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Hello and welcome! My name is Jens Rabe, and you've come to the right place if you're looking for a stock market investment and trading site. Today, I want to introduce you to another book. Last week, I attended a seminar about long-term investments, dividend stocks, and who immediately comes to mind?
Warren Buffett! Yet another book about Warren Buffett? Yes indeed, but this time a very special one. The book I want to introduce to you today is called "Warren Buffett: His Way, His Method, His Strategy" by Robert G. Hackstrom. It looks like this. Link, as always, is below the video. It 's one of the countless books that have been written about the legend Warren Buffett.
The book is now in its third edition and has sold over a million copies worldwide, making it one of the best-selling books about Warren Buffett. This book is something very, very special. I have the third, completely revised edition here. I also read the first edition several years ago, and there's actually quite a bit of new information added.
Often, with these third or fourth editions, you simply get a different preface, but no, here there's really something new. What has changed, and what is special about this book? First of all, anyone who buys such books expecting a concrete blueprint, a "that's what I have to do to become as successful as Warren Buffett," will of course be disappointed.
Such books can never provide blueprints, a step-by-step guide for how to do it yourself. What these books can do, and this one in particular, is allow you to delve into the thinking of this investor, to work your way up to him and understand why he did what he did. This book is n't so much about Warren Buffett's life story, which is of course mentioned a little.
But anyone specifically interested in Warren Buffett's career—how he started as a child, how things developed, what his private life was like—should read other books, such as the one already presented here, " Life is Like a Snowball." This book, however, takes a slightly different approach: it shows how Warren Buffett himself has developed over time.
Many believe that Warren Buffett learned from Graham, that he read "The Intelligent Investing" and learned from him. Yes, one of Graham's best students, and after that, he always did everything the way he learned it back then. Many people think you just have to buy undervalued stocks to become as rich as Buffett, but that's not true.
Warren Buffett underwent a truly significant transformation in his career. He actually started by buying what he called "cigarette butts"—stocks of companies, even if they were bad, but where the intrinsic value was higher than the share price. Over time, however, influenced by several people, he began to change his entire investment approach.
One of those who strongly influenced him was Charlie Manager, his current quasi- co-partner at Berkshire Hathaway. Another was someone like Fischer, a very well-known American who wrote a very famous book on investments. Fischer gave him the idea and said, " Focus on a few good companies, and above all, you have to be able to assess them." From all these different things—what Graham did, what Fischer did, what Charlie Manager recommended—Warren Buffett crafted his own philosophy and became what he is today.
And that's what's so special about this book. The point here is that this isn't just presented theoretically, but rather illustrated with entirely new case studies, showing how he absorbed these individual components of the doctrine and how he implemented them. Purchases are discussed quite simply – how did he buy the Washington Post back then?
Why did he buy such a large stake in American Express or Coca-Cola? Now, these are all things that one might say, " Okay, that's a long, long time ago, many years in the past, and you ca n't replicate that anymore." But the book also presents a case study of IBM, a stock that only started being bought a few years ago.
And the interesting thing is that the stock is now trading significantly below the price at which Warren Buffett initially bought it. This means you can really understand it now and say, "Okay, do I agree with this? Is this perhaps also an investment for me?" Because, of course, it's nice to know that Warren Buffett bought Coca-Cola over 20 years ago, I believe.
Now, we will hardly ever have the chance to buy in at the prices of 20 years ago. With IBM, however, we could. And we can perhaps even see his latest purchase, namely his investment in Apple, in a slightly different light. Why is he doing this at all? This is explained using case studies in this truly wonderful book.
The book is written in a typical American style, meaning it's easy to read. That doesn't mean it's shallow, quite the opposite. The author works at a large investment bank himself, so he has written it in a very specialized and well-informed way. It's not a book for someone who has absolutely no idea about the stock market.
But for anyone with a bit of interest in the stock market, investing, and long-term investments, this is a fantastic book from which they can glean a great deal of information. As I said, it's not a blueprint, but rather a mindset, a way to think and absorb ideas for yourself. This book is really, really well- suited for that.
Published by Börsenbuchverlag, Robert G. Hackstrom, Warren Buffett: His Way, His Method, His Strategy. My reading recommendation for you: buy this book, read it—it's very interesting. You'll, of course, find more book recommendations here on the channel soon. If you're interested in specific books, please write them in the comments.
I'll try to address them one by one. As I saw in the last book recommendation, I've read many of the books you requested myself, so I have them here too. If you've already read this book, just write your opinion here and then we can discuss it: Did it help you? Did n't it help you? Otherwise, if you've subscribed to the channel, I'll see you again here in the next video. Until then, bye for now.
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