by Warren E. Buffett
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Book Description
The definitive work concerning Warren Buffett and intelligent investment philosophy, this is a collection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past few decades that together furnish an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. They are arranged and introduced by a leading apostle of the "value" school and noted author, Lawrence Cunningham. Here in one place are the priceless pearls of business and investment wisdom, woven into a delightful narrative on the major topics concerning both managers and investors. These timeless lessons are ever-more important in the current environment.
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Buffett, the Bard of Omaha, is a genuine American folk hero, if folk heroes are allowed to build fortunes worth upward of $15 billion. He's great at homespun metaphor, but behind those catchy phrases is a reservoir of financial acumen that's generally considered the best of his generation. For example, in an essay on CEO stock options, he writes, "Negotiating with one's self seldom produces a barroom brawl." This is his way of saying that an executive who can give himself compensation totally disproportionate to his performance surely will. There are uncountable gems of financial wisdom to be harvested from these essays, taken from the annual reports he writes for Berkshire Hathaway, his holding company. Just to pick one more, here's a now-famous line about those he competes with when making stock-market investments: "What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?" While Buffett has a policy of seldom commenting on stocks he owns--he feels public pronouncements will only lead to the public's expectation of more public pronouncements, and he likes to keep his cards close to his vest--he loves to discuss the principles behind his investments. These come primarily from Ben Graham, under whom Buffett studied at Columbia University and for whom he worked in the 1950s. First among them is the idea that price is what you pay and value is what you get--and if you're a smart investor, the first will always be less than the second. In that sense, the value of the lessons learned from Buffett's Essays could be far greater than the book's price. --Lou Schuler
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Average Customer Review:
0 of 0 people found the following review helpful:
 Essays on Warren, 2008-05-13
The best book on investment ever. Had a lot of humour as well as a great education on investments. Very simple, easy to read and understand. It is also a combination of Fisher and Benjamin Graham.
0 of 0 people found the following review helpful:
Good, 2008-05-09
What can I say except for the book is by god himself. It is an easy and interesting read. highly recommended to all those who want to get an idea on how to invest in stocks successfully!
0 of 0 people found the following review helpful:
business economics in simple terms, 2008-05-08
I recently readed Buffet's biography where I firstly get a glance on his investment philosophy. Then I read this essays extracted from his Berkshire's annual reports to the shareholders and was delighted to find such a refreshing view on investment and business economics. His approach is simple and he share his views on common terms that an average person will understand.
0 of 0 people found the following review helpful:
New Edition is Out: Both Are Great!, 2008-05-03
This collection is awesome, as every serious investor knows by now. Cunningham and Buffett just published a new edition in May 2008, The Essays of Warren Buffett: Lessons for Corporate America, Second Edition, which made its debut at the Berkshire Annual Meeting today. I've just skimmed through this "second edition," which is also on amazon at the foregoing link, and it is even more amazing! Fans will want to have copies of each in their libraries. The collections are the only complete statement of Buffett's business and investment philosophy--as he has explained it. They are expertly assembled by Cunningham.
0 of 0 people found the following review helpful:
great book, 2008-03-11
this book realy gives insight into investing and into warren buffets mind. A great gift for yourself or others.
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