©2006 Mary Buffett and David Clark; (P)2006 Tantor Media Inc.
Overall, I enjoyed the book. However, as an Option Trader, I found very little use of the book. I just enjoy hearing the intelligent wisdom of Warren Buffet. If you are a investor in equities, then this book would serve you well. The only problem I had with the book is, that it tends to repeat many of the sayings.
All in all, I recommend this book.
Just some guy that likes to listen to things that inspire thought. I've grown tired of the insipidness of music and opinion pieces that now pass for "news". Just looking for inspiration and education.
This audio book was a fascinating look into the ideology of value investing. It changed my outlook on the stock market and helped to make sense of otherwise senseless market swings. If everyone invested like Mr. Buffett, there would be fewer millionaires as there would be fewer losers in the market.
First off, Buffet doesn't believe in broad portfolio diversification. He chooses single businesses and invests in them big.
When Buffet describes how he chooses his investments, he basically says: choose a lasting business (such as razor blades, soda pop, chewing gum, etc), with a strong competitive advantage, great underlying economics, buy it when it's stock price is less than it's "real value," and invest big in it. This information is presented as if it's dead simple and anyone can get rich following this advice. While I believe it's good advice, personally I feel Buffet owes a lot more of his success to luck than he'd care to admit.
Aside from my skepticism of non-diversification, there are excellent nuggets of wisdom on running a business in this book. Plus I've always been interested in how great people think, and for that this book is worth a listen, but if you're looking for sound (and more in depth) investing advice for normal people, I suggest reading "A Random Walk Down Wall Street."
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