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Editorial Reviews. Review. "Just as top musicians memorize scales, and the best golfers perfect swings at the driving range, investors who want sustainable. Warren Buffett invests in high-quality companies with “durable competitive advantages.” • He favors businesses that sell unique products or. WARREN BUFFETT AND THE INTERPRETATION OF FINANCIAL STATEMENTS Company with a Durable Competitive Advantage 1. INTRODUCTION Warren.
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About The Authors. Photo Credit: Gretchen Rollins. Mary Buffett. David Clark. Product Details. Scribner October Length: Raves and Reviews.
Lists with This Book. This book is not yet featured on Listopia. Community Reviews. Showing Rating details. Sort order. Jan 28, Jing rated it liked it. I read companies' financial statements regularly to gain understanding of a company's business operation, source of revenue, financing situation, cash flow, global effective tax rate, and etc.
I wanted to read a book about interpretation of financial statements from investors' perspective, so I picked up "Warren Buffett and the Interpretation of Financial Statements: The authors have written a simple guide for reading financial statements from Warren Buffett's successful perspective.
With 57 short chapters, the book illustrated what Buffett would look at when downloading a business. He looks at the company's pre-tax earnings and asks if the download is a good deal relative to the economic strength of the company's underlying economics and the price being asked for the business. This book is an easy read to learn Buffet's time-tested dos and don'ts for interpreting an income statement and balance sheet, how much debt Buffett thinks a company can carry before it becomes too dangerous to touch, the financial ratios and calculations that Buffett uses to identify the company with a durable competitive advantage, and what kind of companies Buffet stays away from no matter how cheap the price is.
Overall, I think this is a good book. I enjoyed this book because it introduced to me Warren Buffett's methodology for reading financial statements. If you aren't experienced with reading financial statements, I would highly recommend this book as a great place to start.
Nov 07, Erin rated it did not like it Shelves: This was one of the most redundant books that I've ever read. If I ever hear "durable competitive advantage" again or see the word "superrich", I will literally scream.
She used the terms at least once a page. Near the end of the book, the author had the audacity to say "at the risk of being redundant" to express yet another oversimplified concept. This was unintentionally hysterical given that her redundancy was noticeable on page 5.
Not only was this book redundant, it was poorly written. The This was one of the most redundant books that I've ever read. The sentences were incomplete and routinely ended in prepositions.
There were also numerous instances in which she had reused paragraphs in later chapters, almost verbatim. In addition, there were annoyingly simplistic quips similar to the following - "Warren understands the secret to making money is to not spend money. I want my money back. To be sure, there were a few interesting nuggets of information with regard to Buffett's acceptable tolerances for various formulas.
I would like to understand more about Buffett's approach to fundamental analysis. However, one thing is certain, I will never read another book by his former daughter-in-law again. View all 5 comments. Simplistic to the point of being insulting they even have a chapter devoted to "proving" that the lower price you pay, the higher your yield , redundant and annoying in the frequency of use of phrases "Warren says", "Warren does" and "Warren thinks" -- it reads like a true pamphlet from a sect of zealots.
Most of the book gives basic definitions of accounting terms with some discussion of what to look for while identifying competitive advantage. There isn't much advice on actual valuations and i Simplistic to the point of being insulting they even have a chapter devoted to "proving" that the lower price you pay, the higher your yield , redundant and annoying in the frequency of use of phrases "Warren says", "Warren does" and "Warren thinks" -- it reads like a true pamphlet from a sect of zealots.
There isn't much advice on actual valuations and investing strategy itself - and this is a good thing because where it is present, it is terrible and limited to platitudes such as "don't download at the height of the bull market.
In any case, in the world of finance, one should be extremely wary of people he hears using words like "sure thing" or "make you superrich" - as this book does on every other page. Picking companies with competitive advantages seems easy when shown retrospectively on spectacular successes such as Coca-Cola.
However, working without the hindsight advantage is much harder. Indeed, one of the examples in the book compares Apple and Microsoft and applauds MS's much higher gross margins.
We all know how that "sure thing" worked out in the end. View 1 comment. Aug 03, Clare rated it it was ok Shelves: Mary Buffett seems like a ghastly parasite - capitalising and no doubt making lots of money from her surname, obtained during a 12 year marriage to Warren Buffett's son.
Why this should make her an expert on his investment process is not clear. Despite these grave and continuous reservations on my part, and her persistent use of "Warren" this and "Warren" that, this book is fairly useful for individual investors who want a crash course in basic accounting. Jun 18, Denar rated it liked it Shelves: Damn, talk about long-term gains. No wonder he is rich, he usually outlasts the current market trends. No wonder he lives a modest life, the guy is rich in stocks not cash.
Jun 02, Tee Ponsukcharoen rated it really liked it. Quick and straight way to read financial statements in the quest of seeking "companies with durable competitive advantage" yet the book can be even shorter.
It is still a good book even though you seek more exciting thing ways to invest than Buffett style because financial statements is the basis of logical understanding of business. May 24, Jonathan rated it it was amazing. Highly recommend this book. I learner a whole lot about investing and researching which companies are the best to invest in, and I think I need to download this book at some point so that I can review the topics discussed.
Excellent book, this is a must read! Jan 20, Yulia rated it really liked it Shelves: Very helpful for people who are learning how to read financial documents. Good for starters Every financial statement heading has a precise meaning for Mr. Overall analysis for beginner investors to make sense of the financial statements. Jun 04, B. Callahan rated it did not like it Shelves: Whether or not it's worth reading this book totally depends on your existing understanding of financial statements and what they mean for a company.
That being said, it's definitely one that you should pick up at the library and avoid paying 20 something dollars for.
If you're thinking about reading this in order to deepen your existing understa Whether or not it's worth reading this book totally depends on your existing understanding of financial statements and what they mean for a company.
I am a member of this second category so the book really didn't do anything for me. In fact, I was surprised with how surface level it was, given the title " the Interpretation of Financial Statements. She uses the same handful of examples throughout the text to illustrate her points, but they virtually add nothing of value. I also have to agree with a few other reviewers when it comes to the annoying tone of this book.
I got more and more bothered as I read on. Here are my issues with it: This was the thing that drove me up the wall the most. For everyone else who doesn't fit into that category, I wouldn't waste your time. Apr 18, LDB rated it it was ok. I got this book because I had realized in my MBA classes that I needed to get better at reading financial statements and figuring out the story behind the numbers. I can't say this book helped me with that.
While it was interesting enough and is good for a beginner, if you have had any accounting classes it becomes a bit simplistic. The book was extremely repetitive - it definitely took the approach of trying to grill specific points into you - and simplistic to an almost offensive point. Did it I got this book because I had realized in my MBA classes that I needed to get better at reading financial statements and figuring out the story behind the numbers.
Did it give any insights into Warren Buffett's investment approach?
Perhaps some basic ones - at least enough to get me interested in learning more about the man and his approach. But it did turn me off of wanting to read the other books by these authors Buffettology and The Tao of Warren Buffett. View 2 comments.
May 02, Anish rated it it was amazing. It presents fundamental knowledge on finance and some investing advice from Warren's perspective.
Basically, it's pretty much like the book Financial Intelligence by Karen Berman, but it also digs deeper into analyzing every items from the income statement, balance sheet and cash flow statement. Some interesting summary: Some insights: Should invest in a company by its real value in financial growth aspects value investing. Choose companies with consistently competitive advantages and download th It presents fundamental knowledge on finance and some investing advice from Warren's perspective.
Choose companies with consistently competitive advantages and download their stocks with a low price.
Choose a company: Hold those growing stocks as long as possible, because as soon as you sell those stocks or pay dividends, you'll be taxed!! Income statement: High SGA expense often means that the company is in a highly competitive market, which might not be good in making profit consistently in long term. Consider this expense carefully to see if it'll bring competitive advantages in long term.
Should look at this number over the years to see how consistent it is. But should look at it in regarding of net profit margin. For example, in some cases, company stocks are re-downloadd a. Balance sheet: It shows how healthy the business is. However, some companies with very good business may download back stocks to increase EPS, so this ratio may be be high. This ratio shows how much debt the business owes.
For example, the ratio 0. The company is obliged to pay dividends at a predefined rate and also can not declare as a loss to have exemption from tax like a debt. This number is accrual over years. This kind of stock can't have election rights or be payed dividends.
And for long term, this will increase the intrinsic value of the company, and then reflect by the growth of stock price. Cash flow statement: