Even Buffett Isn't Perfect: What You Can--and Can't--Learn from the World's Greatest Investor [NOOK Book]

Overview

A contrarian look at how Warren Buffett thinks about investing and related issues


Warren Buffett is the most successful and revered investor of all time. His ability to consistently find undervalued companies has made him one of the world’s richest men.


Despite many previous books about him, it’s rare to find an objective assessment—one that praises him when appropriate, but also recognizes that even Buffett makes mistakes. For instance, is ...

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Even Buffett Isn't Perfect: What You Can--and Can't--Learn from the World's Greatest Investor

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Overview

A contrarian look at how Warren Buffett thinks about investing and related issues


Warren Buffett is the most successful and revered investor of all time. His ability to consistently find undervalued companies has made him one of the world’s richest men.


Despite many previous books about him, it’s rare to find an objective assessment—one that praises him when appropriate, but also recognizes that even Buffett makes mistakes. For instance, is he right to call for higher taxes and an end to earnings guidance? Should Buffett fans copy his avoidance of technology stocks?


In this penetrating look at how Buffett thinks, Vahan Janjigian shows readers how to learn from the master’s best moves while avoiding strategies that don’t apply to small investors. And he explains Buffett’s favorite valuation methodology, the discounted cash flow model, and how it can significantly reduce the odds of overpaying for a stock.

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Editorial Reviews

Publishers Weekly

In his introduction, Janjigian notes that "to become a successful investor you must be an educated investor, and the best place to start is by examining Buffett's strategies." The author-vice president and executive director of the Forbes Investors Advisory Institute-doggedly follows Buffett's investment trail, scrutinizing the successes and failures of the world's pre-eminent investment celebrity. Janjigian's readable, engaging style carries the reader painlessly through the fundamentals and finer points of investing, assaying Buffett's buying strategies and research methods, while clarifying investment terms and summarizing key points. Although frankly admiring, Janjigian is never fawning and takes pains to make his material clear and compelling; his book is a rounded evaluation of the investment guru's strategies and a useful primer for business neophytes. (May)

Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
The Wall Street Journal
Mr. Janjigian notes that Mr. Buffett has rightly had to adjust his corporate- governance policies to provide more transparency. He chides Mr. Buffett for backing the call to account for the cost of stock options more explicitly. He carps about Mr. Buffett's approval of the estate - or "death" - tax; and he dislikes Mr. Buffett's opposition to tax cuts, arguing that the current tax system unnecessarily costs investors money... Mr. Janjigian also sheds light on Mr. Buffett's magic... Mr. Janjigian also helpfully notes what is at the heart of Berkshire Hathaway's business and investment firepower.
—Dave Kansas
Library Journal

With an estimated net worth of $62 billion, businessman/philanthropist Buffett is currently ranked first in Forbes's annual "World's Billionaires" listing. Janjigian (Forbes Investors Advisory Inst.; Forbes Stock Market Course) has written an intriguing analysis of his investment strategies, showing how small-time investors, too, can put these strategies to use. Janjigian emphasizes that although Buffett has made some mistakes in his investment decisions, "there is one important characteristic that sets [him] apart from so many other investors. He has demonstrated an incredible knack for turning what appeared to be obvious mistakes into eventual successes." Janjigian also discusses Berkshire Hathaway, where shareholder Buffett serves as CEO. Of particular value is the author's analysis of the companies that Berkshire (and Buffett) buy. At the end of each chapter, "key takeaways" summarize specific investment advice. Janjigian's book will appeal to the individual investor and is recommended for public libraries.
—Lucy Heckman

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Product Details

  • ISBN-13: 9781440631474
  • Publisher: Penguin Group (USA)
  • Publication date: 5/1/2008
  • Sold by: Penguin Group
  • Format: eBook
  • Pages: 256
  • Sales rank: 1,062,499
  • File size: 614 KB

Meet the Author

Vahan Janjigian grew up in Wynnewood, Pennsylvania. He attended Lower Merion High School where he developed a life-long love for track & field. Vahan holds degrees from Villanova University and Virginia Tech. He spent many years teaching corporate finance and investments at various universities. He joined Forbes in 1997 to serve as editor of the Forbes Special Situation Survey, one of the nation's oldest continuously published investment newsletters. While he still fills that role, Vahan is also Chief Investment Officer at Greenwich Wealth Management, LLC, where he manages portfolios for his clients.

Vahan Janjigian grew up in Wynnewood, Pennsylvania. He attended Lower Merion High School where he developed a life-long love for track & field. Vahan holds degrees from Villanova University and Virginia Tech. He spent many years teaching corporate finance and investments at various universities. He joined Forbes in 1997 to serve as editor of the Forbes Special Situation Survey, one of the nation's oldest continuously published investment newsletters. While he still fills that role, Vahan is also Chief Investment Officer at Greenwich Wealth Management, LLC, where he manages portfolios for his clients.

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Table of Contents


Foreword   Steve Forbes     ix
Introduction     1
The New Diversified Buffett?     15
The Undervalued Buffett     43
Value for the Long Run, Growth for the Short     73
Never Marry a Stock     91
What Buffett Buys     107
When "Good" Investments Go Bad     123
Governance and the Next Buffett     147
No Options for Buffett     163
The Pro-Tax Buffett     179
Give Us Guidance     191
Conclusion     205
Acknowledgments     219
Notes     221
Index     227
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Sort by: Showing all of 3 Customer Reviews
  • Anonymous

    Posted July 27, 2008

    A great read

    If you're looking for a biography or an obsequious treatise, forget this. If you want a good look at how Buffett invests, this is the book for you. Janjigian analyzes Buffett's strategies and tells us what has worked and what hasn't. He really takes Buffett to task on the tax issue, a well-deserved criticism. That chapter alone is worth the entire book. Two nice features are that at the end of each chapter are quick summaries of the key points, and it's a fairly short book so it's an easy and quick read. Buy it. It'll be a better investment than a share of Berkshire Hathaway stock and will cost about $113,000 less.

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  • Anonymous

    Posted July 31, 2008

    Buffett's Taxes

    When I heard Warren Buffett was going to give most of his fortune away to charity, I thought that was great. But I couldn't understand why he would do this if he also thought the estate tax was a good thing. Why didn't he just let the government take his money? This has always been one of the biggest inconsistencies in Mr. Buffett's thinking. Finally, someone writes a book exposing this. I find it incredible that no one else has delved into this matter.

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  • Anonymous

    Posted July 10, 2008

    A reviewer

    This is the only objective book on Warren Buffett I have come across. The chapters on taxes and earnings guidance are particularly instructive. While concluding that Buffett is indeed a great investor, the author also explains how many of the policies Buffett advocates hurt investors.

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