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Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing

ISBN: 978-0-470-46715-2
Hardcover
320 pages
March 2010
List Price: US $27.95
Government Price: US $14.25
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Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (0470467150) cover image

Preface ix

Acknowledgments xv

Part One Introduction and Background 1

Chapter 1 The Thrill of Investing in Common Stocks 3

Chapter 2 1965–2009: Lessons from Significant Events in Berkshire History 9

Part Two Buffett Investing = Value + Growth 23

Chapter 3 Value Investing—It's Like Buying Christmas Cards in January 25

Chapter 4 Growth Investing 43

Chapter 5 Intrinsic Value 57

Chapter 6 Buffett Investing = Value + Growth 69

Part Three Other People’s Money 87

Chapter 7 Insurance—Other People’s Money 89

Chapter 8 Reinsurance: More of Other People’s Money 99

Chapter 9 Tax Deferment: Interest-Free Loans from the Government 109

Part Four Success in Retailing, Manufacturing, and Utilities 113

Chapter 10 If You Don’t Know Jewelry, Know Your Jeweler 115

Chapter 11 Compete Like Mrs. B 123

Chapter 12 Why Invest in Utility Companies? 129

Chapter 13 High Profits in Honest-to-Goodness Manufacturing Companies 137

Part Five Risk, Diversification, and When to Sell 143

Chapter 14 Risk and Volatility: How to Think Profitably About Them 145

Chapter 15 Why Hold Cash: Liquidity Brings Opportunities 155

Chapter 16 Diversification: How Many Baskets Should You Hold? 161

Chapter 17 When to Sell 169

Part Six Market Efficiency 175

Chapter 18 How Efficient Is the Stock Market? 177

Chapter 19 Arbitrage and Hedge Funds 185

Part Seven Profitability and Accounting 193

Chapter 20 M = Monopoly = Money 195

Chapter 21 Who Wins in Highly Competitive Industries? 205

Chapter 22 Property, Plant and Equipment: Good or Bad? 211

Chapter 23 Key to Success: ROE and Other Ratios 217

Chapter 24 Accounting Goodwill: Is It Any Good? 223

Part Eight Psychology 229

Chapter 25 How Much Psychology Should You Know? 231

Chapter 26 How to Learn from Mistakes 243

Part Nine Corporate Governance 249

Chapter 27 Dividends: Do They Make Sense in This Day and Age? 251

Chapter 28 Should You Invest in Companies That Repurchase Their Own Shares? 257

Chapter 29 Corporate Governance: Employees, Directors, and CEOs 263

Chapter 30 Large Shareholders: They Are Your Friends 273

Conclusion B = Baseball = Buffett 277

Appendix A Summary of the Book 281

Notes 283

About the Author 295

Index 297

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