The Warren Buffett Portfolio
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Amazon.co.uk Review
It's no secret that most mutual funds fail to beat the performance of the S&P 500. And if the pros can't beat the averages, it's not unreasonable to assume that most individual investors can't either. Why? According to Robert Hagstrom, author of The Warren Buffett Portfolio, a big reason is the industry's emphasis on diversification. In the interest of minimising risk, many investors have "become intellectually numb to its inevitable consequence: mediocre results." As a result, they wind up owning too many stocks and churn their portfolios unnecessarily (for example, the average mutual fund holds 100 stocks and turns over 80% of its portfolio annually). In The Warren Buffett Portfolio, Hagstrom shows how Buffett and others use the idea of focus investing to organise a winning portfolio.
Unlike Hagstorm's first book, The Warren Buffett Way, which dealt with how the world's greatest investor selects individual companies, this book looks at the mathematics, the psychology, and the mental models necessary to build a successful portfolio. The basic ideas: pick no more than 10 to 15 companies with a good track record and high probability of future success, plan to hang on to them for at least five years and ignore predictions and the sometimes terrifying swings in market behaviour. It's hard to argue with Hagstrom's approach, especially when he practices what he preaches. His fund, the Legg Mason Focus Trust, has 15 stocks, an annual turnover rate of 9%, and percentage annual returns in the mid 30's. For thoughtful investors and devotees of Warren Buffett, The Warren Buffett Portfolio is well-written guide aimed at those who are looking for more than the next hot stock tip. Recommended. --Harry C. Edwards, Amazon.com --This text refers to an out of print or unavailable edition of this title.
Shares, 2 December 1999
- "This book is a revelation. Excellent."
--This text refers to an out of print or unavailable edition of this title.
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First Sentence
I REMEMBER THAT conversation with Warren Buffett as if it happened yesterday. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
I REMEMBER THAT conversation with Warren Buffett as if it happened yesterday. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
13 of 13 people found the following review helpful
Format:Hardcover
A must for all would be investors. If you thought that the way to make money long term, was divresifying your many holdings...think again. We are reminded that both Buffett and Munger stick both their fingers up at modern portfolio theory.They emphasise that the only real way to make money is too own a few wonderful companies, and hold them,preferably for ever. This book should be read by all those so-called investment professionals(i.e index fund managers)who plague the investment industry with thier pathetic,risk adjusted mumbo jumbo.After reading this they may reach investment puberty!!What Buffett and Munger have achieved is truely astounding, but at the same time superbly simple.This book along with the authors other book 'The Warren Buffett Way' explains in simple language the do's and dont's of investing.Should be regarded as another Buffett Bible.
Format:Hardcover
This was quite hard work, but rewarding in the end. It requires some thinking on your part and willingness to do your own research, rather than spoon feeding you methods and results.
I have found it useful in my long term investing and feel like the decisions I am making are informed by the man himself!
I have found it useful in my long term investing and feel like the decisions I am making are informed by the man himself!
1 of 10 people found the following review helpful
Format:Hardcover
Looking forward to such presentations in future also.I am sure RH will comeup with some more. Ben Graham,Warren Buffet,Charlie Munger followed by RH thats my wish list.Can there be better script for successful movie?
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