Potential investors will discover:
Once audiences complete and master Buffett's simple financial calculations and methods for interpreting a company's financial statement, they will be well on their way to identifying which companies are going to be tomorrow's winners - and which will be the losers that should be avoided at all costs.
Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett.
©2008 Mary Buffett and David Clark; (P)2008 Tantor
Being a Buffett-based book, it is aimed at building a buy-and-hold portfolio. It distinguishes Mr Buffett's approach from that of his mentor in value investing, Mr Graham. While Graham fished for underpriced stocks of all kinds, and unloaded them when certain criteria in gains were met, Buffett looks for more durable advantages for long-term returns on investment.
I would term this "introductory," in reciting basic financial statement contents, meanings and inferences about companies one can get (pretty readily) from financial statements that are publicly available. Aside from the endless repetition of certain phrases ("durable competitive advantage," "getting rich"), it is highly listenable and chock-full of logic and common sense. It was a nice refresher for my financial accounting basics with added value, since my financial accounting class covered a lot of nuts and bolts, but not much about interpretation. While some of these points were apparent from my own observations, much had not occurred to me, e.g., aspects of a company's investments in other companies. There are red flags here that help show potential hard sledding ahead for companies. This got me thinking about lots of companies in today's landscape in different ways, in terms of challenges they face.
I will listen to this at least twice. There was a lot useful information. I kept hitting the rewind button so that I could grasp all of the concepts and tips.
I would compare this book to "The Intelligent Investor" by Benjamin Graham.
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