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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 traders.

 

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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