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

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

by Vahan Janjigian
     
 

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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

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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.

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

From the Publisher
"This is the best book on Buffett in years. Compelling, penetrating, and highly valuable."
-Lawrence Kudlow, host, CNBC's Kudlow and Company

"The author takes a contrarian - or at least mildly dissenting - view of Mr. Buffett's investing acumen. . . Mr. Janjigian also sheds light on Mr. Buffett's magic. Mr. Buffett has two large advantages that the average investor doesn't have, advantages that are often overlooked by those who try to mimic him."
-The Wall Street Journal

"This is exactly what has been missing from the litany of Buffett books. Vahan's razor sharp arguments make this book a unique- and important- work for every Buffett friend or foe."
-Barbara Marcin, portfolio manager, Gabelli Blue Chip Value Fund "Clear and compelling."
-Publishers Weekly

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Product Details

ISBN-13:
9781591841968
Publisher:
Penguin Publishing Group
Publication date:
05/01/2008
Pages:
256
Product dimensions:
5.70(w) x 8.40(h) x 1.00(d)
Age Range:
18 Years

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.

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