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Warren Buffett Wealth
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Warren Buffett Wealth

Principles and Practical Methods Used by the World's Greatest Investor

Robert P. Miles
Wiley, 2004
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7

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Recommendation

Warren Buffett is a legendary financial wizard who has built a fortune based on the principles of value investing. Many volumes have been written about his investing approach, but Robert P. Miles’ treatise is a bit different from most of the others. The author is obviously a great fan of Buffett - at times, the book borders on plutocratic hagiography - but his all-encompassing admiration lends his work a distinctive tone. Reading this exposition is like hearing a star-struck fan discuss the techniques of a favorite movie star. Dazed admiration helps Miles see patterns, connections and details about Warren Buffett that you might not find in a more objective or more focused tome. If you want a nitty-gritty, pros and cons analysis of Buffett’s investing style, go elsewhere. If a down-home and frankly admiring analysis, complete with investing advice based on Buffett’s principles, is more your style, getAbstract.com assures you, you’ve come to the right place. No naysayers allowed.

Summary

Why Warren Buffett

Warren Buffett is arguably the greatest living investor. If you had invested $10,000 with him in 1956, you'd have $300 million today — after taxes, after fees, after expenses. That's not bad. But what if you didn't do that? Well, start now: use Buffett's investing principles to write your own financial success story.

Warren Buffett's approach is not unique, but it is distinctive. He invests in value stock, and he manages values. Those aren't the same things. Value investing is an approach to picking stocks. Managing values is an approach to picking people. Warren Buffett not only buys good companies, he buys good people. He demands that his managers do business ethically, honestly and with solid values. Value plus values has proven to be a winning combination.

Warren Buffett wasn't born smart and judicious. He studied the best people in every field, and he learned from the smartest and most knowledgeable. His mentors in investing were the great Ben Graham and David Dodd. Their seminal book, Security Analysis, is on his list of recommended readings. This approach to investing was out of favor when the Internet stocks were flying...

About the Author

Robert P. Miles is a writer, speaker and consultant. He is the author of The Warren Buffett CEO and of 101 Reasons to Own the World’s Greatest Investment: Warren Buffett’s Berkshire Hathaway.

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