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The most helpful favourable review
The most helpful critical review
32 of 33 people found the following review helpful:
Essence of sage
Cunningham has done us a great favour. Buffett doesn't talk to the press and most books claiming to be Buffett bibles are re-hashes and interpretations, so this book of essays is the closest you will get to hearing it straight from the horse's mouth. This is Buffett's wisdom distilled from annual letters to shareholders in his company, which Cunningham has strung together...
Published on 16 Mar 2007 by Petrolhead
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8 of 9 people found the following review helpful:
very poorly edited
Ok, I'm not giving this 1 star because I think Buffett's shareholders letter are no good. It gets one star because the editing takes so much away from the letters. Cunningham should have laid out the letters chronologically, with some narration to put each letter into context. Instead he has cut & pasted chunks of the letters (with a disregard for timelines and...
Published on 9 Jun 2003 by Mr. S. J. Lee
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32 of 33 people found the following review helpful:
Essence of sage, 16 Mar 2007
Cunningham has done us a great favour. Buffett doesn't talk to the press and most books claiming to be Buffett bibles are re-hashes and interpretations, so this book of essays is the closest you will get to hearing it straight from the horse's mouth. This is Buffett's wisdom distilled from annual letters to shareholders in his company, which Cunningham has strung together seamlessly. Although that means alot of passages refer to Buffett's own firm and its shareholdings, the lessons for investors are universal, and the "value investing" philosophy shines through. If that was all there was to recommend the book it would still be a must-have for anyone interested in making money. But it is also a great read.
Buffett comes across as the most genial, honest and no-nonsense guy in the financial world. He also has a wonderfully impish sense of humour and had me chuckling out loud (and then trying in vain to explain the joke to my girlfriend...) The only bits where he slightly lost me was when comparing investing with baseball, but I think I got the gist of it. Anyway, Buffett writes as clearly as he thinks and is as modest and self-deprecating as he is authoritative. He treats his readers like the investors they are, so this is not an "entry level" book and it might be a struggle if you don't know the difference between a fixed asset and a preference share, but otherwise it is a book that you won't regret buying.
I can't recommend it highly enough.
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23 of 24 people found the following review helpful:
Learn about investing from the best investor in decades., 29 Jul 2003
I think studying Buffett's investment philosophy is one of the best ways to understand investing (succesfully). And in that case, what gives you a better opportunity to do this than reading explanations written by Buffett himself? Cunningham did a very good job in reflecting Buffett's investment philosophy by summarizing the annual letters to the shareholders of Berkshire Hathaway and some other essays from Buffett's hand. Therefore, you don't have to read the hundreds of pages that these letters make up, to get a good view of Buffett's insights and thinking. The summary is done in a very good way; it doesn't read like one and looks complete. The undertitle of this book says that Buffett's observations also contain lessons to managers of corporations. I think this is correct; the book is a must read for both investors and managers.
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21 of 22 people found the following review helpful:
Top 10 Book Ever, 19 Oct 2000
By A Customer
Buffett's shareholder letters were cited in the list of The FInancial Times' 10 best books ever written on investment, as selected by Richard Lambert, editor. In turn, The Wall Street Journal notes this collection of those letters is rated among the 5 books one must read on investment, as selected by J.P. Morgan. Common sense says it all, doesn't it, when you realize these writings are the wisdom of the richest man in the world and the only who made his wealth via investment. On top of it, the writings here are in plain English, witty, wry, an absolute delight (the word essays to describe these is a bit misleading, as these are a treat and joy to read not a chore at all).
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60 of 67 people found the following review helpful:
In This Instance Familiarity Does Not Breed Contempt, 6 Dec 2002
It is certainly true that Mr. Warren Buffet is nothing if not consistent. On June 29, Forbes Magazine will release their latest compilation of the wealthiest people in the world. There are 538 on the list, 269 from America, 56 that disappeared from last year, and many that while still present, have seen their billions cut in half or even a third of what they once enjoyed. Even the wealthiest individual, Mr. Gates, while maintaining his position at number one saw his assets decline. Guess who has billions more than last year? Warren Buffet!
I always enjoy watching those that enjoy being critical of Mr. Buffet. Their charges are absurd, ranging from he never changes his methods, or he did not buy into the technology sector. The year 2000 will be remembered for many things but the amount of money lost in the tech sector will always remain the stuff of which legend is made.
Mr. Buffet did in fact embrace technology as he saw fit, and last year the stock of his company went up by 14.4%. That is a number shared by other companies; however it is closer to what they are worth today as compared to one year ago if they are still alive and limping. We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint, Buffett told his Berkshire Hathaway shareholders this year. "Try to control your excitement." More exciting is the holding's company's stock price in the last year, up 14.4%. Stings a bit to the nay sayers I would think.
The real treat for investors is that Mr. Lawrence A. Cunningham has earned the respect of Mr. Buffet and Mr. Munger unlike others who report from afar. In this his, "First Revised Edition", Mr. Cunningham has expanded the text by over 10%, and added items like a, "Disposition Table", that are instructive to maximizing the value of what he presents.
The comments I made on the first version need to be revised as follows. One share of Berkshire "A" stock is not $59,900.00; you missed that bargain, now it will cost you $67,000.00. Up $2,250.00 this past Friday when the markets were soft to say the least. And that bargain "B" Berkshire? Well last time $1,966.00 would have done it, $2,235 will be required now, and it too rose $84.00 this past Friday.
I cannot imagine that Mr. Warren Buffet is not on any investor's top 5 list of the greatest investors since there were markets in this or any other country. I would also suggest that a dispassionate appraisal of his performance argues quite eloquently that he is the best to have ever amassed his fortune, and that of his shareholders on Wall Street. Thanks to the efforts of Mr. Lawrence A. Cunningham, readers have access to essays that previously were available primarily to shareholders, and which are organized in this book thematically, for the second time. Annual reports are generally easy to come by, however as I wrote on August 3, 2000, 1 Share of Berkshire Hathaway "A" required $59,900.00, and the "Baby Berkshires" $1,966.00 per share. Many are quick to respond the price is so high as Mr. Buffet has not split the stock, ever. But what is more important is why he has never done this. This book explains his theory on this matter, and dozens of others. Mr. Buffet has his critics, they range from the idiotic, "he's lucky", to "his success allows him to make attractive deals", and to those who feel he missed the money that was made in tech stocks. As for the luck theory, who else has earned 23.8% compounded annually for over 25 years? Winning the lottery is probably more likely an event. As to the attractive deals his wealth is said to facilitate, I guess the answer is, is the questioner serious? He made what he has, his reputation allowed him to have the Federal Government allow Solomon Brothers to continue participating in the bond market based on one thing, his word! This is a man who has rescinded very successful trades because news arrived within days of his buying/selling that could have given the appearance of his having had information others were not privy to. This book has more useful information and ideas that have been proven over decades than any 10 hot business books of the moment. Mr. Buffet has had off years, but he has never gone bust.One of my favorite stories is when he was hanging out with friends as a kid; his pals were collecting bottles for the deposit. He was collecting bottle caps, sorting them, and determining who was drinking what brand! He clearly was put amongst us for a reason. On a time invested basis there is no better or more rewarding reading than these essays. No one can match what he has accomplished, why would someone not wish to hear what he has to say on dozens of topics?
Thank you Mr. Cunningham for gaining this man's trust.
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14 of 15 people found the following review helpful:
Brilliant, 26 Jan 2007
This is such a good read, I can't recommend it enough. It has short punchy chapters and is full of Warren Buffetts wit and expertise. His ideas on business management are refreshing and his investing technique is unsurpassed. This has a wonderfully informal style and shows Buffets unique skill, as well as his outlook on other issues. A great read with much to teach. If you like this I highly recommend 'The Warren Buffett Way' By Robert Hagstrom.
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4 of 4 people found the following review helpful:
Wisdom from the great investor, 8 Dec 2007
I admire Warren Buffett and love reading what he writes. Not only is he probably the wisest investor ever but he is also very articulate and witty.
Some of the chapters, e.g. "An Owner-Based Approach to Corporate Charity", "Berkshire's Recapitalization", "Distribution of the Corporate Tax Burden", etc were not of any interest to me. Excluding such chapters, this slim volume would be even slimmer. However, the book is worth it just for the remainder.
His basic investment goal is simple: He tries to buy businesses that he can understand that have favourable, long-term prospects and are operated by honest and competent people at an attractive price. This is easier said than done, but there is some guidance in his essays as to how he does this.
Some examples of his way with words, taken at random from the first few pages:
"At too many companies, the boss shoots the arrow of managerial performance and then hastily paints the bullseye around the spot where it lands."
"A horse that can count to ten is a remarkable horse - not a remarkable mathematician."
"Should you find yourself in a chronically-leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."
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8 of 9 people found the following review helpful:
very poorly edited, 9 Jun 2003
Ok, I'm not giving this 1 star because I think Buffett's shareholders letter are no good. It gets one star because the editing takes so much away from the letters.
Cunningham should have laid out the letters chronologically, with some narration to put each letter into context. Instead he has cut & pasted chunks of the letters (with a disregard for timelines and repetition) into 'chapters' that make reading tough and often contradictory.
For example he mixes sections explaining why Buffett didn't perform a stock split. Alongside why he issued the 'class B' shares, with only a footnote that the letters are 5 years apart.I would have prefered to read the letters unedited, oh well.
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3 of 3 people found the following review helpful:
The only authentic Buffett, 4 Mar 2008
Too many books contain the word Buffett in their title but only this book comes from the annual letters to shareholders. Truly authentic Buffett in his own words is much better just because he dosen't need any interpretation.
Domenico De Salvo
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1 of 1 people found the following review helpful:
Good content, annoying editing, 8 Nov 2008
Warren Buffett's insights are invaluable in any context, so this is no exception, hence the high rating. Here are essentially what seems to be some pretty old letters (1980s?) to the shareholders of Berkshire Hathaway essentially cut and pasted into a book. Useful no doubt, plentiful Buffett words of wisdom: I particularly like the stories and sayings he uses to explain a point in simple 'relatable' terms for the reader.
However, there is another reviewer who commented that the book's editing is really rubbish. I agree. The arrangement seems a bit arbitrary and I'm not sure exactly what the author is taking credit for, since he doesn't seem to have contributed anything to the content (except the intro). Like with Benjamin Graham's 'The Intelligent Investor' (recommended btw), the essays could have been doing with some commentary and evaluation from the author to give some cohesion and continuity to the 'cutting and pasting'.
BUT, if you can be patient and creative with the content there is no reason why you can't get some useful insights from this book. I'm heading back to the original now with 'Security Analysis' by Benjamin Graham (Buffett's inspiration), reading both of their philosophies will give a good grounding in value investing, in my (albiet novice) opinion.
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1 of 2 people found the following review helpful:
Classic Buffet Wisdom, 20 Mar 2003
By A Customer
I read this a few days after a Wall Street Journal OpEd article quoted Warren Buffet saying 'Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal". The article incorrectly referenced the size of the derivatives market at $2 trillion. That number is just for credit derivatives. This book didn't have information about Buffet's losses at his Gen Re unit due to credit derivatives.Finanacial professionals may want to read more about off-shore vehicles and the credit derivatives market, but very few books are available. I recommend Tavakoli's book: "Credit Derivatives" 2nd Edition.
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