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Warren Buffett

E-BookEPUB2 - DRM Adobe / EPUBE-Book
272 Seiten
Englisch
John Wiley & Sonserschienen am23.02.20211. Auflage
In Warren Buffett: Inside the Ultimate Money Mind, Hagstrom breaks new ground with a deep analysis of Buffett's essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind.
What exactly is a Money Mind? At one level, it's a way of thinking about major financial issues such as capital allocation. At another level, it summarizes an overall mindset for successfully investing in today's fast-paced stock market, a mindset that depends on a commitment to learning, adapting, and facing down irrelevant noise.

This is not a method book. It is a thinking book.

Warren Buffett: Inside the Ultimate Money Mind explains the philosophies of self-reliance, stoicism, rationalism, and pragmatism and their contributions to making intelligent investment decisions. It also outlines the evolution of value investing, discusses how to develop a business-driven investing mindset, and describes the defining traits of successful active management. Lastly, it examines the surprising aspects of a Money Mind - sportsman, teacher, and artist.

In short, Warren Buffett: Inside the Ultimate Money Mind helps readers understand the building blocks that go into making a Money Mind so they can begin to incorporate its principles in the service to a life of value.

Testimonials

 'An erudite masterpiece...'

  Lawrence A. Cunningham

 'It's another must read...'

  Bethany McLean

'Pure Genius. This is a game changer in investment books...'

 Robert P. Miles

 'Effervescence and thoughtful analysis of Buffett's life and work...'

 Tom Gayner

 'Hagstrom's books always enable readers to think about the world in new ways...'

 Tren Griffin



Robert G. Hagstrom is Chief Investment Officer of EquityCompass Investment Management LLC, and Senior Portfolio Manager of the Global Leaders Portfolio. Robert has written ten books, including the New York Times bestseller The Warren Buffett Way. He is also author of The Warren Buffett Portfolio: Mastering the Power of the Focus Investing Strategy and Investing: The Last Liberal Art.mehr
Verfügbare Formate
BuchKartoniert, Paperback
EUR23,00
BuchGebunden
EUR30,00
E-BookEPUB2 - DRM Adobe / EPUBE-Book
EUR14,99

Produkt

KlappentextIn Warren Buffett: Inside the Ultimate Money Mind, Hagstrom breaks new ground with a deep analysis of Buffett's essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind.
What exactly is a Money Mind? At one level, it's a way of thinking about major financial issues such as capital allocation. At another level, it summarizes an overall mindset for successfully investing in today's fast-paced stock market, a mindset that depends on a commitment to learning, adapting, and facing down irrelevant noise.

This is not a method book. It is a thinking book.

Warren Buffett: Inside the Ultimate Money Mind explains the philosophies of self-reliance, stoicism, rationalism, and pragmatism and their contributions to making intelligent investment decisions. It also outlines the evolution of value investing, discusses how to develop a business-driven investing mindset, and describes the defining traits of successful active management. Lastly, it examines the surprising aspects of a Money Mind - sportsman, teacher, and artist.

In short, Warren Buffett: Inside the Ultimate Money Mind helps readers understand the building blocks that go into making a Money Mind so they can begin to incorporate its principles in the service to a life of value.

Testimonials

 'An erudite masterpiece...'

  Lawrence A. Cunningham

 'It's another must read...'

  Bethany McLean

'Pure Genius. This is a game changer in investment books...'

 Robert P. Miles

 'Effervescence and thoughtful analysis of Buffett's life and work...'

 Tom Gayner

 'Hagstrom's books always enable readers to think about the world in new ways...'

 Tren Griffin



Robert G. Hagstrom is Chief Investment Officer of EquityCompass Investment Management LLC, and Senior Portfolio Manager of the Global Leaders Portfolio. Robert has written ten books, including the New York Times bestseller The Warren Buffett Way. He is also author of The Warren Buffett Portfolio: Mastering the Power of the Focus Investing Strategy and Investing: The Last Liberal Art.
Details
Weitere ISBN/GTIN9781119714644
ProduktartE-Book
EinbandartE-Book
FormatEPUB
Format Hinweis2 - DRM Adobe / EPUB
FormatFormat mit automatischem Seitenumbruch (reflowable)
Erscheinungsjahr2021
Erscheinungsdatum23.02.2021
Auflage1. Auflage
Seiten272 Seiten
SpracheEnglisch
Dateigrösse843 Kbytes
Artikel-Nr.5648300
Rubriken
Genre9201

Inhalt/Kritik

Inhaltsverzeichnis
Prologue V

Chapter One The Young Warren Buffett 1

It Begins 8

From Investment Partnership to a

Compounding Conglomerate 13

Chapter Two Developing an Investment Philosophy 17

Howard Homan Buffett 19

Benjamin Graham 26

Charles Thomas Munger 32

In Closing . . . 47

Chapter Three Evolution of Value Investing 49

Stage One: Classic Value Investing 51

Stage Two: Valuing a Business, Not a Stock 65

Stage Three: The Value of Network Economics 81

Chapter Four Business-Driven Investing 115

Investment Zone 117

Chapter Five It's Not That Active

Management Doesn't Work 147

Chapter Six The Money Mind: Sportsman, Teacher, Artist 185

Epilogue 199

Acknowledgments 207

Berkshire Hathaway Library 211

For Further Reading 215

Notes 225

Index 237mehr
Leseprobe

Prologue

Omaha, Nebraska. May 6, 2017.

It's the first Saturday in May, and for those who follow Warren Buffett, that means just one thing: the annual Berkshire Hathaway shareholder meeting. In the investment world, there is nothing quite like it.

For five straight hours (not counting a one-hour lunch break), Warren, and Charlie Munger, chairman and vice chairman of Berkshire Hathaway, answer questions from shareholders in the audience, from finance journalists on behalf of their readers and viewers, and from securities analysts. No attempt is made to vet the questions ahead of time, and every one is answered fully and with candor, warmth, and the gentle wit that is the trademark of both men. There is nothing on the head table but water glasses, cans of Coke, See's candy and peanut brittle, and two microphones; no notes, no briefing books, just two men happy to answer questions and talk about their ideas. Some 30,000 people hang on their every word. I am one of them.

Earlier that morning I had driven from my hotel to the Century Link Center in downtown Omaha, site of the event. The parking lot was nearly full. The 20,000-seat arena was already filled with Berkshire Hathaway shareholders, with thousands more filing into the overflow ballrooms that surround the arena. Many had been in line since 4:00 a.m., waiting for the doors to open at 7:00. Once inside, many of them dash directly for the line of chairs set up at the 11 microphone stations scattered around the arena and the surrounding ballrooms; with any luck, the people sitting in those chairs will get a chance to ask their question.

There was a time I would have been in that early line with them. But I had stopped getting up at dawn years ago, and I was certainly too old to race down the grand hall, up the escalator then hop down the steps into the arena to grab one of the coveted seats. My routine was now more relaxed.

Once inside, I took my time meandering around the giant exhibition hall, with its booths displaying all the businesses Berkshire owns. It's like an indoor shopping mall. You can stock up on snacks like See's Candies, Dairy Queen ice cream, and Coke. You can browse modular homes, boats and recreational vehicles. You can check out the new colors of Benjamin Moore paint and the latest style of Kirby vacuum cleaners. You can even sign up for GEICO insurance.

Near 8:30 a.m., I head up to the second floor and walk into Grand Ballroom B, where I customarily take my seat. Several thousand chairs in the ballroom are divided into two sections, each with a massive television screen that will soon be showing the traditional Berkshire Hathaway movie before live streaming Warren and Charlie answering questions in the arena next door. I settle into the last row on the right-hand side, stretch out comfortably, and smile.

So far, everything seems exactly normal. There is no hint that at today's meeting, something remarkable will happen.

The format for the question and answer period is well established. On one side of the main table, where Warren and Charlie sit, there is a station for the three journalists-Carol Loomis of Fortune, Becky Quick of CNBC, and Andrew Ross Sorkin of the New York Times. They will present questions from their readers and viewers. On the other side is a station for the equity analysts: Jonathan Brandt, research analyst at Ruane, Cunniff & Goldfarb; Jay Gelb of Barclay's; and Gregg Warren, senior analyst at Morningstar. And at those 11 stations, dozens of eager shareholders sit nervously in their chairs, mentally rehearsing their questions.

Warren serves as master of ceremonies, calling first on one of the journalists, then one of the analysts, then one of the audience stations, in numerical order; then back to the journalists for the next cycle.

The morning session begins as usual. There's a question about driverless trucks and the threat it may pose to BNSF Railway or GEICO. Another question about Berkshire's reinsurance deal with American International Group. A discussion about technology stocks including IBM, Apple, Google, and Amazon. Warren was asked about the competitive nature of the airline industry, his thoughts on Coca-Cola, and the continuing struggle with Kraft Heinz.

Then, toward the end of the morning session, a shareholder at station 9 asked the 28th question, addressed to both Warren and Charlie. The two of you have largely avoided the capital allocation mistakes by bouncing ideas off of one another. Will this continue long into Berkshire's future? Although on the surface the question is about capital allocation, its focus is clearly on succession and who will be making capital allocation decisions in the future.

Warren responds first. Any successor that's put in at Berkshire, capital allocation abilities and proven capital allocation abilities are certain to be the uppermost in the board's mind. He points out that CEOs of a great many companies get to the top from a variety of backgrounds, including sales, legal, or manufacturing. But once in a leadership role, the CEO has to be able to make the decisions on allocating capital. Berkshire would not do well if somebody was put in who had a lot of skills in other areas but really did not have an ability to allocate capital.

What he said next made me sit upright in my chair.

Warren begins, I've talked about it as being something I call a Money Mind. People can have 120 IQs or 140 IQs or whatever it may be, and some of them have minds that are good at one kind of thing and some of them another. They can do all kinds of other things that most mortals can't do. But I have also known very bright people who do not have Money Minds and they can make very unintelligent decisions. That skill [capital allocation] isn't the way their wiring works. So we do want somebody and hopefully they've got a lot of talent. But we certainly do not want somebody if they lack a Money Mind.

A Money Mind. I had never heard Warren say those words before. At that moment I knew that after all those years of studying Warren Buffett, I was only half right.

My first exposure to Warren Buffett was in July 1984. I was training to be a stockbroker with a Mid-Atlantic brokerage firm. Part of my training included reading a Berkshire Hathaway annual report. Like so many, I was instantly impressed with the clarity of Warren's writing. Most importantly, I was struck with how sensibly he laid out the idea that owning a stock was equivalent to owning a business. As a liberal arts major in college, I didn't study finance or accounting, so trying to understand stocks using rows of numbers in balance sheets and income statements did not come easy to me. But when Warren explained that stocks should be thought of as companies run by managers who sell products to consumers, suddenly everything made sense.

When I earned my broker stripes and went into production I knew exactly what I was going to do. I was going to invest my clients' money in Berkshire Hathaway and in the stocks Berkshire bought for its own portfolio. I wrote to the Securities and Exchange Commission for all the past Berkshire Hathaway annual reports and the annual reports of the public companies Berkshire owned. Over the years, I collected all the newspaper and magazine articles written about Warren and Berkshire. I was like a kid following a ballplayer.

I have never met anyone who disagrees with Warren's investment principles. These principles became the investment tenets in The Warren Buffett Way. And when I asked a client if they would like to invest in the same way, the answer was almost always yes, definitely! But as time passed, I discovered some investors who had chosen to invest like Warren were struggling. The gap between knowing why you own a stock and having the emotional wherewithal to withstand the push and pull of the market was, for many, too wide. I came to understand there was a big difference between knowing the path and walking the path.

But on that Saturday 30-some years later, I finally realized what was needed to help people invest successfully had less to do with the investment tenets and much more to do with the right mindset. Although both Ben Graham and Warren had for years written about the importance of temperament, I had pushed aside that idea in favor of sharpening my pencil to figure out what a stock was worth. The harder it became for people to invest in the stock market, the more I sharpened my pencil. Then, on that Saturday morning I finally realized I had discounted the most important advice.

What does it mean to have a Money Mind? Exploring that question, and all its ramifications, is the goal of this book. We will accomplish this by starting at the beginning, where we find some early influencers that may surprise you. Example: Almost a decade before he first read The Intelligent Investor, 11-year-old Warren was intrigued by a book he found in the local public library. F. C. Minaker's One Thousand Ways to Make $1000 helped form his earliest ideas of a Money Mind. Example: The role and influence of Warren's father in shaping the underpinnings for Warren's investment philosophy has not often been addressed in writings about Warren. Example: We know that young Warren studied everything about finance and investing he could get his hands on, but he also began to incorporate the principles of rationalism and pragmatism, two precepts crucial to a true Money Mind.

Then, once he had acquired the basic building blocks of a...
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