Amazon.com
It's no secret that most mutual funds fail to beat the performance of the S&P 500. And if the pros can't beat the averages, it's not unreasonable to assume that most individual investors can't, either. Why? According to Robert Hagstrom, author of The Warren Buffett Portfolio, a big reason is the industry's emphasis on diversification. In the interest of minimizing risk, many investors have "become intellectually numb to its inevitable consequence: mediocre results." As a result, they wind up owning too many stocks and churn their portfolios unnecessarily (for example, the average mutual fund holds 100 stocks and turns over 80 percent of its portfolio annually). In The Warren Buffett Portfolio, Hagstrom shows how Buffett and others use the idea of focus investing to organize winning portfolios.
Unlike Hagstrom's first book, The Warren Buffett Way, which describes how the world's greatest investor selects individual companies, this book looks at the mathematics, the psychology, and the mental models necessary to build a successful portfolio. The basic ideas: Pick no more than 10 to 15 companies with good track records and high probabilities of future success; plan to hang onto them for at least five years; and ignore predictions and the sometimes terrifying swings in market behavior. It's hard to argue with Hagstrom's approach, especially when he practices what he preaches. His fund, the Legg Mason Focus Trust, has 15 stocks, an annual turnover rate of 9 percent, and percentage annual returns in the mid-30s. For thoughtful investors and devotees of Warren Buffett, who are looking for more than the next hot stock tip, The Warren Buffett Portfolio is well-written guide. Recommended. --Harry C. Edwards
Book Description
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 profitably manage stocks once you select them. THE WARREN BUFFETT PORTFOLIO will help you through the process of building a superior portfolio and managing the stocks going forward.
Building a concentrated portfolio is critical for investment success. THE WARREN BUFFETT PORTFOLIO introduces the next wave of investment strategy, called focus investing. A comprehensive investment strategy used with spectacular results by Buffett, focus investing directs investors to select a concentrated group of businesses by examining their management and financial positions as compared to their stock prices. A strategy that has historically outperformed the market, focus investing is based on the principle that a shareholder's return from owning a stock is ultimately determined by the economics of the underlying business.
Hagstrom explains in easy-to-understand terms exactly what focus investing is, how it works, and how it can be applied by any investor at any level of experience. He demonstrates how Buffett arranges his stocks in a focus portfolio and reveals why this is as responsible for his incredible returns as the individual stocks he picks. Ultimately, Hagstrom shows how to use this technique to build and manage a portfolio to achieve the best possible results.
Customer Reviews:
A lattice of mental models for investing.......2007-05-29
The book is short, but gives you a lot to think about. I was interested in it mainly because Munger and Buffett gave it a nod. Many of the concepts were enlightening, he presents some good empirical evidence to support his arguments, and he hits all of the main points of the focus investment strategy which Buffett uses. He could have gone into a little more detail in the mathematics section, where I found myself dissatisfied with his unnecessarily vague and subjective treatment of the core concepts of probability. I say unnecessarily because I realize the purpose of the book is to give investors a mental framework for successful investment, but he could have easily included some practical information for investors on how to actually implement these strategies. For instance, a short example of his own, describing in detail the use of expected value (a simple statistical measure he alludes to but never mentions), would have helped to remedy the situation. He actually shows a simplified form of the Kelly Criterion (where payout is fixed), but failed to also include the more useful formula, which would have better shown the critical link between payout odds and probability (which together make up expected value), and optimal betting size. Sometimes little things like this make all the difference in our understanding, but in certain instances in the book he presents them as isolated concepts, and the informed reader is left believing the author doesn't really have a strong grasp of what he is writing, or at least didn't do a very good job of connecting his ideas together. He leaves it up to you to do the work of integrating the ideas into one. Still, he gives you the basic models you need, and does do a really good job incorporating his interviews with Buffett, Munger, Ruane, etc. into the book. If you will take the time to investigate and fill in the details, his theories will solidify nicely into one very powerful model, and this book will have served its intended purpose well.
Read Buffett, don't waste time with Hagstrom.......2006-08-16
I bought it, by the title mentioning W.B.
Wasted money: Whenever it comes to the details, he refers to his other book "The W.B way" (which I do not have, amazon ratings are poor though). Nothing wrong with the contents, but nothing new either. Just read the Berkshire Hathaway Annual Letter to the Shareholders (free on the web), with more and actually useful info. This book has ZERO value after reading the Letters, and this book ALONE does not quite help you picking stocks (although makes a good point in favor of WB's way)
Waste of time.......2005-08-09
Go right to the heart of the matter with Graham and Dodd's "Security Analysis" if you want to know how Buffett started. Hagstrom's book is a poorly executed fifth grader's book report on the primary investing philosophy of Buffett. Don't waste your money here. You'll regret it. This doesn't even scratch the surface of relevant information.
Light, enjoyable and enlightening.......2005-01-15
This book presents Buffet's and Hagstrom's portfolio allocation methods. I say Hagstrom's because I think that much of Buffet's allocation methodology remains between Buffet's ears -- and not that of Hagstrom the author. Also, I believe Buffet is more opportunistic; he acts decisively when opportunities present themselves.
The author adds discussion of technology stocks, an anathema of Buffet's, and the obligatory discussion of complex adaptive networks which might not be Buffet thinking but more along the lines of Charles Munger, his cohort.
Nevertheless, there are many interesting points in this book. I listened to the audio tapes and they excellent. I then took the book out from the library and liked the tapes more.
The author covers several important topics, in a summarized way, but also in a very interesting way. One topic done well was thinking in terms of probabilities. Another was diversification: don't over-diversify.
The author also quoted from several books outside of the financial area and have become intrigued with them. They were: Fire in the Mind (Johnson), Full House (Gould), Against the Gods (Bernstein).
I think Hagstrom is a very good author but his works seem to lack the detail that I like to see. He's one that can pull the strands of many topics together but perhaps skates over their details. I would have liked more detail on subjective probabilities as applied to the stock market for example. More on how Bayes, etc.
John Dunbar
Sugar Land, TX
A true treasure among modern investment books..........2003-07-03
In "The Warren Buffett Portfolio", author Robert Hagstrom devotes an entire book to debunking the greatest misconception prevalent in the investment world today: the myth of "diversification". Hagstrom sets out to prove that Mark Twain was a market wizard when he said "put all of your eggs in one basket, and guard the hell out of that basket!"
The heart of this book rests on the premise that a proper portfolio must be "diverse" (i.e. must include 40 to 100 different companies) in order to remain "safe" and avoid a loss of capital. However, while such a notion may decrease short-term volatility, it does not necessarily increase returns. Hagstrom examines investment guru Warren Buffett's ideas on the subject, such as "knowledge decreases risk, not the number of stocks in your portfolio". Such an approach makes sense. Which is better, to own a few companies that you know everything about, or a lot of companies that you know little or nothing about? The less you know about a company, the more likely it is that an unforeseen event will sneak up on you and hammer your portfolio.
The book also addresses the fallacy of "re-balancing a portfolio". Again, Warren asks, why are you selling off your best company to buy a bunch of under-performing companies? Such a line of thinking is akin to saying "Michael Jordan takes too many shots and makes too much money relative to the other players on his team, so he should be traded to another team for three players so as to decrease the risk of an injury hurting the team... or we should give more shot opportunities to players of lesser talent so that the team doesn't become dependent on Michael Jordan to win." Nobody ever won an NBA Championship with run-of-the-mill players, but the Bulls won six NBA titles by relying on Michael Jordan.
It's this stalwart advance in the face of conventional wisdom that separates this book from most in the stock investment genre. Give it a try. You may find it's the most profitable book you've ever purchased...
Britt Gillette
Author of "Conquest of Paradise: An End-Times Nano-Thriller"
Book Description
The Peppermill Scenario teaches many of the communication lessons corporations are concerned about today. The scenario can be adapted to involve participants in public meetings; in solving internal communications issues, media relations problems and issues, and litigation and legal issues; in dealing with angry neighbors, competitors, and disgruntled employees; and in resolving the chaos that crisis situations often generate.
The lessons this scenario teaches can be applied broadly across an organization to a variety of potential threat circumstances. These lessons directly reflect the crucial appropriate behaviors that should form the basis for crisis response. Somewhere, somehow, victim, community, employee, and government questions will be answered, and quickly. When the organization is not ready, responses will come from outsiders -- often in ways that cannot be controlled and are not liked by management.
This monograph provides background on the Peppermill company and the situation it is facing along with confidential instructions for each of the players in the simulation.
Book Description
Learning about the cruise line industry is interesting and fun with Cruising. It is written in breezy, magazine-style prose with learning activities that challenge what the reader has learned. A number of reinforcement strategies make the content more easily understood and more likely to be retained. For example, key terms and phrases are in boldface or italicized type, photos, graphs, and sidebars expand each chapter's content, and questions concerning the content encourage contemplation and discussion. The author has ensured that the content reflects a true insider's look at cruise sales, marketing, and operations by having dozens of leading industry professionals, including several cruise line presidents, review its content. The substantial material in this publication is complemented by comprehensive profiles of nearly two dozen cruise lines and is supported by the approval of the Cruise Lines International Association.
Customer Reviews:
Good Basic Guide to Cruising.......2007-03-10
I bought the book to begin CLIA training. This book is very basic, but covers many different aspects of the cruise industry. If you are beginning to work in cruise sales, or are just interested in cruising, I would definitely recommend it.
Very 'freindly' written book.......2007-03-08
I've enjoined reading this book, mainly due to its freindly-written style. This book certainly offers a welcoming catalysis for everyone who is interested in extending knowledge of cruising industry.Certainly recommended!
Dr. Hillel Avihai
Mancini's books are wonderful!.......2006-04-24
I love and own most of Mancini's books and this one is as good as any at explaining the industry.
A must for a cruise industry career........2005-08-30
If you are serious about obtaining CLIA Certification, reading this book and taking the online exam will be the best value 30 point you will find. It is a very informative and easy reading text book with useful exercises and reviews.
Essential reading for the new cruise agent or travel agent.......2005-03-12
This book covers all the bases that someone new to the cruise or travel industry would need to know. It really is a textbook for the cruise industry student - complete with chapter reviews and assignments. If you're serious about learning, this is the book for you!
Amazon.com
John C. Maxwell's The 21 Most Powerful Minutes in a Leader's Day is actually 21 weeks' worth of bite-sized daily lessons on leadership, based on biblical principles and the figures who embody them. Maxwell, the popular author of more than two dozen books on personal and leadership development, has always based his teachings on scriptural tenets. This time, he turns more explicitly to the Bible to illustrate principles such as effectiveness, influence, empowerment, sacrifice, and timing, which he introduced in a well-received earlier book, The 21 Irrefutable Laws of Leadership. Readings for the first four days of each week incorporate: a theme ("People teach what they know, but they reproduce what they are"); a tale that brings a relevant individual (such as Jesus, Moses, Esther, and Solomon) into the discourse on it; interpretations that shape the pertinent factors into a practical contemporary lesson; and a question to ponder that both personalizes and extends the message ("If you reproduced yourself in another leader, would you be pleased with the result?"). Each fifth day, Maxwell presents suggestions, including a specific prayer, to use in putting the ideas into practice. Maxwell's exclusively biblical approach will not be for everyone, but his points are universal in nature and generally on target. Any reader should be able to draw ideas and inspiration from them, and those who have made the Bible a part of their lives will likely find his vision particularly substantial and satisfying. --Howard Rothman
Book Description
In the spirit of his best-selling The 21 Irrefutable Laws of Leadership and The 21 Indispensable Qualities of a Leader, John Maxwell offers thoughts on proven leadership qualities and crucial issues that affect leadership success. These basic principles of success can be applied to business and private life, helping anyone reach their full potential. Twenty-one powerful statements help leaders maximize their assets and overcome their weaknesses, encouraging them to lead with their hearts as well as their minds. Daily readings include sections which help readers integrate and apply each day's material.
Customer Reviews:
Studying the 21 irrefutable laws, one per week, using bible stories as illustrations.......2007-09-21
Whether of not you have heard of John C. Maxwell or his "21 Irrefutable Laws of Leadership", you can get a great deal from this very interesting book.
This book is a 21-week course that involves you for 21 minutes each day in reading, thinking, and deciding how to act on these principles. Each principle is given five days. The first day of each week starts with a series of scripture readings that present a story that will be used to illustrate the principle and introduces both the story and the take on the principle for the week. Days 2-4 examine various aspects of the story and ask you a question to ponder. Day 5 is more about action. After summing things up, you get the opportunity to go to the book's website and take a brief assessment to make sure you are clear about the points you have been studying that week. Maxwell provides points for prayer, a section that asks you questions that provoke you to consider how you are going to live this principle, and finally it asks you to choose two people so you can teach them what you have spent a week learning.
The book is much more about you thinking, pondering, and deciding than it is about laying out a path for you to follow. I very much appreciate its overtly religious lessons and scripture readings. A very good and useful book for everyone (unless being around scripture and prayer drives you crazy).
Reviewed by Craig Matteson, Ann Arbor, MI
21 Most Powerful Minutes in a Leader's Day.......2007-03-22
This book is awesome! I have implemented training for my staff using this book with tramendous results. My only issue is I wish there was a workbook to this book like there is to the 21 Laws of Leadership. We have used both of these in our training. I recommend buying both for your staff or just yourself.
It is a lot to cover and a very long training, 21 weeks! However, I highly recommend!
Defining Leadership in the Home, Ministry, and Marketplace.......2007-01-09
Maxwell does a wonderful job of taking subject matter which was first written for business professionals and taking to the next level. I have been challenged to grow and to excell all the more in my home, church, and business.
As believers we are called to be leaders for Christ in all areas of our lives. Maxwell teaches how one can "live a life worthy of the calling you have received." (Ephesians 4:1).
a 21-week biblical study of Maxwell's leadership laws.......2004-07-13
Here John Maxwell has expanded his 21 Irrefutable Laws of Leadership into a 21-week study, using different biblical characters to illustrate each one of the 21 laws. Each week is broken down into five days, making it an excellent workplace study.
Lessons from Days 1 through 4 start with a thought for the day and a biblical passage, then close with a question for you to reflect on. Day 5 summarizes the week in brief sections that help you to absorb the week's material, sort it out, pray through it, apply it to your own life, and pass it on to another leader.
Obviously, this book is not aimed at the secular crowd, and is much more beneficial to those who have read the 21 Irrefutable Laws of Leadership. If you enjoyed the 21 laws and are comfortable with scripture, this study will dramatically enhance your ability to prayerfully apply the laws to your life and the lives of those around you. A great resource for Christian leaders.
Larry Hehn, author of Get the Prize: Nine Keys for a Life of Victory
another book similar to his other books.......2003-10-13
|-POSITIVE-|
I think this is a great book if you never read a book on leadership, or if you never read any of his other books. Actually, having read at least 4 other books on leadership written by this same author, this one is one of his better books. I think this book will go well with his other book, "The 21 Irrefutable Laws of Leadership."
Some of my favorite quotes from this book,
* If you reproduced yourself in another leader, would you be pleased with the results?
* Don't wait until you hold a leadership position to begin building your inner circle
* People teach what they know, but they reproduce what they are.
* Do no limit your people, lift them.
* Your inner circle should make you more complete
|-NEGATIVE-|
Oh how I hate it, I read 5 of his books on leadership, and they all share very similar information. If you read his other books, you probably will not find many new ideas here.
Customer Reviews:
An essential book.......2007-06-26
Michael Miller's Business Plans is one of the best books I've ever read. Period.
I'm an MBA student and this is the first book I highly recommend to anyone interested in any kind of business.
It's wonderfully written. Very practical examples and perfectly designed.
Buy a copy now, there is no other option of this quality.
Not my favorite book on business plans, but definitely a good read and worth your time to read.......2006-07-23
This book is well-organized and very informative. It is written for the small business owner who has not written a business plan previously and who needs one to apply for a small business loan or to be able to approach an angel investor or venture capital firm.
My favorite part of the book was Chapter 24 where the author discusses Private Placement Memorandum (PPMs). He tells us how to put one such document together after you have prepared your basic business plan. PPMs are what you need to produce if you are going to offer stock in your company to investors who are other than your family and friends.
Appendix A was great. It gives a 20-minute summary recap of the book. I recommend you read the appendix before tackling the book.
The other chapters I enjoyed reading a lot were:
Chapter 11 - Vision and Mission
Chapter 12 - Opportunity
Chapter 13 - Market Strategy
Chapter 14 - Business Strategy
Chapter 15 - Organization and Operations
Chapter 18 - Financials
Chapter 23 entitled "Use Your Business Plan" was less than I expected. In reality, a good business plan is a benchmark and roadmap for a business owner/manager to use to move the business forward. It's not simply a document to look at once in a while or to distribute to employees to motivate them as the author suggests. A business plan is a strategic plan with regards to making money. The author could have done a better job explaining this.
My overall feeling about the book when I finished it was that it dealt too much on writing in general and not enough on specifically writing a business plan. In a way, I felt as though the author was an expert on how to write research papers and in writing this book he simply re-wrote a "how-to write a research paper" book and targeted it for readers who want to prepare a business plan.
I found it odd that the author decided to explain a plan's Executive Summary (ES) when he did. An ES is the introduction to a business plan, and any knowledgeable writer knows one writes their introduction and conclusions after the main body of the document has been written. I kind of expected the author to cover the sections of the business plan in the order in which they are created, not the order in which they are presented in the plan. But that's just me. All in all, seriously consider giving this book a read if you are interested in writing a business plan for your business or startup.
Average customer rating:
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Teach Yourself Business Plans (Teach Yourself Business Skills)
Polly Bird
Manufacturer: Teach Yourself Books
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Book Description
Over 5000 job contacts in the Baltimore/Annapolis Metro Areas, including small and large companies, Fortune 500 corporations, non-profits, government agencies, and internships. Co-authored by the University of Maryland, the book also includes job search strategies, interviewing techniques, sample resumes and cover letters, job web-sites and hotlines, industry pblications, employment agencies, how to relocate, where to live, and more.
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