Warren Buffett is the most famous investor of all time and one of today's most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett's spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett. New material includes: How to think like a long-term investor -- just like Buffett Why "loss aversion", the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome. Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett's investing success Analysis of Buffett's recent acquisition of H.J. Heinz and his investment in IBM stock The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett's approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.
Foreword: The Exception vii Howard Marks Foreword to the Second Edition xvii Bill Miller Foreword to the First Edition xix Peter S. Lynch Introduction xxv Kenneth L. Fisher Preface xxxi Chapter One A Five-Sigma Event: The World's Greatest Investor 1 Personal History and Investment Beginnings 3 The Buffett Partnership Ltd. 10 Berkshire Hathaway 13 Insurance Operations 15 The Man and His Company 17 Five-Sigma Event 18 Chapter Two The Education of Warren Buffett 21 Benjamin Graham 21 Philip Fisher 30 Charlie Munger 35 A Blending of Intellectual Influences 38 Chapter Three Buying a Business: The Twelve Immutable Tenets 45 Business Tenets 46 Management Tenets 50 Financial Tenets 59 Market Tenets 64 Anatomy of a Long-Term Stock Price 69 Chapter Four Common Stock Purchases: Nine Case Studies 71 The Washington Post Company 72 GEICO Corporation 81 Capital Cities/ABC 91 The Coca-Cola Company 100 General Dynamics 110 Wells Fargo & Company 114 American Express Company 120 International Business Machines 123 H.J. Heinz Company 130 A Common Theme 135 Chapter Five Portfolio Management: The Mathematics of Investing 137 The Mathematics of Focus Investing 143 Focus Investors in Graham-and-Doddsville 155 Chapter Six The Psychology of Investing 179 The Intersection of Psychology and Economics 180 Behavioral Finance 182 And on the Other Side, Warren Buffett 194 Why Psychology Matters 199 Chapter Seven The Value of Patience 201 For the Long Term 202 Rationality: The Critical Difference 205 Slow-Moving Ideas 206 System 1 and System 2 207 The Mindware Gap 210 Time and Patience 211 Chapter Eight The World's Greatest Investor 213 The Private Buffett 216 The Buffett Advantage 218 Learning to Think Like Buffett 224 Finding Your Own Way 232 Appendix 235 Notes 253 Acknowledgments 263 About the Website 267 About the Author 269 Index 271
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