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Published in , the bestselling Buffettology was written specifically for investors in the midst of a long bull market. Since then we've seen the internet bubble burst, the collapse of Enron, and investors scrambling to move their assets -- what remains of them -- back to the safety of traditional blue chip companies. As price peaks turned into troughs, worried investors wondered if there was any constant in today's volatile market. The answer is yes: Warren Buffett's value investing strategies make money.

The New Buffettology is the first guide to Warren Buffett's selective contrarian investment strategy for exploiting down stocks -- a strategy that has made him the nation's second-richest person. Designed to teach investors how to decipher and use financial information the way Buffett himself does, this book guides investors through opportunity-rich bear markets, walking them step-by-step through the equations and formulas Buffett uses to determine what to buy, what to sell -- and when.

Buffet's biography and his relations with family, friends and the society, rather than how did he evaluate the companies. But please note that "Buffetology" is not a replacement of the book by Roger Lowenstein, I highly recommend reading both of them.

The New Buffettology

What is you can omit is the book by Robert G. Hagstrom, above mentioned. I would recommend an abridged audio version of the "Buffetology" instead of the printed book. The audio version discloses the most important factors of Mr.

Buffet's investment principles pretty well. Some of the background information is available on free letters to shareholders and Mr. Buffet's lectures, but you might not want to crawl thought all these; you might want to save time and just listen the "Buffetology" audio or read the "Buffetology" book, where all this information is perfectly summarized and laid out in a consistent way.

February 13, - Published on Amazon. The New Buffettology attempts to introduce investment strategies inspired by Warren Buffet as a set of specific numeric recipes. Unfortunately, it comes short in many areas, committing gross mistakes and misrepresenting Warren Buffett's views do not be fooled by the last name of the author.

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Any investor who wants to "do it like Buffett" must come up with ways to numerically apply Buffett's investing logic, which is amply captured in his annual shareholder reports. To this end, the book provides a to-the-point and ready-made methodology. You will, of course, be better off following the recipes found in this book, rather than gambling on the market like many do.

If you are still considering reading The New Buffettology, below are just a couple of examples of places where the book is sub-par. Warren Buffett is unlikely to actually hold such opinions, as he explicitly stated that he does not make decisions based on overall economic or market conditions. In Chapter 13, "Checklist for Potential Investments," the book discusses the benefits of share buy back programs. It is available on Amazon there's also a good summary of the earlier edition here.

(DOC) The New Buffettology By way of background | stephen yap -

Unsurprisingly, the overall message is that Buffet's approach is about investing in stocks based on their intrinsic value, where value is measured by the ability to generate earnings and dividends over the years. Perhaps the most important criteria set out by Mary Buffett is a qualitative one, but it is critical nonetheless. It is: does the business have identifiable consumer monopolies?

Buffet is looking for consumer monopolies, selling great products in which there is no effective competitor e. This could be either due to a patent or brand name or similar intangible that makes the product unique.

How Warren Buffett Got and Stayed Rich in Markets Like This and How You Can Too!

In addition, he prefers companies that are in businesses that are relatively easy to understand, and that have the ability to adjust their prices for inflation. While it is difficult to construct a quantitative filter for these aspects, to factor them in, an investor should ideally only consider analyzing those firms passing the Buffett screen which also meet these criteria too.

Quantitative Filters for a Buffett Screen Turning to the key quantitative criteria, these are: Are the earnings of the company strong and showing an upward trend?

Buffett looks for strong long-term growth as well as an indication of an upward trend. Look at the year history, and the 5-year history and discard companies that have gyrating earnings.

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  7. Companies with histories of strong per share earnings that have suffered temporary setbacks in the most recent year would still be acceptable. Is the company conservatively financed? A lack of long-term debt is seen as a good indication that a company has a durable competitive advantage as it will spin off a lot of cash , whereas companies in a price-competitive business will need to constantly invest to stay ahead of the competition.

    Buffett tend not to use the traditional debt-to-equity ratio on the basis that a company's assets are never a source of funds for retiring long-term debt unless the company is in bankruptcy. His preferred test is its ability to pay off debt out of its earnings - it should be able to do this within just a few years.

    Proposed Criteria:Long-term debt burden less than 5x current net earnings and ideally less than 2x - the exception to this is financial services firm investments e.

    The New Buffettology by Mary Buffett and David Clark

    The average return on equity for U. A key word is consistent, for consistency is indicative of durability. Does the company show a consistently high return on total capital? The problem with looking at high rates of return on shareholders' equity is that some businesses may have purposely shrunk their equity base with large dividend payments or share repurchase programs.

    Does the company need to constantly reinvest in capital?