The Essays of Warren Buffett: Lessons for Investors and Managers (Wiley Finance) [Englisch] [Taschenbuch]

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 -- Dieser Text bezieht sich auf eine vergriffene oder nicht verfügbare Ausgabe dieses Titels.

"...a fascinating compilation of the philosophies and at time humorous observations of one of the world s most successful investors. A business classic." (Lloyd s List, 10 May 2002)

"This is a book for everyone: for those who are knowledgeable investors, it is a truly useful collection of Buffettology; for those who are new to it, an invaluable introduction. For all, an informative, entertaining and authoritative book." -- Dieser Text bezieht sich auf eine vergriffene oder nicht verfügbare Ausgabe dieses Titels.

"The Essays of Warren Buffett" besteht aus einer Sammlung von Briefen, die Buffett an die Aktionäre von Berkshire Hathaway, Inc. geschrieben hat. Diese Briefe erläutern in einfacher Sprache die Grundprinzipien von Buffetts Geschäftsphilosophie und geben damit dem Leser die einmalige Chance, auf recht unkonventionelle Weise vom großen Meister des Investment zu lernen. Thematisch sehr breit gefächert, bieten sie u.a. eine Fülle von Informationen über die Wahl der Anlageform, über Unternehmensbewertungen und über den gewinnbringenden Einsatz von Finanzinformationen. Das zentrale Thema, das sich wie ein roter Faden durch Buffets aufschlussreiche Schriften zieht, heisst: Die Grundsätze der fundamentalen Bewertungsanalyse sollten die Investmentpraxis bestimmen. Eine unverzichtbare Lektüre sowohl für "alte Hasen" als auch Neulinge im Investmentgeschäft: Lesen Sie hier alles über Buffetts geniale Investmentstrategien. Jetzt neu in überarbeiteter Auflage!

"First class. A great job at collating our philosophy." -- Warren Buffett "Very practical." -- Charlie Munger "One of the top investment books of all time." -- The Motley Fool "A must--read business book." -- JP Morgan Private Banking "As much a business management book as a personal finance book." -- Publisher's Weekly "One of the best books of the year. Two thumbs up!" -- CNN (Financial News) "A serious investment course with entertainment thrown in." -- Investor's Chronicle "The book on Buffett -- a superb job!" -- Forbes "Extraordinary -- full of wisdom, humour and common sense." -- Money "A classic on value investing and the definitive source on Buffett." -- The Financial Times

Experienced leaders of Warren Buffett′s letters to the shareholders of Berkshire Hathaway Inc. have gained an enormously valuable information education. The letters distill in plain words all the basic principles of sound business practices. On selecting managers and investments, valuing businesses, and using financial information profitably, the writings are broad in scope, and long on wisdom.

The central theme uniting Buffett′s lucid essays is that the principles of fundamental valuation analysis, first formulated by his teachers Ben Graham and David Dodd should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investing capital, and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on mergers and acquisitions, accounting and taxation.

In this revised and updated edition of this classic work, are the business and investment ideas of the man regarded as the world′s most successful investor.

"First class. A great job at collating our philosophy." – Warren Buffett

"Very practical." – Charlie Munger

"One of the top investment books of all time." – The Motley Fool

"A must–read business book." – JP Morgan Private Banking

"As much a business management book as a personal finance book." – Publisher′s Weekly

"One of the best books of the year. Two thumbs up!" – CNN (Financial News)

"A serious investment course with entertainment thrown in." – Investor′s Chronicle

"The book on Buffett – a superb job!" – Forbes

"Extraordinary – full of wisdom, humour and common sense." – Money

"A classic on value investing and the definitive source on Buffett." – The Financial Times

Lawrence A. Cunningham ist Professor für Wirtschaftswissenschaften in Boston und Experte für Value Investing.