New Releases by Robert G. Hagstrom

Celebrates 25 years of Buffett’s focus investing strategy with fresh insights for today’s investors For more than two decades, The Warren Buffett Portfolio has guided investors toward mastering the art of focus investing—a strategy that concentrates on a select group of superior businesses rather than spreading resources thin across countless holdings. With the release of the 25th Anniversary Edition, Robert G. Hagstrom, one of the most respected interpreters of Warren Buffett’s investment philosophy, offers fresh insights into why concentrated portfolios remain the key to long-term wealth creation, even in today’s volatile markets. This updated edition addresses the limitations of conventional portfolio theory and challenges readers to rethink risk, diversification, and market efficiency through the lens of Buffett’s remarkable success. Hagstrom expands the original work with powerful new material that reflects what he has learned since introducing the concept of focus investing. New chapters explore the philosophy of focus investing including a deeper exploration of Charlie Munger’s “Art of Achieving Worldly Wisdom.” In addition, there are new chapters on the mathematics of focus investing, psychology of focus investing and how to think about the structure of markets. Equipping investors at every level with the tools, models, and mental framework needed to build portfolios capable of outperforming the market over time, The Warren Buffett Portfolio, 25th Anniversary Edition: Compares modern portfolio theory with Buffett’s alternative view of risk and portfolio management. Provides update analysis of “Superinvestors of Buffettville.” Explains probability theory and how to apply to investing, Kelly Optimization Model, high active share investing, frequency versus magnitude, sideways markets, trends of the system versus trends in the system. Explores the psychology of investing through the insights of myopic loss aversion, the fallacy of risk tolerance questionnaires, System 1 and System 2 thinking, and the psychology of misjudgment models. Tutors readers on how to build a latticework of mental models explaining the core models of rationality, pragmatism, philosophy of language, self-reliance, physics model of equilibrium along the side the biological model of evolution and adaptation. Presents new frameworks for how to think about market prices and the changing structure of markets, patience premium, wisdom of crowds and diversity breakdowns. Offers a fresh, new approach to investing called “business-driven investing” designed for achieving and compounding long-term growth. Combining rigorous analysis with practical guidance, The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy, 25th Anniversary Edition, is essential reading for undergraduate and graduate students in finance, economics, and investment management courses, especially within MBA and CFA programs. It also serves as a trusted reference for professional investors, portfolio managers, and financial advisors seeking to refine their strategies and achieve superior results

An insightful new take on the life and work of one of the world''s most remarkable investors: Warren Buffett In the 30th Anniversary Edition of The Warren Buffett Way, celebrated author and investor Robert Hagstrom delivers the definitive version of his bestselling compendium of the investment strategies made famous by Warren Buffett. The Warren Buffett Way describes the twelve investment tenets of Warren Buffett''s strategy called business-driven investing and his distinct approach to managing a portfolio of businesses. You''ll learn how you can apply these same principles to building your own portfolio and find discussions on the psychology of long-term investing, its optimal benefits, and how to avoid the most common pitfalls and mistakes encountered by investors. This latest edition includes: A new author preface to complement the existing forewords from Peter Lynch, Bill Miller, and Howard Marks. Insights on how to achieve worldly wisdom advanced by Warren Buffett''s longtime business partner Charlie Munger. Footnotes and references to academic work that supports and expands on Warren Buffett''s investment approach and portfolio management. The complete Berkshire Hathaway common stocks portfolios from 1977-2021. An indispensable guide to the remarkable work and accomplishments of Warren Buffett, The Warren Buffett Way is a can''t-miss resource for professional and individual investors who want to learn from the world''s greatest investor.

PUJIAN UNTUK BUKU THE WARREN BUFFETT WAY ÒThe Warren Buffett Way menjelaskan mengenai karier Buffett dan memberikan berbagai contoh di masa kini tentang bagaimana teknik-teknik dan metode-metode investasinya kemudian berkembang, serta orang-orang penting yang terlibat dalam proses itu. Buku ini juga menjelaskan tentang berbagai keputusan investasi penting yang membuahkan sejarah kinerja yang tak tertandingi.Ó ?PETER S. LYNCH, penulis buku terlaris, One Up on Wall Street dan Beating the Street ÒBuku yang sangat berguna tentang metode seorang investor yang dianggap oleh banyak orang sebagai investor terbesar di dunia.Ó ?The Wall Street Journal ÒRobert Hagstrom memberikan penelitian mendalam tentang strategi-strategi Warren Buffett, serta Ôbagaimana dan mengapaÕ yang melatarbelakangi setiap pilihan sekuritas utamanya yang berkontribusi terhadap rekor kesuksesannya yang luar biasa. Kebijaksanaan dan filosofinya yang ÔsederhanaÕ juga merupakan bagian dari buku yang komprehensif, menarik, dan menyenangkan untuk dibaca ini.Ó ?JOHN C. BOGLE, founder and retired CEO, The Vanguard Group ÒSungguh luar biasa. Buffett mendapatkan banyak perhatian atas ajaran yang dia sebarkan, tetapi tidak ada seorang pun yang bisa menggambarkan dengan lebih baik apa yang dipraktikkannya daripada Hagstrom. Buku ini menggambarkan kenyataan dari setiap saham utama yang pernah dibeli oleh Buffett dan mengapa dia membelinya. Sungguh menarik. Anda bahkan bisa mencobanya sendiri.Ó ?JOHN ROTHCHILD, penulis buku terlaris, The Bear Book dan The Davis Dynasty ÒTidak ada seorang pun yang dapat menggambarkan dengan lebih baik apa yang dipraktikkan oleh Buffett selain Hagstrom.Ó ?Time ÒHampir semua orang yang penasaran mengenai hubungan antara perilaku ekonomi, kinerja perusahaan, dan naik turunnya pasar saham akan mendapatkan hal-hal yang menarik di buku ini.Ó ?The Economist

真正過人的投資策略，是以常識作為基礎。 價值投資的經典之書， 記載偉大投資家的思維、信念、投資觀和成功之道。 華倫．巴菲特因其投資技術聞名，而有「奧馬哈先知」的稱號，不僅是投資贏家，也是投資怪傑。此外，他也被譽為「歷史上最優秀的投資者」，利用獨特的投資策略，為自己也為其投資人創造可觀的財富。 「我們所做的事，不超出任何人的能力範圍。」──華倫．巴菲特 ◆ 投資，要用經營者的角度 人人都想知道巴菲特如何創造龐大財富？其實他的策略簡單到令人難以置信！資深財務分析師羅伯特．海格斯壯用十年時間追蹤，寫成《巴菲特勝券在握》一書，歸納出巴菲特做投資決策時依據的四步驟、十二道基本原則。當多數人關心股價變化時，巴菲特則悉心觀察企業的全貌，若不夠了解企業經營的基本面，那投資人便很容易在出現一點小狀況時就被嚇跑。 ◆ 恐懼，是看重基本面財經分析者的密友 當人們對大環境事件的憂慮升到最高點時，事實上也是最佳交易的時機。巴菲特的投資策略不僅以「常識」為思考基礎，更揉合了二十世紀兩位投資大師，班傑明．葛拉漢與菲力普．費雪提點的奧義。葛拉漢提出「安全邊際」，協助巴菲特學習掌握起伏的情緒；費雪則給予巴菲特可行的方法學，使他能夠理性判定出好的長期投資。 ◆ 學習巴菲特評價一間企業的方法 當別人貪婪時，巴菲特戒慎。他僅使用熟稔的投資策略，避免任何可能產生巨大虧損的風險。無論是選出值得長抱的股票，或是管理自己的波克夏公司，這些原則構成他權衡投資策略的核心。 一、企業原則 這家企業是簡單可以了解的嗎？ 這家企業的經營歷史是否穩定？ 這家企業的長期發展遠景是否看好？ 二、經營原則 經營者是否理性？ 經營者是否對股東誠實坦白？ 經營者是否會盲從其他法人機構的行為？ 三、財務原則 這家企業的股東權益報酬率是多少？ 這家企業的股東盈餘有多少？ 這家企業毛利率高嗎？ 保留的每一塊錢盈餘都創造一塊錢的市場價值嗎？ 四、市場原則 這家企業有多少實質價值？ 這家企業能否以顯著的價值折扣購得？ 本書細數巴菲特買過的股票，並詳述每個選擇背後的「為何」與「如何」。不僅為巴菲特的成功做了種種見證，也是一般人能夠學習長期獲利的致勝之道。 常勝推薦 Jenny Wang JC趨勢財經觀點版主 Mr.Market市場先生 財經作家 安納金 財經作家 雷浩斯 價值投資者、財經作家 閱讀本書，請把自己當成一位企業分析師，懂得挑出值得長抱的好公司，才是真正的價值投資。──Jenny Wang／JC趨勢財經觀點版主 在投資領域，如果想讓成果更好，也許我們需要改變的並非投資技巧，而是讓自己的心態和以前有所不同。──Mr.Market市場先生／財經作家 此書當中所列舉的十二個原則，對我的啟發層面既深且廣……經過自己二十多年來的股海翻騰、進進出出，到最後來看，這些原則對我仍簡單好用，並且讓我心中十分踏實。──安納金／財經作家 在這些前所未有的動亂之中，持續複習巴菲特的選股智慧，確確實實是「勝券在握」的唯一法則。──雷浩斯／價值投資者、財經作家

《經濟學人》、《紐約時報》、《華爾街日報》、《時代》、《富比士》、彼得林區、柏格一致推薦 你可能讀過關於巴菲特的書，但你有讀到最新的巴菲特投資法嗎？ ★ 研究巴菲特超過20年、百萬冊暢銷鉅作《勝券在握》海格斯壯最新力作！ ★ 巴菲特的實際做法，沒有人比海格斯壯描寫得更好。──《時代》雜誌（Time） ★ 精彩剖析波克夏公司持股的9個經典公司案例──IBM、亨氏食品……，為何持股？何時買進？一次全解密！ 在負利率時代，錢放在銀行竟越放越少？！ 聰明人早就懂得仿效股神巴菲特， 買股就要選到好公司並長抱股票，這樣能確保資產不縮水之外，還能穩穩領股息，賺到安穩人生！ 華倫•巴菲特是有史以來世界上最著名的投資人，同時也是全世界第四位最有錢的人，難得的是，這些驚人財富全靠他睿智的投資腦袋而來，他如何做到？有何祕訣？ 作者海格斯壯研究巴菲特長達20年之久，可說是研究巴菲特最透徹的人之一。本書歷數巴菲特六十多年來的投資之路，描述巴菲特生動有趣，彷彿巴菲特就在眼前。 他從巴菲特寫給股東的信、波克夏年報、報導訪問中精心歸納整理出巴菲特4大滾雪球投資法、12個選股原則，並揭示20世紀的投資巨人們如葛拉漢到費雪、蒙格的重要觀點。此外他以波克夏持股最有名的九家公司為案例，更新股神最新投資走向如收購亨氏食品、投資IBM……，以四大滾雪球投資法檢視這些無與倫比的投資績效。 本書亦大舉涉獵了投資數學、行為財務學，以實際理論剖析巴菲特思考邏輯。巴菲特曾說「我做的事並未超過任何人的能力範圍」，只要熟悉巴菲特的方法，你也能發展出專屬於個人的最佳投資組合，在股海中穩中求勝！ 贏家推薦（依姓名筆劃排序） 周文偉 財經專欄作家 陳江挺《炒股的智慧》作者 陳重銘 《6年存到300張股票》作者 闕又上 美國又上成長基金經理人 ★ 我在心灰意冷、決定離開股市之際，看了海格斯壯寫的兩本書……，股票資產從一百萬成長至三千萬，本人就是遵循巴菲特投資哲學最好的案例。 ──周文偉 財經專欄作家 ★ 做為經典價值投資的著作，這本書值得一讀。 ──陳江挺 暢銷書《炒股的智慧》作者 ★ 本書詳細介紹巴菲特的投資智慧，如果能夠勤加研讀，相信可以幫助投資人悠游於股海，樂於投資。 ──陳重銘 《每年多存300張股票》作者 ★ 這本書非常值得投資者仔細閱讀。見賢思齊，貼近巴菲特的智慧，但別忘了要做自己。 ──闕又上 美國又上成長基金經理人、財務規劃師（CFP） ★ 幾乎每一個對經濟行為、公司績效與股市起伏之間的關係好奇的人，都會發現這本書很引人入勝。 ──《經濟學人》（The Economist） ★ 這是一本不同凡響的著作，記錄了很多人公認的全世界最偉大投資人的投資方法。 ──《華爾街日報》（The Wall Street Journal） ★ 巴菲特的實際做法，沒有人比海格斯壯描寫得更好。 ──《時代》雜誌（Time） ★ 將巴菲特投資策略應用到新經濟的一本全面入門書。 ──《財富雜誌》（Fortune） ★ 可說是最重要的股票書……如果你以為你已經知道巴菲特的一切，這本書還是有很多讓你可以學習的地方。 ──《富比士》雜誌（Forbes） 財經界專業人士強力推薦！ ★ 本書大受歡迎的程度，就可以證明本書分析正確，建議實用。 ──比爾•米勒（Bill Miller），LMM對沖基金主席暨投資長 ★ 對於本書的讀者，我希望我能針對一段非常重要的投資歷史，提供一個非常個人的角度，以及某些使用本書最佳方式的看法。我談到巴菲特先生的部分會比較少，因為這是本書的主題，而且海格斯壯也已經優雅又見解獨特地在書中涵蓋了一切。 ──肯恩•費雪（Ken Fisher），知名投資家菲利浦•費雪之子 ★ 本書描繪了巴菲特的職業生涯，並提出他的投資技巧與方法如何演變的例子，以及在過程中影響他最深的人。本書也詳細說明了巴菲特達到無人能及的成就的關鍵投資決策。 ──彼得•林區（Peter S. Lynch），暢銷書《彼得林區選股戰略》作者 ★ 海格斯壯深入檢視了了巴菲特的投資策略，以及他每一個重要選股背後的原因，這些選擇造就他驚人的成功紀錄。本書涵蓋面廣泛，引人入勝，非常具有可讀性，而他「毫不造作」的智慧與哲學，也是豐富本書的一部分。 ──約翰•柏格（John C. Bogle）先鋒集團創辦人、退休總裁 ★ 這本書是第一流的。巴菲特因為他的宣傳得到很多人的注意，但他的實際做法，沒有人比海格斯壯描寫得更好。本書有關於他每一次買進重要股票的內幕與背後原因。實在非常吸引人。你甚至可以在家試試這些做法。 ──約翰•羅斯查德（John Rothchild），暢銷書《The Bear Book and The Davis Dynasty》作者

In der komplett überarbeiteten, dritten Aufl age seines Bestsellers (über 1,2 Millionen verkaufte Exemplare) stellt Robert G. Hagstrom Warren Buffetts Investment-Methode vor und verdeutlicht sie anhand vieler Beispiele. Alle wichtigen Käufe in der Karriere von Warren Buffett werden skizziert und analysiert. Auch ganz normale Investoren können so von der Erfahrung und den Erfolgen des größten Investors aller Zeiten profitieren. Hagstrom wirft einen Blick auf den Menschen Buffett und seinen Ansatz des Value Investing, den er weltweit populär gemacht hat. In der dritten Auflage werden außerdem die neuesten Akquisitionen und Investitionen unter die Lupe genommen. Neu ist ebenfalls der Themenkomplex Behavioral Finance: Wie kann ich als Investor all jene psychologischen Fallen umgehen, die einem langfristigen Anlageerfolg im Weg stehen?

The bestselling book on Warren Buffett returns, with new insights and a companion video component Often described as the greatest investor of all time, Warren Buffett grew a $100 investment in the late 1950s into an investment empire. In the process, he has become one of the wealthiest individuals in the world, and the foremost authority on investing of our generation. With over one million copies sold, The Warren Buffett Way is the definitive book on "The Oracle of Omaha''s" investment methods. Completely revised and updated, the Third Edition of The Warren Buffett Way + Video focuses on the timeless principles and strategies behind Buffett''s extraordinary investment success. This edition contains new chapters on the important distinctions between investing and trading, as well as an examination of the most successful disciples of Warren Buffett. Throughout the book, fresh examples and case studies are used and Buffett''s successful formula is distilled in a way that will provide value to readers for decades to come. Video featuring Robert Hagstrom discussing several important topics within the book is a valuable addition to this version of The Warren Buffett Way This edition represents the totality of Buffett''s investment career and focuses on his timeless investing principles Written by foremost Buffett expert Robert Hagstrom Engaging and informative the Third Edition of The Warren Buffett Way + Video is essential—not just for avid Buffett fans, but for anyone who wants to know what it takes to make the best investment decisions possible.

The bestselling book and workbook on Warren Buffett, with new insights on his continued success Often described as the greatest investor of all time, Warren Buffett grew a $100 investment in the late 1950s into an investment empire. In the process, he has become one of the wealthiest individuals in the world, and the foremost authority on investing of our generation. With over one million copies sold, The Warren Buffett Way is the definitive book on "The Oracle of Omaha''s" investment methods. Completely revised and updated, the Third Edition of The Warren Buffett Way focuses on the timeless principles and strategies behind Buffett''s extraordinary investment success. This specific package contains the book—which includes new chapters on the important distinctions between investing and trading and an examination of the most successful disciples of Warren Buffett—as well as the Workbook, which is filled with a wealth of practical insights that will help you understand and apply the proven principles found in the book. This combination will allow you to gain a better perspective of Buffett’s successful formula and show you what it takes to make more informed investment decisions. A comprehensive package that contains both The Warren Buffett Way, Third Edition book and Workbook Represents the totality of Buffett''s investment career and focuses on his timeless investing principles The Workbook contains informative question-and-answer sections that correspond to the topics covered throughout the actual book Written by foremost Buffett expert Robert Hagstrom Engaging and informative the Third Edition of The Warren Buffett Way + Workbook is a must-have—not just for avid Buffett fans, but for anyone who wants to know what it takes to make the best investment decisions possible.

The Warren Buffett Way Workbook consists of over 500 questions and answers to help readers of The Warren Buffett Way reinforce and cement their knowledge of Buffett’s hugely successful investment approach. The Workbook follows The Warren Buffett Way, 3e, providing a combination of multiple choice and essay questions for each chapter in the core book. Given the depth and range of questions, a reader who masters the material in the Workbook will be equipped with the knowledge to begin to apply Buffett’s methods to his/her own investment portfolio. All answers are provided in the Workbook, including answers to the essay questions. The perfect accompaniment to The Warren Buffett Way, 3e and The Warren Buffett Way Video Course, the Workbook will provide readers with a sure path to begin investing just like Warren Buffett.

Applying Buffett''s principles to technology and international investing From the bestselling author of The Warren Buffett Way and The Warren Buffett Portfolio comes The Essential Buffett: Timeless Principles for the New Economy. In this fresh take on Buffett''s irrefutable investment methods, Robert Hagstrom shows readers how to apply Buffett''s principles to technology and international investing using real-life case studies of successful fund managers like Legg Mason''s Bill Miller. Following the Buffett model, Hagstrom explains Buffett''s four timeless principles: 1) analyze a stock as a business; 2) demand a margin of safety for each purchase; 3) manage a focus portfolio; 4) protect yourself from the speculative and emotional forces of the market. Then Hagstrom shows how Buffett''s thinking can be applied in the new economy, addressing technology investing, international investing, small cap stocks, and socially responsible investing. Perhaps most valuable are Hagstrom''s insights into the psychology behind Buffett''s focus investing. For the first time, we are given sure-fire guidelines on how to become a winning Buffett disciple. The Essential Buffett will include convenient sidebars featuring key Buffett ideas, enabling readers to quickly compare Buffett''s fundamental tenets.

Hagstrom, bestselling author of "The Warren Buffett Way, " delves into the techniques of some of the world''s legendary sleuths--Sir Arthur Conan Doyle''s Sherlock Holmes; Edgar Allan Poe''s Auguste Dupin; and G. K. Chesterton''s Father Brown--to demonstrate that the same mental skills that characterize a good detective also define a good investor.

本书包括:思维模式格栅;物理学:平衡的学问;生物学:物种的起源;社会学:蚂蚁、塌落和复杂系统等内容。

From the bestselling author of The Warren Buffett Way, a revealing inside look at the booming business-and investment opportunities-of NASCAR "Hagstrom''s insights and observations bring a refreshing ''outside'' business perspective to our industry." --From the Foreword by William C. France, President, NASCAR "From its origins in Daytona in the ''50s to today''s live network broadcasts for millions of devoted fans, Robert Hagstrom offers an in-depth look at the fastest-growing sport in the country. The NASCAR Way explains how and why dozens of Fortune 500 companies have been lining up to jump on board." --Michael T. Hargrave, Senior Motorsports Manager, Anheuser-Busch, Inc. "It is great to be associated with NASCAR, the France family, and for me to get paid for what I love-to race! In The NASCAR Way, you see a prime-time sport." --Dale Earnhardt, 7-time NASCAR Winston Cup champion "An accurate and entertaining perspective to the unbridled capitalism that has built NASCAR into the #2 sport in America after football." --Bill Nielsen, Director, Promotion Development and Licensing, Kellogg USA, Inc. "Hagstrom understands how our business works both on and off the track. His perception of our sport will have you racing through the pages on the edge of your seat. The book is definitely a winner!" --Dale Jarrett, Winston Cup driver

Traverses the disciplines of finance, psychology, physics, biology, and philosophy to provide a greater understanding of investing.