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Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing

ISBN: 978-0-470-46715-2
304 pages
March 2010
Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (0470467150) cover image

A detailed look at how Warren Buffett really invests

In this engaging new book, author Prem Jain extracts Warren Buffett's wisdom from his writings, Berkshire Hathaway financial statements, and his letters to shareholders and partners in his partnership firms-thousands of pages written over the last fifty years. Jain uncovers the key elements of Buffett's approach that every investor should be aware of.

With Buffett Beyond Value, you'll learn that, contrary to popular belief, Warren Buffett is not a pure value investor, but a unique thinker who combines the principles of both value and growth investing strategies. You'll also discover why understanding CEOs is more important than studying financial metrics; and why you need an appropriate psychological temperament to be a successful investor.

  • Reveals Buffett's multifaceted investment principles
  • Discusses how Buffett thinks differently from others about portfolio diversification, market efficiency, and corporate governance
  • Highlights how you can build a diverse and profitable investment portfolio

With this book as your guide, you'll learn how to successfully invest like Warren Buffett.

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Preface.

Acknowledgments.

Part One Introduction and Background.

Chapter 1 The Thrill of Investing in Common Stocks.

Chapter 2 1965–2009: Lessons from Significant Events in Berkshire History.

Part Two Buffett Investing = Value + Growth.

Chapter 3 Value Investing—It's Like Buying Christmas Cards in January.

Chapter 4 Growth Investing.

Chapter 5 Intrinsic Value.

Chapter 6 Buffett Investing = Value + Growth.

Part Three Other People’s Money.

Chapter 7 Insurance—Other People’s Money.

Chapter 8 Reinsurance: More of Other People’s Money.

Chapter 9 Tax Deferment: Interest-Free Loans from the Government.

Part Four Success in Retailing, Manufacturing, and Utilities.

Chapter 10 If You Don’t Know Jewelry, Know Your Jeweler.

Chapter 11 Compete Like Mrs. B.

Chapter 12 Why Invest in Utility Companies?

Chapter 13 High Profits in Honest-to-Goodness Manufacturing Companies.

Part Five Risk, Diversification, and When to Sell.

Chapter 14 Risk and Volatility: How to Think Profitably About Them.

Chapter 15 Why Hold Cash: Liquidity Brings Opportunities.

Chapter 16 Diversification: How Many Baskets Should You Hold?

Chapter 17 When to Sell.

Part Six Market Efficiency.

Chapter 18 How Efficient Is the Stock Market?

Chapter 19 Arbitrage and Hedge Funds.

Part Seven Profitability and Accounting.

Chapter 20 M = Monopoly = Money.

Chapter 21 Who Wins in Highly Competitive Industries?

Chapter 22 Property, Plant and Equipment: Good or Bad?

Chapter 23 Key to Success: ROE and Other Ratios.

Chapter 24 Accounting Goodwill: Is It Any Good?

Part Eight Psychology.

Chapter 25 How Much Psychology Should You Know?

Chapter 26 How to Learn from Mistakes.

Part Nine Corporate Governance.

Chapter 27 Dividends: Do They Make Sense in This Day and Age?

Chapter 28 Should You Invest in Companies That Repurchase Their Own Shares?

Chapter 29 Corporate Governance: Employees, Directors, and CEOs.

Chapter 30 Large Shareholders: They Are Your Friends.

Conclusion B = Baseball = Buffett.

Appendix A Summary of the Book.

Notes.

About the Author.

Index.

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PREM C. JAIN is the McDonough Professor of Accounting and Finance at the McDonough School of Business, Georgetown University, in Washington, D.C. He has previously taught at the Wharton School of the University of Pennsylvania and the Freeman School of Business at Tulane University. His research has been published in many prestigious finance and accounting journals including the Journal of Finance and the Journal of Accounting Research. Jain received a doctorate from the University of Florida and a master’s degree in applied economics from the University of Rochester. He is also a CPA in the state of Florida.
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March 29, 2010
Buffett Beyond Value

While Warren Buffett's investment ideas are simple to understand, his success can be difficult to duplicate—unless you become familiar with how he really goes about the process of investing.

In this engaging new book, Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Wiley, April 2010, 978-0470-4671502, $27.95), author Prem C. Jain extracts Warren Buffett's investment wisdom from Berkshire Hathaway annual reports, Buffett's letters to shareholders and partners in his partnership firms, and as many of Buffett's other writings as he could find—thousands of pages written over the past fifty years. Through this effort, Jain uncovers the key elements of Buffett's approach and offers an accessible way to apply it to your own investment endeavors.

With Buffett Beyond Value, you'll quickly learn that, contrary to popular belief, Warren Buffett is not a pure value investor, but a unique thinker who combines the principles of both value and growth investing strategies. You'll also discover why Buffett emphasizes the importance of high-quality management above many other metrics when evaluating a company he's interested in.

-more-

Written for anyone serious about stock market investing, this unique guide skillfully outlines the proven principles Buffett has followed over the course of his long and successful career and shows you what it takes to make them work for you. Topics include:

  • How to build a diverse and profitable portfolio the Warren Buffett way
  • Why you need an appropriate psychological temperament to be a successful investor
  • Buffett's thoughts on market efficiency and the ways in which you can incorporate them into your investment decision making
  • How issues related to profitability and accounting can provide you with a perspective that is uncommon in investing circles
  • Why Buffett thinks differently from others about portfolio diversification, corporate governance, and much more

If there's one person worth listening to when it comes to investing—whether you're an individual investor, a student, an academic, or a professional portfolio manager—it's Warren Buffett. And with Buffett Beyond Value as your guide, you'll gain valuable insights that could enhance your understanding of investing and improve your ability to make more profitable decisions in today's markets.

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