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.
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.
About the Author.