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The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success von [Chirkova, Elena]
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The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success Kindle Edition

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Länge: 337 Seiten Word Wise: Aktiviert Verbesserter Schriftsatz: Aktiviert
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Revealed! The secret behind Warren Buffett’s 20% return rate over 60 YEARS

The Warren Buffett Philosophy of Investment reveals—for the first time—how the world’s #1 investor combines his trademark value investing with a unique approach to mergers and acquisitions.

The huge interest in Warren Buffett stems from the challenge to understand his history of earning more than 20% on capital annually during the last 60 years. Modern financial theory does not allow for this degree of success, nor has anyone else been able to replicate it.

The book argues that Buffett's secret can be explained only if one looks beyond the theory of investing. The author sees the major drivers of his success as the transformation of Mr. Buffett's name into a super-brand of mergers and acquisitions, as well as his hands-off policy with respect to the acquired companies. As a result, Buffett enjoys numerous opportunities to buy first-class companies at moderate prices and keeps the existing good managers responsible for further value creation.

Elena Chirkova is a professor of finance in the Higher School for Economics in Moscow and was previously Head of Corporate finance for Deloitte’s office in Russia.

Über den Autor und weitere Mitwirkende

lena Chirkova is an associate professor of finance in the Higher School for Economics in Moscow and worked previously in the Financial Advisory Services Department in Deloitte and in the investment bank N.M. Rothschild in Moscow.



  • Format: Kindle Edition
  • Dateigröße: 6628 KB
  • Seitenzahl der Print-Ausgabe: 337 Seiten
  • Verlag: McGraw-Hill Education; Auflage: 1 (10. April 2015)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Word Wise: Aktiviert
  • Verbesserter Schriftsatz: Aktiviert
  • Durchschnittliche Kundenbewertung: Schreiben Sie die erste Bewertung
  • Amazon Bestseller-Rang: #439.206 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Die hilfreichsten Kundenrezensionen auf (beta) 4.1 von 5 Sternen 8 Rezensionen
1 von 1 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen I would highly recommend this to any serious Buffettologists 25. März 2016
Von Adam Smith - Veröffentlicht auf
Format: Gebundene Ausgabe Verifizierter Kauf
I've read just about everything on Warren Buffett, from dozens of books (some solely on him/Berkshire, some mentioning him in passing), BRK shareholder letters and Buffett partnership letters. This book definitely adds something valuable and is a very worthy edition. I would highly recommend this to any serious Buffettologists.

The most valuable contribution is the critical analysis of his investing mistakes that are too often wrapped up in folksy commentary by other authors which only focuses on his winners. A great example was Coca-Cola - a brilliant investment in the late 80's and early 90's when Buffett caught a real inflection in the businesses' international growth (and multiple). But the decision not to exit in 1998 when Coca Cola traded at 50x PE was a disaster for shareholders and cost billions (even taking into account cap gains taxes which would have been paid). Other businesses like Washington Post was held for a long period after growth stopped and also cost billions. A lot of the other "gems" in the BRK portfolio (eg See's) are also ex-growth cash-cows which require very high level of embedded leverage from here to generate high ROE's on true underlying business value.

Also book is peppered with anecdotes which help you understand WB's and Munger's style evolution towards quality- effectively they are now (disciplined) growth stock pickers. The example where Buffett bought 5% of Disney in the 60''s for $4M is amazing and the decision to sell is very clearly his worst decision (although much harder to criticize than Coca Cola)

This is probably one of the most penetrating analyses on Buffett and BRK, that has relevance to investors on a go-forward return basis. I would call it a must read and find the mixed views on Amazon rather bizarre.
3 von 4 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Get Rid of the References and make them into footnotes at the end of each chapter or elsewhere. Where was the editor? 19. April 2015
Von - Veröffentlicht auf
Format: Gebundene Ausgabe
This is an excellent well researched study of Warren Buffett and his philosophy. Unfortunately, the editor should be fined for allowing the book to contain footnotes which are references to her sources in every other paragraph. It is very distracting and takes away from the value of the book. Perhaps, the next edition will omit these many distracting references and place the sources at the end of each chapter or at the end of the book. The publisher did a great diservice by containing so many notations in the body of each chapter. It is unfortunate since it is an excellent and well written book but in great need of a qualified editor.
5.0 von 5 Sternen Awesome overview of Buffet's investment philosophy 30. Juli 2016
Von Chi Fan Johnson Cheng - Veröffentlicht auf
Format: Kindle Edition Verifizierter Kauf
This book really changed how I think about investments. I recommend it to all my friends. I'd suggest three improvements to the book: 1, put all footnotes and references to the back. This shouldn't read like an academic paper; 2, talk more about how retail investors can apply those principles; 3, add more anecdotes and pictures to make it less boring.
5.0 von 5 Sternen I recommend it to anyone with or without capital market experience 22. August 2016
Von Chelsea - Veröffentlicht auf
Format: Kindle Edition Verifizierter Kauf
It's really an inspiring book for anyone who aspires to become a value investor. I recommend it to anyone with or without capital market experience!
1 von 2 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen A Mixed Bag 2. Juli 2015
Von TopCat19 - Veröffentlicht auf
Format: Gebundene Ausgabe
This is not a bad book by any means, but it's kind of all over the board. Some of it is interesting and informative, some of it not so much. I was almost scared off the book in the first few pages, where she threw out some formulas that looked like a collision between an Algebra book and a Chemistry text. After recovering from this unexpected fright, I endeavored to persevere and carried on. The strongest point of the book for me is that in discussing the various deals Buffett has done, she does present some new (to me, anyway) information and puts a new light on some of his deals. Same thing for the various personalities, as an example I found her examination of David Sokol and the Lubrizol incident very enlightening. And her observations on Buffett's overall investing style, and how it has evolved over the years, while not groundbreaking, was well worth reading. I almost feel bad that I can't quite put my finger on why I didn't like the book more than I did. I would find myself not quite engaging for a few pages, and then, just as I was about to give it up, she would make an interesting point, or have some keen insights into some aspect of Buffett's deals and mindset, and I would reengage for a while. I suspect that to some degree she is handicapped by the subject matter, simply because so much has already been written, discussed, analysed, and otherwise examined about Mr. Buffett. It's not like she can startle us with a heretofore unknown deal that he made, or reveal an amazing aspect of his personality that we didn't know anything about. Overall, I'm glad I read it, but, then again, I checked it out from the local public library as I do all my books (if it is a book I would like for my personal library, I'll file it away in the memory bank and buy it later when someone puts it on sale. Yeah, I'm a tightwad of the first order.) It certainly would be a good book if you haven't read much about Warren Buffett. But for those who have read some of the many books out there about him (writing about Warren Buffett has been something of a cottage industry for several years now) I can neither recommend or not recommend it. Sorry about that.
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