Buffett: The Making of an American Capitalist
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Buffett: The Making of an American Capitalist Audible Audiobook – Unabridged

4.7 4.7 out of 5 stars 1,240 ratings

Since its hardcover publication in August 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday, and Business Week best-seller lists. The incredible landmark portrait of Warren Buffett's uniquely American life is now available in audiobook, revised and updated by the author.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century - an astounding net worth of $10 billion and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura. Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive inside account of the life and career of this American original.

Buffett explains Buffett's investment strategy - a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces - and shows how it is a reflection of his inner self.

Product details

Listening Length 18 hours and 9 minutes
Author Roger Lowenstein
Narrator Graham Winton
Audible.com Release Date March 03, 2015
Publisher Recorded Books
Program Type Audiobook
Version Unabridged
Language English
ASIN B00U7U2O1Q
Best Sellers Rank #147,961 in Audible Books & Originals (See Top 100 in Audible Books & Originals)
#164 in Stocks
#480 in Biographies of Business Leaders
#1,009 in Stock Market Investing (Books)

Customer reviews

4.7 out of 5 stars
4.7 out of 5
1,240 global ratings
Great insights to trading world.
5 Stars
Great insights to trading world.
A brilliant book chronicling the life of one of the greatest investors of all time. Beneath the investment tips, it’s about figuring out and understanding who you are, understanding cold the principles that you live your life on, and using them to invest. It’s about the value of being honest – and the value of being yourself.
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Top reviews from the United States

Reviewed in the United States on December 31, 2001
"Investment is most intelligent when it is most businesslike", Warren Buffett's teacher, Benjamin Graham, once wrote.
This book is a fantastic biography of Warren Buffett. I think anyone who wants to learn about Warren Buffett or his investment techniques etc should first read this book before anything else (including his essays).
This book is written time-chronogically, from the time around the early 1930s (Buffett was born in August 1930) to around 1994. Here we can observe how Buffett had a great desire to be rich since he was young, but in his teen years, after being involved in several business ventures, he longed for a method which is more consistent in making money.
Meeting Benjamin Graham when he was 19/20 years old solved this longing for Buffett. He became a devoted investor in businesses since then. After working under Graham for several years, Buffett began a partnership (noticed how confident he was, despite his young age, to be successful) when he was 26 years old (in 1956) and achieved a 29.4% compounded annual return in the fund (he dissolved the partnership in 1969). During these 14 years, Buffett learnt which businesses (like those possessing customer franchise - Buffett called these with "Deep moats around the castles") were better than others. He dissolved his partnership in 1969 as he deemed the market to be very overvalued then.
From then on, he used the lessons he had learnt to purchase great businesses at reasonable (or cheap) prices, such as Nebraska Furniture Mart, Washington Post, Cap Cities, etc.
To fully enjoy this book, the reader should stop at certain chapters, and read other - yes, other - related books. For instance, around after I had finished reading chapter 3, 'Graham', I read Ben Graham's 'Intelligent Investor'. Also, when Phil Fisher was mentioned as one of the strongest influencers in Buffett's life, I read his book 'Common Stocks and Uncommon Profits'. The readers can get more insights from reading it this way.
Mr. Lowenstein also took excursions when discussing Buffett to go through discussions about certain business characteristics, to ensure that the readers can fully appreciate Mr. Lowenstein's perceived motivation behind a certain Buffett action etc. Mr. Lowenstein also helped the reader to be more knowledgable about key points about US stockmarket history through interesting dissertations. I found these excursions extremely enlightening.
Mr. Lowenstein's writing style is also very 'flowing' - he changed from one topic to another in a very smooth way. You've got to read it to understand what I'm saying.
Lastly, I just want to say that the readers should have at least a moderate-to-strong knowledge and interest in business (and investing; but business = investing and investing = business) to fully appreciate this book. Enjoy!
138 people found this helpful
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Reviewed in the United States on January 22, 2008
The gain in net of Berkshire Hathaway, the company led by Warren Buffet, worth during 2006 was $16.9 billion, which increased the per-share value of 18.4%. Over the last 42 years value has grown from $19 to $70,281, a rate of 21.4% compounded annually. Consider that $16.9 billion is a record for a one-year gain in net worth - more than has ever been booked by any American business, leaving aside boosts that have occurred because of mergers. Of course, Berkshire did not outperform S&P500 constantly. In 1967, 1975, 1980, 1999, 2003, 2004 the S&P gave better performance, and in 2001 Berkshire even was at a loss of 6.2%.

This book, "Buffett: The making of an American capitalist" covers very deeply the values that led Warren Buffet during his life from his early childhood. The book is not only a biography per se, but a good manual on investing, that uncovers most aspects, with the detailed explanations and samples, of investing.

This book also covers very well personal traits of Warren Buffett, his attitudes toward parents, sister, friends, parents, children and wife. For example, Warren bought a farm and rented it to his son Howie on standard commercial terms. The farm was a joyful refuge to Howie, but he couldn't get Warren to share the experience with him. "I can't get him to come out and see how the crops are going", Howie said plaintively. Warren went only twice in six years. He would laugh off Howies's invitations, saying, "Send me a rent check, and make sure it's big enough". Though he had been thoughtful enough to buy the farm, he couldn't give Howie the fatherly recognition that he craved in other than financial terms.

In his investment strategy, Warren uses the concept that he calls "Intrinsic value" of a company. According to Warren Buffet, intrinsic value is an all-important concept that offers the only logical approach to evaluating the relative attractiveness of investments and businesses. Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Here is what Kenneth L. Fisher wrote about Buffet's investment strategy: a quality standing out about Mr. Buffett is his ability to morph. If you read his materials from the 1960s, he said very different things than in the 1970s and early-1980s. Early on he was buying dirt-cheap stocks by simple statistical standards and typically smaller stocks--which would today be referred to as smallcap value (although that term didn't exist until the late 1980s). Later he bought what he called "franchises." Then he entered a period of buying great managements of big companies and being a long-term holder--otherwise thought of as big-cap growth today--that many ascribed to the influence of my father coupled with Charlie Munger. When Mr. Buffett was buying Coke and Gillette, you couldn't quite reconcile those activities with the kinds of things he owned two decades earlier. Then, amazingly, seven years ago, at just the right time, he was buying smaller things dirt cheap again just as value came back into play as the twenty-first century began. I have other comments about Mr. Buffett throughout this book but I'd like you to see, while he never lost the core of what he was doing or what he was looking for, he tactically morphed steadily over the decades. Trying to freeze his tactics from any decade and replicate them in the next few would never have led you to his actual actions.

In addition to this book, I also recommend the letters to shareholders written by Warren Buffet, which can be taken from the website of Berkshire Hathaway. If you take an audio record of this title, it will not be as good as the textbook. The audio is more biographical and pays less attention to the investment education of the listener.
10 people found this helpful
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Reviewed in the United States on March 5, 2024
This is the biography of the best investor in the world, Warren Buffett. The author gives details to the personal and professional life of Warren Buffett up to the 1996. This biography is quite interesting, but also too long, which in my opinion is the drawback of this book. All in all, it worth your time.

Top reviews from other countries

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Navin Sharma
5.0 out of 5 stars God of Stock Market investing
Reviewed in India on July 6, 2023
Who and what is Warren Buffett? Superbly written by Roger L. Author has analysed Buffett’s thinking, approach and hard work which goes into his investment ideas.
A genius unravelled.
T L Morley
5.0 out of 5 stars Amazing story
Reviewed in Australia on August 7, 2023
An amazing story about Warren Buffett, and written in a way that the reader does not need to be an expert in finance. Would recommend.
Paul Frew
5.0 out of 5 stars Excellent...couldn't put it down!!
Reviewed in Canada on February 5, 2015
This book is probably literally worth it's weight in gold. As an insider's perspective on Buffet's journey, it is filled with rich background, captivating stories, and nowdays unique but none-the-less good old-fashioned investing principles. I'm struck by the simplicity of the investment approach, coupled with diligence, integrity and focus - and its proven ability to yield massive returns. Thank you Mr. Lowenstein for a fantastic book, and thank you Mr. Buffett for demonstrating beyond dispute how well these principles work!
Mon
1.0 out of 5 stars No pude acabarlo
Reviewed in Spain on August 5, 2016
El libro que todo inversor debe leer...., pero no pude acabarlo. Se me hizo monótono y pesado. Tras sus inicios, y su comienzo de éxito, el libro se vuelve repetitivo y a mí no me deja ninguna enseñanza en el plano moral sobre esta persona. Hará ricos a muchos pero deja mucho que desear sobre su forma de tratar a su familia. No recomiendo su lectura, mejor comprarlo de segunda mano y te ahorras unos cuantos euros
2 people found this helpful
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Keith56
5.0 out of 5 stars My Favourite Book To Date..........
Reviewed in the United Kingdom on August 1, 2011
What a great biography about a great person. This book gives a really superb insight into a very gifted man who is passionate about his business. Unlike many rich people he has an air of humility which is very refreshing. I have read it many times and always enjoy the experience. I bought this copy for one of my sons in the hope he will glean some wisdom from it to help him make his way in life - at the moment money falls through his fingers like water. Here's hoping!
3 people found this helpful
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