Axel,
I don't disagree. I read Buffettology, wrote the article, etc.
And in practice that book is keeping me away from a lot of stocks
that Hagstrom's books might have gotten me into. Hagstrom's model
seems to simple and too much like business school to be credible
for me. But that doesn't mean Mary's is correct. We must clarify
that we know of no way of knowing which, if any, is completely
correct. But I think that reading all three books, knowing that
Mary's book repeats a lot of Hagstrom's, is the best way to get a
sense of Buffett. And of course, reading the annual reports.
I think I have as good idea as any individual small investor what
it is that Buffett does after reading these things. And after reading
Graham and Fisher. Given Buffett's style now, I really think he owes a lot to Fisher, and hence Common Stocks is a great book for budding
Buffettologists. Reading through the Yahoo Berkshire thread shows how
little most people know relative to what they think they know. In any
case, I do stand by Mary's book as the most easy to grasp and hence a
good book to start with after reading Fisher and possibly Security
Analysis 1934. For those that already read Hagstrom and Lowenstein,
it is worth the read, but much less significant.
Good investing,
Mike |
