The Warren Buffett Way
by Robert G. Hagstrom
The most read explanation of Buffett's method: business, management, financial and market tenets, with case studies of major purchases and the influences of Graham, Fisher and Munger. It is clear and systematic. It also makes Buffett's approach look more replicable than it is; temperament and decades of reading are not in the tenets.
Read it if…
you want a structured account of how Buffett evaluates businesses.
Skip it if…
you want the original sources; read the letters.
Three things you will actually use
- Buy businesses, not tickers.
- Management's candor and capital allocation matter.
- Concentrate when the odds are overwhelming; otherwise diversify.
Do this first
Apply the business and management tenets to one company and notice how much you do not know.
Our verdict
Clear and systematic.
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