The Warren Buffett Way, Second Edition
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ROBERT G. HAGSTROM is Senior Vice President of Legg Mason Capital Management and the portfolio manager of the Legg Mason Growth Trust. He is a member of the CFA Institute and the Financial Analysts of Philadelphia. The Warren Buffett Way sold more than 1,000,000 copies worldwide and spent twenty-one weeks on the New York Times bestseller list. Robert lives with his family in Villanova, Pennsylvania.


Foreword to the Second Edition vii
Bill Miller

Foreword to the First Edition ix
Peter S. Lynch

Preface xv

Introduction xix
Kenneth L. Fisher

1 The World’s Greatest Investor 1

2 The Education of Warren Buffett 11

3 "Our Main Business Is Insurance": The Early Days of Berkshire Hathaway 29

4 Buying a Business 41

5 Investing Guidelines: Business Tenets 61

6 Investing Guidelines: Management Tenets 81

7 Investing Guidelines: Financial Tenets 109

8 Investing Guidelines: Value Tenets 121

9 Investing in Fixed-Income Securities 141

10 Managing Your Portfolio 157

11 The Psychology of Money 177

12 The Unreasonable Man 189

Afterword: Managing Money the Warren Buffett Way 199

Appendix 211

Notes 225

Acknowledgments 235

Index 239