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Recommendation
Robert G. Hagstrom discusses Warren Buffett’s secrets, covering how he became the most successful investor in the world and, as a result, one of the world’s wealthiest men. Hagstrom begins by describing Buffett’s early influences, from Benjamin Graham, the first professional financial analyst, to Philip Fisher, a professor and investment counselor. The key to Buffett’s success is that he held onto his core principles for making investment decisions, based on four key steps: Turn off the stock market; don’t worry about the economy; buy a business, not a stock; and manage a portfolio of businesses. The book is an excellent summary of the major principles and practices that led to Buffett’s success. However, the extensive amount of financial analysis provides a lot of information about each of Buffett’s investments. This can seem like too much detail if you just want an understanding of his basic investment principles. getAbstract recommends this fundamental book to everyone involved in making investment decisions.
Take-Aways
About the Author
Robert G. Hagstrom is the Senior Vice President and Director of Legg Mason Focus Capital and Portfolio Manager of the Legg Mason Focus Trust. He previously wrote The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy and The NASCAR Way: The Business That Drives the Sport.
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