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The Warren Buffett Portfolio

4.18  ·  Rating details ·  1,313 ratings  ·  35 reviews
The Warren Buffett Way provided the first look into the strategies that the master uses to pick stocks. A New York Times bestseller, it is a valuable and practical primer on the principles behind the remarkable investment run of the famed oracle of Omaha. In this much-awaited companion to that book, author Robert Hagstrom takes the next logical step, revealing how to profi ...more
Hardcover, 246 pages
Published April 2nd 1999 by John Wiley & Sons (first published 1999)
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 ·  1,313 ratings  ·  35 reviews

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Chung Chin
Jan 30, 2013 rated it really liked it
Shelves: investing
In The Warren Buffett Portfolio, Robert Hagstrom lays down the latticework of models used by Buffett and Charlie Munger in their investing work. If you're looking for a hard figure, technical how-to, financial modeling book, this is NOT the book for you. Instead, this is a book about mindset and approach.

Reading through the book, you'll learn about things that Buffett and Munger thinks is important for an investor, their view on modern portfolio theory and risk/return, people who have influence
Stefan Bruun
Apr 27, 2018 rated it liked it
A good book for introducing general investing and specific value investing principles, but not much new for anyone who's read a bit around investing. Good for people new to value investing. ...more
Feb 07, 2017 rated it it was amazing
Excellent primer on focus investing, behavioral economics and a counter balance to my bias towards passive index investing. While I was not quite converted, the book covers critical principles/reminders that are broadly applicable to the investor:
-investing is gambling, you can only improve your odds with math and strategy
-today, it is more important to understand how investors will react to the market than understanding the market itself
-as money managers and investing tools continue to improve
Nainpriya Gupta
Jan 16, 2020 rated it really liked it
My first book on investments. It makes sense. :)
Terry Koressel
The Warren Buffet Portfolio is not nearly as insightful or enjoyable as the The Warren Buffet Way by the same author (I gave The Warren Buffet Way a Goodreads 5 star rating!). But it is a decent book nonetheless. I am a long-time value investor, influenced heavily by Ben Graham's two books I read shortly after college. Warren Buffet deserves all the praise he receives for his investing success....he is simply the best pure business investor there is. The Warren Buffet Portfolio concentrates more ...more
Oct 14, 2020 rated it liked it
Shelves: bookshelf
Think of stocks as businesses. Read annual reports. Buffett and Munger think of investing like the game 'bridge'. Recommend read is Why You Lose at Bridge by S. J. Simon. In Warren Buffets view the two things an investor needs instead of a college education is the following two skills; how to value a business and how to think about market prices. ...more
Oliver Sung
Jan 18, 2020 rated it it was amazing
Concentrated investments are critical to achieving market-beating returns for many years.

This is Robert Hagstrom's main argument throughout The Warren Buffett Portfolio.

Hagstrom illuminates how Warren Buffett throughout his entire career has achieved his legendary performance by managing a very concentrated portfolio with occasional huge bets on great opportunities - an approach he calls focus investing.

The book is really good. I resonated immediately with the mental framework described. I alway
Dec 18, 2020 rated it did not like it
Why not name this book as the robert g. Hagstrom portfolio rather than warren buffett portfolio
He only borrow warren buffet name to sell this book, it didn't have or describe any value about warren buffett teaching about value investment or his portfolio in this book, all he said about warren buffett in this book can summarize in just 10 pages, rather than 200+ pages book all talking repeatedly about century ago writer or thinker then to scientists, how is that have anything to do with warren bu
May 17, 2018 rated it liked it
This is a book which fundamentally argues in favor of the logic that 'Less is More.' It asks investors to ignore all short term noise and focus on long term capital formulation.Through some historical data and examples,the book presents numerous cases where legendary investors created long term wealth by following basic principles of focus investing.
The mathematical part of the book was not up to the standard and felt very compressed.I also felt that it would be better for a reader to first rea
Camillo Anania
Oct 13, 2017 rated it it was amazing
Shelves: finance
Good book, rich of insights and not too tough for beginners.
You get a good introduction covering the main factors to evaluate when deciding an investment in a company according to author's interpretation of Warren Buffett style.
The book does not contains detailed formulas about company valuations and in general the author does not spend much time going into too much details on finance calculations, I think because Buffett never disclosed a specific formula to evaluate company value.
Anyway, accor
Kaustubh Chaharia
Jan 14, 2018 rated it really liked it
Shelves: investing
I came across this book via Charlie Munger's (open) recommendation. The book gets more and more interesting as we go further ahead. It reasons out why a concentrated portfolio of stocks is the best way to go about investing, states the factors which come in our way of doing the same and how we can overcome those. With different chapters devoted to different aspects, and all of them distilled well in the last chapter of the book, this can be used as a guiding principle throughout one's investment ...more
The book talks about mental models before it was written. And as I read the mental model book it talks about how Charlie Munger mentioned it. Learned a lot about focused portfolio and using economic model to pick companies and not merely stock. Will need to re-read this book as I understand more about investment. Highly recommend it to people who are learning investment like me.
Nov 27, 2017 rated it really liked it
Interesting read with good advice. It is curious though that Robert Hagstrom himself seems to not have mastered the strategy.
Patrick Mak
May 11, 2018 rated it it was amazing
This book provides all the tools you need for new-age value investing.
Highly highly recommend!
Feb 25, 2019 rated it it was amazing
A must read for all investors. Especially if you are a value investor. Hagstrom covers the areas and discusses how Buffett looks at investing. Loved the book. It s worth it for your library
Ragavendhra Perumall
Jun 28, 2019 rated it really liked it
Nothing short of good ! Explain Buffett’s analysis style , Discusses how his thought process has been shaped up over the years His probability analysis and an example of Amex ..
George Atuan
Doesnt provide anything new, it takes one idea (owning ten stocks is better than owning 30) and keeps repeating it.
Joy Ying
Nov 25, 2019 rated it it was amazing
Minwoo Kim
Dec 05, 2020 rated it it was amazing
Focus portfolio is similar to super-catastrophic insurance. It's certain that disaster will happen but the question is "when?". The pain of a loss is far greater than the enjoyment of a gain ...more
Alessandro Orlandi
Dec 06, 2020 rated it really liked it
Shelves: investors, business
Interesting ideas even if you already read other books about the topic
Tharit Tangkijwanichakul
Jan 15, 2021 rated it it was amazing
Shelves: investing
This book is undervalued, under-recognized, and underrated.

Since the last time I read one of Wall Street (4 years ago), I haven’t read any books written exclusively for investing that captivate me like this. This is a seminal work. I almost finished its 200 pages in one day. That’s how good it is. It touches on many "big ideas" that I have spent years acquiring reading 10+ books. However, it can only give incompleted pleasure because of book-length. That's being said, for any level of investors,
Location Important
Mar 04, 2017 rated it really liked it
Shelves: investing
Pretty good. Would like to go over it again.
Feb 26, 2017 rated it it was amazing
An easily understandable book on Focus Investing.
Aug 22, 2015 rated it really liked it  ·  review of another edition
Recommends it for: investors
Shelves: economy
The book presents the concept of a concentrated portfolio (which holds shares only a few companies). I think this is an interesting alternative to the mainstream ways to invest in stocks. It is interesting to read Psychology of Investing written by John R. Nofsinger. I would like to draw attention to some "breakthrough" discoveries of behavioral economics in this book. The author probably never met with the Austrian School of Economics which puts similar arguments over a hundred years. I would r ...more
Nov 02, 2015 rated it liked it
Shelves: personal-finance
It certainly seems to contain a lot of information, judging by the volume. The book includes many academic studies including from behavior finance. The book stresses Buffett style investment's connection to John Maynard Keynes, Benjamin Graham, Charlie Munger... and other investment luminaries. It also tries to cast doubt on the blind academic following of the Efficient Market Theory (EMT). In particular, I like this joke the book quoted from Buffett: they should pay for endowed chair on EMT at ...more
Oct 03, 2014 rated it really liked it
After having read R. Hagstrom "the Buffet Way", I decided to put his second book on my reading list. I was hopping to find here a list of detailed case studies on a series of stocks held by Warren Buffet over the years highlighting their common grounds. Unfortunately it wasn't that. For instance I didn't expect in the second part of the book the rather lengthy discussion on the concepts of behavioral finance which in my opinion have been better addressed by James Montier. But I did like the book ...more
Clement Ting
Feb 03, 2016 rated it it was amazing
I thought the title was abit misleading. Unlike "The Warren Buffett Stock Portfolio" written by Mary Buffett, hardly anything on what Buffett bought was mentioned in this book. Instead, the book introduces us to the Focus Investment approach - how Buffett and other fellow investors alike uses the same investment methods to make certain decisions.

The Focus Investment approach is then backed up by various studies, scientific research and statistics, to prove a point that such an investment method
Sarwan Kumar
Nov 23, 2016 rated it liked it
The best part I can take away from this book was, when the Buffet mentioned that it was the longest three years of his life, when he was sitting with idle cash and doing nothing and waiting for the market to correct. And when the market corrected itself after three long years of bull run, he was ready to invest in fundamentally strong companies at cheap price, while everything was whining about the pain of huge loss in the market.
That is what differentiates great investors from a common investor
Joel Gray
Jan 19, 2017 rated it really liked it

WB believes its important to have a fundamental grasp of maths and probabilities and investors should understand the psychology of the market.

With each investment you make you should have the courage and conviction to place at lease 10% of your net worth in it.

The more knowledge you have about a company the less risk you are likely to be taking.

Selling a stock means a
Drew Page
Dec 13, 2016 rated it it was amazing
I have been reading about and testing a lot of option strategies, and although I believe they can be valid day/swing trading techniques -- The results of Warren Buffett, Charlie Munger, Ben Graham, and other devout value/focus investors sums up my thesis = They are right. Really enlightening book, and I do plan to read Robert Hagstrom's first book on Buffett! ...more
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Robert G. Hagstrom is Senior Vice President and Director of Legg Mason Focus Capital. He has authored the New York Times best-selling The Warren Buffett Way and The Warren Buffett Portfolio, as well as The Nascar Way. He lives with his family in Wayne, Pennsylvania.

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