The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy

This is that rarity a usefull practical, solid, smart investing book.. It does not fool around and from the begining till the endit remains focused and very well structured.I have read almost every book there is on WB and in my opinion this is one of the best.It is a clever, understandable, practical guide through the core of Buffett's and even Charlie Munger's wisdom and investing philosophy. You really should not miss one if you are interested in Value Investing.It is also the only book on Berkshire's investing philosophy recommended by Charlie Munger himself..

great read

I wasn't expecting much, so I was pleasantly surprised. It's a pretty solid overview of Buffett's investment philosophy, with an emphasis on his portfolio management style, which Hagstrom calls Focus Investing. He defines it as:"Choose a few stocks that are likely to produce above-average returns over the long haul, concentrate the bulk of your investments in those stocks, and have the fortitude to hold steady during any short-term market gyrations."I couldn't agree more!The book has a lot of other somewhat random but interesting stuff like a chapter on The Psychology of Investing, which is a shorter version of one of my favorite books, Why Smart People Make Big Money Mistakes.In short, I wouldn't recommend this book above many others on Buffett (starting with The Collected Essays of Warren Buffett), but if you've read those and just can't get enough of Buffett, this book is an enjoyable read.

Don't get me wrong- I learned a lot of valuable lessons about investing from this book. However, I believe most people don't understand the true secret of Mr. Buffet's success, and that is his ability to buy influential stakes in large concerns that he understands thoroughly. Buffet is not the typical small investor who is trying to nickel and dime his way to riches. Far from this, he is a man who has a lot of cash behind him, and can wield that cash to obtain seats on the boards of promising companies. Once there, using a bit of common business sense and uncommon financial influence, he can effect positive change in a company (there may also be a few derivatives being bandied about to boot). None of us small investors can ever do that.Like I said, I learned a lot from the book. Instead of telling me which stock to buy, the book offered me basic principles to guide me in my investment activity. The book also helped me to better understand my own financial behavior and accurately diagnose my investment temperament. It also gave me some very important pieces for a strong blueprint for successful investing. Three of the most important lessons that I took from this book are first, buy only those companies that you understand intuitively, second, be patient with your investments, and third, the most important lesson, never hesitate to buy into quality and transparency. The book also pointed me in the direction of other references that I believe are worth reading, such as John Burr Williams' Theory of Investment Value, Benjamin Graham's Security Analysis, B. Graham's Intelligent Investor, and Philip Fisher's Common Stocks and Uncommon Profits. One gem from the book I found especially startling (and very insightful) is Buffett's overwhelming approval and outright endorsement of index investing to those of us who want to be in the market, but either can't stomach the volatility or are too lazy (or dense) to do our own investment research.I also found that reading this book in combination with John Bogle's Common Sense Investing in Mutual Funds made for good, strong positive reinforcement.If you can't beat the market, join (index) it!

I have always been fascinated by Warren Buffett ever since I heard about this character in Omaha who didn't even have a stock ticker his office but had remarkable results in Adam Smith's SUPERMONEY.I read THE WARREN BUFFETT WAY with interest and watched with anticipation as Hagstrom launched Focus Trust as a means of replicating Buffett's success. Alas, after an initial doubling of value in the Bull market the fund has generally hovered around $20 and singularly failed to even come close to matching Buffetts track record.Hence, I'm forced to agree that too much emphasis is on Buffett the stock picker and not enough on Buffett the Business and Management analyst. Look elsewhere.

I'm not sure what this is about after reading it. Actually I'm even more surprised noone has reviewed this (or read this?) or maybe I shouldn't be? Some chapters are written to reinforce the idea that a focus investment approach works. There is a chapter on the history of modern finance, another with mini-biographies of the Buffet roster. One on probabilities, but very vague at how to apply this for our own use. Then there is a chapter on behavioral finance and a chapter on proving why short-term forecasting does not work. How all this have to do with Warren Buffet, is anyone's guess. The author tries hard to associate these ideas with Buffet, but fails miserably. Ultimately, it is just a finance book littered with a dozen interesting facts with no coherence and an abundance of paraphrases from "Outstanding Investor Digest". Personally I only find the chapter on investor psychology and the "El Farol" problem (a proof why you cannot predict the market) facinating, but you can get this information from any good finance book.

focus investing is great only under 5 rules, here buffett lists them, nice book, as it doesnt go on about the usual buffett life history, its about a technique of only holding say 10 stocks max, and bet hard if its a great stock and it is ON SALE and has a high ROCE.

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All the books of Robert Hagstrom very good for your money and for you too.

This was quite hard work, but rewarding in the end. It requires some thinking on your part and willingness to do your own research, rather than spoon feeding you methods and results.I have found it useful in my long term investing and feel like the decisions I am making are informed by the man himself!

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