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The Warren Buffett Way, + Website, 3rd Edition

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Praise for The Warren Buffett Way

"[This] book's popularity is a testimony to the accuracy of its analysis and the value of its advice."
—BILL MILLER, Chairman and CIO, LMM, LLC

"A comprehensive primer on applying Buffett's investment strategy to the new economy."
Fortune

"For readers of The Warren Buffett Way, I hope I can provide a very personal look into an important piece of investment history and some thoughts on how to best use this wonderful book. There is little I will say about Mr. Buffett since that is the subject of this book and Robert Hagstrom covers that ground with grace and insight."
—KEN FISHER, from the Introduction

"The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance."
—PETER S. LYNCH, bestselling author, One Up on Wall Street and Beating the Street

"An extraordinarily useful account of the methods of an investor held by many to be the world's greatest."
The Wall Street Journal

"Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book."
—JOHN C. BOGLE, founder and retired CEO, The Vanguard Group

"It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home."
—JOHN ROTHCHILD, bestselling author, The Bear Book and The Davis Dynasty

"Nobody has described what Buffett practices better than Hagstrom."
Time

"Simply the most important new stock book. . . . If you think you know all about Warren Buffett, you have a lot to learn from this book."
Forbes

"Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something of interest here."
The Economist

"The Warren Buffett Way is accessible to average readers because Mr. Hagstrom reduces the billionaire's techniques to some easily understandable tenets . . . the book demonstrates the rewards that can come down the road."
The Dallas Morning News

"Thank you, Robert Hagstrom, for the finely honed thinking, the clear writing, and the simple strategies that help all of us be more successful at one of life's most intriguing and intimidating tasks: investing our money."
—JANET LOWE, bestselling author, Warren Buffett Speaks

"By placing Buffett's approach into a broader context, Robert Hagstrom captures not just the key ideas of this century's investing giants, from Ben Graham to Phil Fisher, but also lucidly explains the theoretical foundation of their insights, including probability theory and psychology. This is not simply an investing book; it is an investing library."
—CHRIS DAVIS, Portfolio Manager, Davis Advisors

"Robert Hagstrom shows how 'the world's greatest investor' can help us navigate."
—KAY BOOTH, Managing Director, Cappello Waterfield & Co., LLC


ROBERT G. HAGSTROM is one of the best-known authors of investment books for general audiences. He has written nine books, including the New York Times bestselling The Warren Buffett Way and The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy. He is also the author of The NASCAR Way: The Business That Drives the Sport; The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths; and Investing: The Last Liberal Art. Robert is a graduate of Villanova University with a BA and MA and is a Chartered Financial Analyst. He lives with his family in Villanova, Pennsylvania. Visit Robert's website at www.RobertHagstrom.com.

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