Prologue VChapter One The Young Warren Buffett 1It Begins 8From Investment Partnership to aCompounding Conglomerate 13Chapter Two Developing an Investment Philosophy 17Howard Homan Buffett 19Benjamin Graham 26Charles Thomas Munger 32In Closing . . . 47Chapter Three Evolution of Value Investing 49Stage One: Classic Value Investing 51Stage Two: Valuing a Business, Not a Stock 65Stage Three: The Value of Network Economics 81Chapter Four Business-Driven Investing 115Investment Zone 117Chapter Five It's Not That ActiveManagement Doesn't Work 147Chapter Six The Money Mind: Sportsman, Teacher, Artist 185Epilogue 199Acknowledgments 207Berkshire Hathaway Library 211For Further Reading 215Notes 225Index 237
ROBERT G. HAGSTROM is Chief Investment Officer at EquityCompass Investment Management LLC, and Senior Portfolio Manager of the Global Leaders Portfolio. Robert has written ten books, including the New York Times bestseller The Warren Buffett Way, which has sold over one million copies worldwide and been translated into 18 foreign languages. He is also the author of The Warren Buffett Portfolio: Mastering the Power of the Focus Investing Strategy and Investing: The Last Liberal Art.