This book delves into the early investments of Warren Buffett, analyzing ten significant investments he made in the 1950s and 1960s. Using the same documents Buffett used at the time, the author reveals the inside stories of how these investments transformed, including the transformation of Philadelphia and Reading from a declining coal company to a diversified conglomerate, the first formal investment with Charlie Munger in Hochschild-Kohn, and the risks faced in the 1966 investment in Walt Disney. The book also covers investments in American Express, British Columbia Power, Cleveland Worsted Mills, Greif Bros, Marshall-Wells, Studebaker, and Union Street Railway, providing insights into why some investments succeeded while others did not.
First published in 1934, Security Analysis is a seminal work in the field of finance that lays the intellectual foundation for value investing. The book, written by Benjamin Graham and David L. Dodd, distinguishes between investing and speculating, emphasizes the importance of thorough financial analysis, and introduces key concepts such as the 'margin of safety.' The sixth edition includes commentary from leading Wall Street money managers and a foreword by Warren E. Buffett, who has praised the book for its enduring relevance in modern markets.
This book provides a comprehensive and detailed account of Warren Buffett’s life, from his early days to his ascension as one of the most successful investors in history. Written by Roger Lowenstein, the book is based on three years of research and includes interviews with Buffett’s family, friends, and business associates. It explores Buffett’s investment strategies, his long-term philosophy of buying undervalued stocks, and his role in transforming Berkshire Hathaway into a highly successful corporation. The book also delves into Buffett’s personal life and the influences that shaped his investment approach, including his mentor Benjamin Graham and his partnership with Charlie Munger.
In this book, Burton G. Malkiel argues that stock market prices are essentially random and unpredictable, aligning with the efficient market hypothesis. He discusses historical financial bubbles, the futility of trying to beat the market through technical or fundamental analysis, and the importance of a diversified portfolio. The book also covers various investing techniques and theories, including modern portfolio theory, and advises investors to adopt a long-term, disciplined approach to investing.
Brett Gardner is author of the book Buffett’s Early Investments.
The book analyzes key Buffett investments from the 1950’s and 1960’s, a period in which he had his most extraordinary returns.
During the partnership years (1957-69), Buffett put together one of the greatest investment track records of all time, earning an astounding 29.5% CAGR without reporting a single down year. According to Buffett, prior to the partnership in the 1950’s, his returns were even higher.
Brett dug through this extraordinary period and analyzed many of Buffett’s key investments. The book takes your through the financial statements and qualitative story from Buffett’s vantage point when he bought the stocks. He further analyzes the outcome.
The book is fantastic and I highly recommend it to anyone interested in Buffett.
Links:
Buffett’s Early Investments: A new investigation into the decades when Warren Buffett earned his best returnshttps://www.amazon.com/Buffetts-Early-Investments-investigation-decades/dp/1804090573
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