• J. K. Lasser - Warren Boroson - Pick Stocks Like Warren Buffett

Book Description
The most trusted name in tax!
April 15th comes once a year. But the new tax laws will change the way we save and plan our financial affairs all year-round. That's why J.K. Lasser provides a comprehensive library of smart financial planning and investing advice for all your needs-for tax season and beyond. J.K. Lasser's(TM) Your Income Tax 2002 and J.K.
Lasser's(TM) Year-Round Tax Strategies 2002 give early planners a head start on understanding the new tax regulations and preparing for filing the return on April 15th. And Lasser's personal finance guides help you make the most of your money from every angle. Consider it total care for your wealth and financial well-being, 365 days a year.

Back Cover Copy
A PROVEN INVESTMENT STRATEGY FROM A PROVEN WINNER

"Buffett is much praised, but seldom replicated. Now with Warren Boroson’s J.K. Lasser’s Pick Stocks Like Warren Buffett investors have a template for both identifying fund managers who pick stocks like the master and for improving their own techniques for identifying great stock market values."–Don Phillips, Managing Director, Morningstar, Inc.

Warren Buffett’s investment strategy of buying and holding good stocks at good prices has proved profitable for thousands of investors. Now, with J.K. Lasser’s Pick Stocks Like Warren Buffett you will learn how to use Buffett’s proven techniques to find and research value stocks just like the master. You will also meet several top mutual fund managers who subscribe to the Buffett philosophy and have become experts in their own right. Take the advice of Buffett to successfully invest on your own or let the value investment experts do it for you.

Critical coverage will help you:

   * Understand and use the value investment strategies behind Buffett’s phenomenally successful stock-picking career
   * Identify the strategies of other value investors such as Martin J. Whitman of Third Avenue Funds, Christopher Browne of Tweedy, Browne Co., and many others
   * Set Buffett-like criteria when looking to buy value stocks

Contents
1 It’s Easy to Invest like Warren Buffett 1
2 The Achievement of Warren Buffett 9
3 Buffett: A Life in the Stock Market 17
4 The Influence of Benjamin Graham 23
5 The Influence of Philip Fisher 33
6 How Value and Growth Investing Differ 45
7 Buffett’s 12 Investing Principles 53
8 Don’t Gamble 55
9 Buy Screaming Bargains 61
10 Buy What You Know 69
11 Do Your Homework 73
12 Be a Contrarian 77
13 Buy Wonderful Companies 83
14 Hire Good People 91
15 Be an Investor, Not a Gunslinger 97
16 Be Businesslike 115
17 Admit Your Mistakes and Learn from Them 121
18 Avoid Common Mistakes 127
19 Don’t Overdiversify 135
20 Quick Ways to Find Stocks That Buffett Might Buy 141
21 William J. Ruane of Sequoia 145
22 Robert Hagstrom of Legg Mason Focus Trust 153
23 Louis A. Simpson of GEICO 157
24 Christopher Browne of Tweedy, Browne 161
25 Martin J. Whitman of the Third Avenue Funds 171
26 Walter Schloss of Walter & Edwin Schloss Associates 177
27 Robert Torray of the Torray Fund 185
28 Edwin D. Walczak of Vontobel U.S. Value 197
29 James Gipson of the Clipper Fund 205
30 Michael Price of the Mutual Series Fund 209
31 A Variety of Other Value Investors 221
32 Putting Everything Together 237
Appendix 1 Wanted: Cheap, Good Companies 243
Appendix 2 Berkshire Hathaway’s Subsidiaries (2000) 245
Appendix 3 Quotations from the Chairman 246
Appendix 4 “65 Years on Wall Street” 255
Appendix 5 Martin Whitman on Value Versus Growth 265
Appendix 6 A Weekend with the Wizard of Omaha: April 2001 268
Appendix 7 “If You Own a Good Stock, Sit on It.”—Phil Carret 274

Part of Introduction
erkshire Hathaway’s stock has risen nearly 27 percent a year for
the past 36 years. For its consistency and profitability, this company,
managed by Warren E. Buffett of Omaha, has been amazing.
If you asked Buffett how you, as an individual investor, could go
about imitating his spectacularly successful investment strategy, his
answer would be: buy shares of Berkshire Hathaway. He happens to
be an unusually sensible person, and that is clearly the best answer.
But if you buy or intend to buy other stocks on your own, either
one-at-a-time or through a managed mutual fund, there is much that
you can learn by studying Buffett’s tactics.

Why not just do the obvious and put all your money into Berkshire
Hathaway stock? One reason: It’s mainly an insurance holding company—
Buffett is an authority on insurance. Because of this, the
stock has virtually no exposure to many areas of the stock market,
such as technology and health care. A second reason: Berkshire has
become so enormous that its future performance is handicapped,
much like the odds-on favorite in a horse race being forced to carry
extra weights.

In short, you might do better on your own. First, because you have
a smaller, more nimble portfolio. And, second, because you might
shoot out the lights by overweighting stocks in whatever field you’re particularly knowledgeable about—health care, technology, banking,
whatever. Buffett refers to this as staying within your “circle of
competence.” (There’s nothing wrong, of course, with your also buying
Berkshire stock. I have. The Sequoia Fund, run by friends of Buffett’s,
has one-third of its assets in Berkshire.)

While the average investor can learn a thing or two from the master,
he or she simply cannot duplicate Buffett’s future or past investment
performance. One obvious reason: Buffett has the money to
buy entire companies outright, not just a small piece of a company.

He also buys preferred stocks, engages in arbitrage (when two companies
are merging, Buffett may buy the shares of one, sell the
shares of the other), and buys bonds and precious metals. He’s also
on the board of directors of a few companies Berkshire has invested
in. Perhaps the most difficult thing for individuals to duplicate is
Buffett’s small army of sophisticated investors around the country
who fall all over themselves to provide him with “scuttlebutt” about
any company he’s thinking of buying. Also, Buffett has the word out
to family-owned businesses: “I’ll buy your company and let you keep
running it” (another thing individuals can’t duplicate).

Let’s not forget, too, that Buffett also happens to be extraordinarily
bright, a whiz at math, and to have spent his life almost monomaniacally
studying businesses and balance sheets. What’s more, he
has learned from some of the most original and audacious investment
minds of our time, most notably Benjamin Graham.

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J. K. Lasser - Warren Boroson - Pick Stocks Like Warren Buffett

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