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The Essential Buffett: Timeless Principles for the New Economy

The Essential Buffett: Timeless Principles for the New Economy
Author: Jr. (Author); Bill Miller, Legg Mason Value Trust
ISBN 13: 9780471227038
ISBN 10: 47122703
Edition: N/A
Publisher: John Wiley & Sons, Inc.
Publication Date: 2001
Format: Paperback
Pages: 283
List Price: N/A

For a while, with day traders and speculators driving the stock market to unprecedented heights—and redefining the concept of investing in real time—Warren Buffett’s measured, buy-and-hold value philosophy seemed as quaint as an old adding machine. Buffett himself lamented that his investors would have done just as well if he had gone to the movies instead of the office. But the madness is over. As the smoke clears Buffett’s timeless investment strategies are looking smarter than ever.

In this book, Robert G. Hagstrom helps you draw on the wisdom and counsel of Warren Buffett to succeed in today’s challenging market. Picking up where his previous bestselling books on Buffett—The Warren Buffett Way and The Warren Buffett Portfolio—left off, Hagstrom explains how Buffett analyzes companies and selects stocks. He then shows you how these techniques can be applied to technology, small-cap, and international stocks— areas Buffett traditionally has not explored.

Buffett built a multibillion-dollar business empire by confidently following a course that often put him at odds with Wall Street trends. The Essential Buffett outlines the core principles that you will want to incorporate into every stock decision you make:

  • Invest in a business, not a stock—you’ll look at a company’s economics as if you were taking over as CEO tomorrow

  • Demand a margin of safety for each purchase—how to keep risk at a minimum

  • Manage a focus portfolio—a comprehensive portfolio strategy, used with spectacular results by Buffett, which focuses the investment process on a few outstanding companies

  • And protect yourself from the speculative and emotional forces of the market—a lesson thousands of investors have now come to appreciate the hard way

The Essential Buffett shows you how Buffett’s framework can reliably guide your investments in today’s economy.

Investors today are bombarded with information. But understanding is still a scarce resource. To understand and practice the real rules of investing, you’ll find no better touchstone than the essential tenets developed by Warren Buffett and laid out in this book.


Hagstrom revises, updates, and expands his analysis of Warren Buffett's investment methodology, often excerpting from his earlier works. He covers both his stock selection and his style of portfolio management, and throws in advice on how to apply the principles. Annotation c. Book News, Inc., Portland, OR (booknews.com)