right home for the right people," which gives him access to deals unobtainable by other companies and investors.
You're only investing with half a strategy until you take your value investing to the next level with "The Warren Buffett Philosophy of Investment."
Many books have been written about Warren Buffett's value-investing strategy, and volumes more have been written about becoming a top-tier value investor. Even so, no one can touch the success Warren Buffett has achieved. Why? In this revealing examination of Buffett's success, practitioner, professor, and bestselling author Еlena Chirkova proposes the key to replicating his achievements is found in his acquisition practices as well as his investment strategy.
In "The Warren Buffett Philosophy of Investment," she looks at the man in full to piece together the framework leading to his unmatched wealth-generating prowess. The cornerstone of her study goes beyond investment theory to show Buffett's core wealth drivers are his philosophies behind Berkshire Hathaway. From his decision to create a joint stock company (instead of a mutual fund) to his hands-off policy with acquired companies to making himself a brand-name of mergers and acquisitions--she illustrates an intimate portrayal of Buffett operating behind the scenes by piecing together his career with scholarly diligence and scrutiny. Even well-read Buffett followers gain fresh insight into the man by discovering: Where his divergence from the principals of Ben Graham and Philip Fisher make him a superior investor Why his unorthodox perspective on the financial markets keep him ahead of the curve How his vision of risk, interpretation of volatility, and scepticism about investing in technology companies are interconnected What he sees as the critical problems of corporate finance
Additionally, readers are treated to extraordinary coverage of how Buffett strategically set up Berkshire Hathaway to suit his personal long-term investment strategy and provide almost cost-free leverage. See how Buffett's singular acquisition tactics and portfolio investments earned Berkshire Hathaway the distinction as "the right home for the right people," which gives him access to deals unobtainable by other companies and investors.
You're only investing with half a strategy until you take your value investing to the next level with "The Warren Buffett Philosophy of Investment."
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First published December 6, 2013
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Displaying 1 - 7 of 7 reviews
June 16, 2019
Good book on Buffett's changing investment philosophy. It is not 100% complimentary, which is good.
Buffett has been looking to buy businesses with high sustainable Return on Equity. Not always successfully as in many cases his investments lost this "indestructible" moat and value.
A lot of the companies Buffett bought were private family businesses, whose owners were looking to sell their businesses to good hands. And Buffett with his pay-cash, hands-off, never-sell approach appeals to them, and able to buy the companies cheaper than purely financial or strategic investors.
Another factor of success is the structure of the Berkshire Hathaway as a company not a fund. The BH as an insurance company has no on-demand liabilities. Buffett does not have investors who can demand their investment back. This allows Buffett to take a very long term view, invest in illiquid private companies and never sell. The insurance float has proven to be a cheap leverage tool for his investments.
Buffett does not believe it diversification. Diversification is for ignorant, he says. Those who know what they are doing are fine with concentrated portfolios (GEICO was 35% of his portfolio at some time in the early career).
My view: These factors now actually play against WB:
1. With the fund is larger and larger, it is more diversified and less concentrated, which means its returns are less likely to be very different from the market.
2. Never sell approach means that the fund has many old investments with returns on equity mean-reverting, and/or their valuations already fair.
3. WB is getting older, which means his appeal for family business owners may be weaker. Plus for a large investment vehicle such as BH it is very difficult to find bsnowners in size and quantity.
4. Market has become more efficient over years. Now there are more Graham and Dodd followers around who hunt for similar deals.
This is mostly why WB lowered his required annual return from 15% to 10%.
Still WB has some powder:
1. His investment approach seems sound and working. He has immense knowledge of the corporate america
2. His long term view with cheap float financing help the returns.
3. Now he is a well known investor with fine reputation and cash and able to make deals in distressful situations.
Buffett has been looking to buy businesses with high sustainable Return on Equity. Not always successfully as in many cases his investments lost this "indestructible" moat and value.
A lot of the companies Buffett bought were private family businesses, whose owners were looking to sell their businesses to good hands. And Buffett with his pay-cash, hands-off, never-sell approach appeals to them, and able to buy the companies cheaper than purely financial or strategic investors.
Another factor of success is the structure of the Berkshire Hathaway as a company not a fund. The BH as an insurance company has no on-demand liabilities. Buffett does not have investors who can demand their investment back. This allows Buffett to take a very long term view, invest in illiquid private companies and never sell. The insurance float has proven to be a cheap leverage tool for his investments.
Buffett does not believe it diversification. Diversification is for ignorant, he says. Those who know what they are doing are fine with concentrated portfolios (GEICO was 35% of his portfolio at some time in the early career).
My view: These factors now actually play against WB:
1. With the fund is larger and larger, it is more diversified and less concentrated, which means its returns are less likely to be very different from the market.
2. Never sell approach means that the fund has many old investments with returns on equity mean-reverting, and/or their valuations already fair.
3. WB is getting older, which means his appeal for family business owners may be weaker. Plus for a large investment vehicle such as BH it is very difficult to find bsnowners in size and quantity.
4. Market has become more efficient over years. Now there are more Graham and Dodd followers around who hunt for similar deals.
This is mostly why WB lowered his required annual return from 15% to 10%.
Still WB has some powder:
1. His investment approach seems sound and working. He has immense knowledge of the corporate america
2. His long term view with cheap float financing help the returns.
3. Now he is a well known investor with fine reputation and cash and able to make deals in distressful situations.
August 16, 2016
Awesome overview of Buffet's investment philosophy
This book really changed how I think about investments. I recommend it to all my friends. I'd suggest three improvements to the book: 1, put all footnotes and references to the back. This shouldn't read like an academic paper; 2, talk more about how retail investors can apply those principles; 3, add more anecdotes and pictures to make it less boring.
This book really changed how I think about investments. I recommend it to all my friends. I'd suggest three improvements to the book: 1, put all footnotes and references to the back. This shouldn't read like an academic paper; 2, talk more about how retail investors can apply those principles; 3, add more anecdotes and pictures to make it less boring.
May 27, 2018
At the beginning, it gives a lot of new knowledge about common stock
September 4, 2023
เป็นการนำสิ่งต่าง ๆ ที่ Buffett เคยทำมาวิเคราะห์หลักการและรายละเอียดต่าง ๆ สรุปออกมาเป็นลักษณะการลงทุนของ Buffett และหลักการในการเลือกบริษัทที่จะทำการลงทุนหรือเข้าซื้อกิจการ
November 28, 2024
First few chapters were very beneficial and not "enjoyable" but I managed. Once it got to the corporate finance chapter I just could not read it anymore.
June 2, 2015
I enjoyed the book, and it was an easy read, but it did not provide any real new insights. Lots of quotes from other books on Buffett - but I've already read those.
I did glean a couple of "reminders" on share options and management that will be useful for me in my own analysis and management. For me, this was largely entertaining reading.
I did glean a couple of "reminders" on share options and management that will be useful for me in my own analysis and management. For me, this was largely entertaining reading.
December 30, 2016
Useful contribution to the crowded market of books on Warren Buffett.
Displaying 1 - 7 of 7 reviews