book - "The Warren Buffett Way"
The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
by Robert G. Hagstrom
I haven't got the book, but it's in my wishlist. I found this review of sb.
But while this history is interesting of itself, more interesting still is Buffett's style and philosophy. The key influence on his style, as mentioned above, was Benjamin Graham. Another key influence was Philip Fisher, author of Common Stocks and Uncommon Profits.
in:0px !important;" src="http://www.assoc-amazon.com/e/ir?t=giftscn-20&l=as2&o=1&a=0471445509" border="0" alt="" width="1" height="1" />I won't go into detail here, but simply put, Graham developed the idea of value investing. He originated the principles of financial analysis. He distinguished between investment and speculation. He encouraged a conservative approach that focused on investing in companies with a margin of safety. This meant focusing on stocks that were selling for less than two-thirds of net asset value and/or buying stocks with low price-to-earnings ratios.
While Buffett says he is 85% Graham in his approach to investing, he acknowledges that he is also 15% Fisher. Fisher promoted the idea of looking closely at the quality of management. He interviewed managers, customers and competitors to get a good handle on a prospective investment.
sounds interesting to you? I did get one information about Philip Fisher, I know Buffett is more concerned with the managing team, but I don't know it is inherited from Fisher. Hopefully I will be more knowledged after I read the book.
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