Jun 22, 2015 07:26 AM
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(Updated Jul 03, 2015 10:14 AM)
Warren Buffett: Master of the Market by Jay Steele Warren is known as the Billionaire value investor Master of the century, and every one wants to know the secret of his success.
Buffett is just a regular guy who likes fast food, honest work and people he can trust, Throw in incredible instincts, a genius for numbers, meticulous research and almost sure-fire investment philosophy and you begin to understand how he's become a legend in his own time.
Born August 1930 in Omaha, Nebraska, as a kid Warren, worked as a paper-boy at 8 years age, he became a student of the father of value investing Ben Graham the author of The Intelligent Investor, the Bible of value investing.
Later from just starting from$100 he became the richest man in no one list of Forbes in 1993, by just buying companies like Coca-Cola, Gillette, American Express, Washington Post, MacDonald, Disney, Wells Forgo, Nebraska Furniture Mart and See's Candy when their stocks are available at throw away prices in a panic market sale.
Be greedy when others are fearful and be fearful when others are greedy, a simple value approach to buy low, only good companies that you can keep forever like your wife. His holding company Berkshire Hathaway still head office in Omaha, is worth above$100 Billions.Warren still lives in his old house in Omaha, drive his own old car and do his own taxes.
This book by Jay Steele is more a narration of the personal life of Warren from his childhood to describing all his major acquisitions, Steele devoted 16 chapters to this, the remaining one chapter summarises the 9 principals of investing. In Warren Buffett: Master of the Market, it is interesting to read about how Warren grows up and his investment successes, the final chapter is a very good checklist of the 9 principals . 1.Know the numbers and what they mean. 2.Invest in products you understand.3.Read widely to value prospects.4.Always maintain a margin of safety.5.Become a fanatic about investments.6.Avoid buying popular stocks .7.The secret of compound interest. 8.Know when to invest. 9.Never run with the street pack.
When deciding what stock to purchase, each and every stock should be torn apart and analysed, just as one would do before buying or starting a business.This book is suitable for people who know a little of Warren Buffett and would like to know more about him with out going in much detail, but die-hard fans that had already read his annual news-letters to his Berkshire shareholders, they probably wouldn't learn anything new here.
There are other books that go in more detail, but this book is good for those who want a quick easy read on history of warren and his company Berkshire.
