Readers reviews of The Essays of Warren Buffett
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This is a book for those who are interested in value investing and how it has developed
since Benjiham Graham first explored the concepts. There is no doubt that Buffet is a very
successful investor, albeit one with very deep pockets. His central tenant that he prefers
to buy outstanding companies at a fair price rather than an ordinary company at a cheap
price is a good starting point for any investor. It is also a starting point for some
The text of the book is culled from Buffets annual reports to Berkshire Hathaway. It is
a useful look at the investment thoughts and processes that are used. In this way it is
like Soros first book. Lots of useful background information, but not anything that can be
directly applied to our own situation. The principles are sound, but our execution will be
different, if only because of our capital size.
This is a good book for ideas about preserving and managing wealth. It is not so useful
for those who have income but do not yet have wealth. Getting from income to wealth
requires different skills, and the report extracts do not address these issues. In this
sense, Buffetology, written by a close outsider, is much more revealing of the day to day
tactics employed. This is a more practical book while the annual report extracts are more
philosophical in outlook. Much of the detail here is about tax minimisation and protection
of capital by not taking capital gains. This is OK if you have enough wealth to generate
income without the need to use capital gains.
Well worth reading for investors and traders. The investment principles are sound, but
difficult to implement for those who do not have several million dollars to spare.
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