The Warren Buffett Way, + Website

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  • Edition: 3rd
  • Format: Hardcover
  • Copyright: 9/30/2013
  • Publisher: Wiley

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Warren Buffett is the most famous investor of all time and one of today’s most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett’s spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett. 

New material includes: 

  • How to think like a long-term investor – just like Buffett
  • Why “loss aversion”, the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome.
  • Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett’s investing success
  • Analysis of Buffett’s recent acquisition of H.J. Heinz and his investment in IBM stock 

The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett’s approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.

Author Biography

ROBERT G. HAGSTROM is one of the best-known authors of investment books for general audiences. He has written nine books, including the New York Times bestselling The Warren Buffett Way and The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy. He is also the author of The NASCAR Way: The Business That Drives the Sport; The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths; and Investing: The Last Liberal Art. Robert is a graduate of Villanova University with a BA and MA and is a Chartered Financial Analyst. He lives with his family in Villanova, Pennsylvania. Visit Robert's website at www.RobertHagstrom.com.

Table of Contents

Foreword to the Third Edition

Foreword to the Second Edition (Bill Miller)

Foreword to the First Edition (Peter S. Lynch)


Introduction (Kenneth L. Fisher)

Chapter One A Five-Sigma Event
The World’s Greatest Investor

Personal History and Investment Beginnings

The Buffett Partnership Ltd.

Berkshire Hathaway

Insurance Operations

New subhead: Five Sigma Event

Chapter Two The Education of Warren Buffet

Benjamin Graham

Philip Fisher

Charlie Munger

A Blending of Intellectual Influences

Chapter Three Buying a Business
The Twelve Immutable Tenets

Business Tenets

Management Tenets

Financial Tenets

Market Tenets

Chapter Four Common Stock Purchases
Nine Case Studies

The Washington Post Company

GEICO Corporation

Chapter Five Portfolio Management: The Mathematics of Investing

The Mathematics of Focus Investing

Focus Investors in Graham-and-Doddsville

Chapter Six The Psychology of Investing

The Intersection of Psychology and Economics

Behavioral Finance

And On the Other Side, Warren Buffett

Why Psychology Matters

Chapter Seven The Value of Patience

For the Long Term

Rationality: The Critical Difference

Slow-Moving Ideas

System 1 and System 2

The Mindware Gap

Time and Patience

Chapter Eight The World’s Greatest Investor

The Private Buffett

The Buffett Advantage

Learning to Think Like Buffett

Finding Your Own Way




About the Companion Website

About the Author

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