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Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage |  | Authors: Mary Buffett, David Clark
Publisher: Scribner
List Price: $24.95
Buy New: $13.52
as of 11/22/2009 21:09 CST details
You Save: $11.43 (46%)
New (34) Used (13) from $13.52
Seller: ---greatbookdeals
Rating:  40 reviews
Sales Rank: 4913
Media: Hardcover
Edition: 1
Pages: 224
Number Of Items: 1
Shipping Weight (lbs): 0.8
Dimensions (in): 7.4 x 5.9 x 0.9
ISBN: 1416573186
Dewey Decimal Number: 332.632042
EAN: 9781416573180
ASIN: 1416573186
Publication Date: October 14, 2008
Availability: Usually ships in 1-2 business days
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Product Description
With an insider's view of the mind of the master, Mary Buffett and David Clark have written a simple guide for reading financial statements from Warren Buffett's succccessful perspective. Buffett and Clark clearly outline Warren Buffett's strategies in a way that will appeal to newcomers and seasoned Buffettologists alike. Inspired by the seminal work of Buffett's mentor, Benjamin Graham (The Interpretation of Financial Statements, 1937), this book presents Buffett's interpretation of financial statements with anecdotes and quotes from the master investor himself. Potential investors will discover: • Buffett's time-tested dos and don'ts for interpreting an income statement and balance sheet
• Why high research and development costs can kill a great business
• How much debt Buffett thinks a company can carry before it becomes too dangerous to touch
• The financial ratios and calculations that Buffett uses to identify the company with a durable competitive advantage -- which he believes makes for the winning long-term investment
• How Buffett uses financial statements to value a company
• What kinds of companies Warren stays away from no matter how cheap their selling price Once readers complete and master Buffett's simple financial calculations and methods for interpreting a company's financial statement, they'll be well on their way to identifying which companies are going to be tomorrow's winners -- and which will be the losers they should avoid at all costs. Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett.
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| Customer Reviews:
Showing reviews 1-5 of 40
Financial book November 7, 2009
Carol J. Durante (Mahopac, NY United States)
Book arrived in great condition but it took about 2 weeks to arrive. I thought it would come sooner than that, but am happy with the book.
 Good info but... August 17, 2009
Richard Thomas (Shanghai, China)
I was expecting a sober (not boring, just sober) explanation of the key line items that Buffett looks at first when interpreting financial statements. I was expecting the author to talk to me like an adult. Instead, because of the saccharine and pandering writing style of the author, I felt like I was reading "Dr. Seuss Goes To Wall Street" (with apologies to Dr. Seuss).
For example:
-"...when a company owns a piece of a consumer's mind, it never has to change its products, which, as you will find out, is a good thing." (Really? Never having to change your product is a good thing? Hold on, let me write that down...)
-"Financial statements are where Warren mines for companies with the golden durable competitive advantage. It is the company's financial statements that tell him if he is looking at a mediocre business forever moored to poor results or a company that has a durable competitive advantage that is going to make him superrich." I included this because she uses the word "golden" like it's about to go out of style. That and "superrich". And what is the purpose of lines such as "...that is going to make him superrich"? Unless you're addressing 3rd-graders, couldn't you just leave bits like that out?
-"...it is best if we spend the next few chapters going through (certain income statement entries) one by one, in true Warren fashion." She's overtly sycophantic, which reduces her credibility. It's one thing to be respectful of Mr. Buffett and his success, but the author crosses the line between respect and fawning and never looks back. Other examples are when she starts sentences with "Warren figured out..." or "Warren noticed...", "Warren knows that...", "Warren discovered..." etc. etc.
This book actually does have lots of great information concerning those key line items I was looking for, such as the link between gross profit margins and durable competitive advantage. It's just that I had to wade through 175 pages of the author's writing style in order to find it.
 Very good basic information August 12, 2009
Mariusz Skonieczny (ClassicValueInvestors.blogspot.com)
4 out of 4 found this review helpful
As a professional investor, I found most of the information very basic; however, I thoroughly enjoyed this book. People tend to complicate things in life as well as in investing. Warren Buffett preaches investing in companies that possess moats and buying them when the price is reasonable. All this book is trying to do is to help investors assess a company's moat. No, this book alone will not assure investment success, but it adds another tool to the tool box that can help beginning or advanced investors successfully invest in the stock market.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
Your existing knowledge determines how much value you will get out of it April 5, 2009
Houman Tamaddon (Seattle, WA)
0 out of 1 found this review helpful
Mary Buffett like many other authors tries to sell books by using Warren Buffett's name. I don't find anything wrong with that as long as they add value to their readers and I think she has with her newest book. Many individual investors (and sadly even professional statements) buy stocks of companies without looking at companies' financial statements. Yes, they can be very boring to read especially if you do not know what to look for. The authors of this book do a nice job in explaining what some of the numbers mean and more importantly what to look for. The stuff that they talk about is very basic but I think even more advanced investors can gain a few (not a lot) new insights. The book is poorly edited and redundant. Overall, how much you end up liking this book is significantly related to how much you already know about investing in equities.
Warren Buffett and the Interpretation of Financial Statments March 7, 2009
D. F. Wacker (Lansing, MI)
Marry Buffett prior daughter-in-law of Warren Buffett and David Clark have done an excellent job of taking a complex subject and making it understandable, interesting and rewarding to study. Using these guidelines of instruction an indivdual could improve his/her ability to find companies to invest in even in these crushing economic times.
DFW
Showing reviews 1-5 of 40
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