The World's Greatest Investment: 101 Reasons to Own Berkshire Hathaway

Overview

An Investment book focusing on 'why' to Own Berkshire Hathaway. Most professional and private investors have heard of the World's Greatest Investor, Warren Buffett, this book is about his unique investment vehicle. The focus of Berkshire Hathaway is to value invest and hold for the long term; two concepts foreign to today's day trading environment.

The most compelling reason to own Berkshire is this company has created more individual wealth ...
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1999 Trade paperback Unabridged. Good. No dust jacket as issued. Ex-library. pb, 1999, ex-library with usual markings, some usage/edgewear, nice clean text, binding tight, ... SKU-A041, A small family business committed to BIG service! Trade paperback (US). 152 p. Read more Show Less

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Tampa 1999 Paperback First Edition Fine Signed by Author Like new paperback. 152 pp. limited first edition...signed and inscribed by author..

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Overview

An Investment book focusing on 'why' to Own Berkshire Hathaway. Most professional and private investors have heard of the World's Greatest Investor, Warren Buffett, this book is about his unique investment vehicle. The focus of Berkshire Hathaway is to value invest and hold for the long term; two concepts foreign to today's day trading environment.

The most compelling reason to own Berkshire is this company has created more individual wealth than any other company ever. With a 31 percent average annual rate of return for over 30 years, the average investor has been able to add a zero to his/her holdings every 8 1/2 years. Berkshire has never lost money and has had double-digit returns in 31 out of 34 years. There are hundreds of reasons to Own Berkshire. Most investors could name just a few reasons why they own the stock(s) they own. Listed here are 101 reasons to Own Berkshire.
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What People Are Saying

Bernie Keown
What a wonderful summation of "Buffetism" and what we long termers believe and feel.
John Baum
Brilliant, simply brilliant.
Warren E. Buffett
I saw your 101 reasons...You clearly understand the company well. I wish you well, even really well with your project.
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Product Details

  • ISBN-13: 9780967230207
  • Publisher: Miles, Robert P.
  • Publication date: 4/1/1999
  • Edition description: Limited edition
  • Edition number: 1
  • Pages: 152

Read an Excerpt

#20/101 REDUCES INVESTING MISTAKES

One of the greatest reasons to own Berkshire is the chairman helps you to reduce your investing mistakes.

The opportunity to misjudge an opportunity, to misunderstand an investment, to be overly optimistic, to buy high, to sell low, to choose the wrong asset class, to time the market, and to be risk adverse. To succumb to advertising, star ratings, Wall Street noise, momentum stocks, gurus, quick profits, new investment methods, technology, newsletters, insiders, the internet, your broker, your neighbor, your spouse.

When you are given the opportunity to manage your investments you are also given in proportion an equal opportunity to make mistakes. And many investing mistakes are legendary; i.e. Long Term Capital Management.

One of the biggest mistakes is to not know what mistakes are possible: To not know what you don't know.

Investors by nature are optimistic. So are golfers. No golfer will tee off on a ball thinking the ball is headed for a hazard. Avoiding the hazards is what success is all about.

Skiers don't think about hitting a tree. Drivers don't anticipate getting a speeding ticket. And it's usually another person's fault, including the police officer who is simply doing his job - or a broker who gave you a bad tip.

Human nature prevents us from hearing about investing mistakes from individuals or so called professional managers. We never hear about the water balls, the divots, the lost balls, the unrecorded swing and miss, the hazards.

The second biggest investing mistake is we conveniently forget to record our mistakes.

Most individual investors measure themselves in the short term and forget about the impact of taxes and trading costs. Individual investors don't seem to want to compare themselves to a meaningful benchmark, like the S&P Index. Individual investors usually operate under the feeling that they have had a pretty good year. Or they feel like they had a bad year. But according to what standard and to whom. Because individual investors don't have to be accountable to anyone but themselves, performance measurement is very haphazard and unprofessional. Investing mistakes are rampant and unrecorded. The brokerage houses add to the mistakes by not properly reporting costs versus market price, by not measuring annual rates of return by investment decision, or by not comparing investment returns with a comparable benchmark.

But professional money managers are worse. They purposely deceive by hiding their mistakes. One of the best deceptions is to fold unsuccessful mutual funds into successful funds thereby hiding the poor performance. About 90% of professional money managers do not successfully compare to the S&P Index. As a group they are better at advertising than managing money.

Mr. Buffett will be the first to highlight his mistakes. In fact his company, Berkshire Hathaway is named after one of his biggest investing mistakes, a textile mill in New England unable to sustain a profitable business.

So the very name of the company is a constant reminder to the chairman that mistakes are easy in this investing business. The idea is to reduce investing mistakes. And when you do make them, acknowledge them, learn by them - and don't repeat them.


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Table of Contents

Letter From The Chairman
Introduction
#1 Historical Outperformance
#2 Low Cost, Almost No Cost
#3 Proven Public Record
#4 Better Than The Dow
#5 Owner's Manual
#6 Unique Annual Meeting
#7 No Dividend
#8 No Taxes
#9 Chairman's Age
#10 Acts Like A Mutual Fund
#11 Unique Charity Program
#12 Chairman's Annual Letter
#13 World's 14th Largest Company
#14 Buffett Discount
#15 Loyal Shareholders
#16 Owner Managed
#17 Self Discovery
#18 No Tech Exposure
#19 Asset Protection
#20 Reduces Investing Mistakes
#21 Easy Gift/Estate Transfer
#22 Small Shareholder Group
#23 Never Lost Money
#24 International Exposure
#25 No Stock Splits
#26 Shareholder Discounts
#27 Ownership Defined
#28 Merger/Acquisition Incentives
#29 Investing With A Higher Purpose
#30 Book Value Per Share
#31 Equal Opportunity Investment
#32 You Can't Beat It So Join It
#33 Billionaire Maker
#34 Preserves Family Wealth
#35 Salary And Ownership Disclosure
#36 Highest Price
#37 Lowers Expectations
#38 Omaha Based
#39 Always Achieves Previous High
#40 Low Institutional Ownership
#41 Trumpets Investment Errors
#42 Not Included In S&P 500 Index
#43 No Tax Return
#44 Small Shareholder Friendly
#45 Buy 1 Stock Get 100 Companies
#46 Wealth Measurement Index Member
#47 Indefensible Becomes Defensible
#48 Last Acquisition Its Best
#49 Free Use Of Money
#50 Truth In Advertising
#51 Plain Annual Report
#52 Unknown
#53 Chairman's Minimalist Lifestyle
#54 Rich Balance Sheet
#55 Lazy Investor Approach
#56 Most Admired
#57 Never Broker Recommended
#58 Life Lessons
#59 Add Zero Every 8 1/2 Years
#60 Bear Market Tank
#61 Creative Trust Management
#62 Margin For Lifestyle
#63 Acquirer Of Choice
#64 Dispised
#65 Deferred Taxes
#66 No Earnings Dilution
#67 Chairman's Character
#68 Six Sigma
#69 Decade Trader
#70 Small Headquarters
#71 Concentration
#72 Elimates Choices
#73 Undervalued
#74 Chairman's Mortality
#75 Competence
#76 Quick Inoculation
#77 Attracts Like Minds
#78 Classic
#79 Stealth Investing
#80 Misunderstood
#81 Value Investing
#82 Very Very Rare Talent
#83 Inefficient Market Theory
#84 Turn Off The Noise
#85 Capital Allocation
#86 Intelligent Investing
#87 Peaceful Night Sleep
#88 Earns $500,000 Per Hour
#89 World's Largest Foundation
#90 Active Mind
#91 Always Good Surprises
#92 For Owners Only
#93 Creative Tax Free Dividends
#94 Perpetual Gift
#95 No Gimmicks
#96 Value Added
#97 Financial Education
#98 Investment Model
#99 For All Seasons
#100 State Of Mind
#101 Simple
Conclusion
Evolution Of An Investor
The Right Questions
Twenty Investment Punches
Eight Ways We Become Victims
Investment Beliefs And Philosophies
A Message To Children
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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted April 5, 2001

    The Case for Owning Berkshire Hathaway Shares

    The shelves are full of books that are aimed at helping you learn how to invest like Warren Buffett does. I generally find those books to be a waste of time. If you want to invest like Warren Buffett, why not simply buy Berkshire Hathaway's stock? Well, this book takes the positive side of that perspective. In the process, you can learn much more about how Mr. Buffett has invested for himself and others at Berkshire Hathaway. Where most books about Mr. Buffett's work are overly simple and general, this one captures many fine subtleties. The book's main weakness is that Mr. Miles is not open to seeing the vulnerabilities for the future in Mr. Buffett's approach. This book had an interesting genesis. It started as posts by Mr. Miles on the Motley Fool bulletin boards. I suspect that we will see more examples of this kind of authorship in the future, and think that it is a good idea. Authors get feedback on-line about their ideas, and can create a market for the book at the same time. Very nicely done! The book contains literally 101 arguments in favor of buying and holding Berkshire Hathaway stock. I suspect that there was a target number set, because some of the arguments repeat each other. The appendix is very valuable in providing more fundamental perspectives on buying stocks for a new investor. Space limits me from praising or critiquing each concept, so I will just focus on a few points. In doing this, though, you should realize that there is a lot of very solid and valuable material here. First, just for the record, let me note that there are CEOs whose stocks have outperformed Mr. Buffett's record in the last 10 years. These are concentrated in the high technology and service business areas. I suspect that there will be more and more of these in years to come. My studies of the most successful CEOs show that these success rates are improving. Where Mr. Buffett was once near the top of the list, he increasingly is falling in the rankings. This is primarily due to his focus on avoiding technology investments. Those have been and will be the driving force of economic growth, and it's tougher to grow fast if you stick to the sidelines. As Mr. Miles points out, this avoidance does have advantages -- your stock is not as volatile on the downside (as we have seen in the last year or so). Second, you will find it helpful to compare this book to John Bogle's

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