Download PDF Warren Buffett Accounting Book: Reading Financial Statements for Value Investing (Warren Buffett's 3 Favorite Books Book 2), by Stig Brode
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Warren Buffett Accounting Book: Reading Financial Statements for Value Investing (Warren Buffett's 3 Favorite Books Book 2), by Stig Brode
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The Warren Buffett Accounting Book is the second volume learning experience to Warren Buffett's Three Favorite Books. This book teaches: 1. Two methods for calculating the intrinsic value of a company 2. What is a discount rate and how does it work 3. Detailed instructions on how to read an income statement, Balance sheet, and cash flow statement 4. How to calculate important ratios to properly value any business
- Sales Rank: #35001 in eBooks
- Published on: 2014-05-01
- Released on: 2014-05-01
- Format: Kindle eBook
Most helpful customer reviews
3 of 3 people found the following review helpful.
A very good walkthrough for the part-time investor that I am
By Richard Lemieux
First, here is some context explaining why I read that book. I have been in and out of the stock market for the last 30 years. I already studied most of the topics explained in the book both from college level courses in accounting and finance and from a lot of reading but I never felt quite sure of myself when picking stocks. Of course I tend to spend most of my time in my own professional area (which is not Corporate Finance) and in my personal life so I don't have the dedication of Mr. Buffett. This book comes in at a very good time for me as I am reviewing my past record in stock / investment picking, what have I already studied and what I have learned from my past experience.
The authors of the book take the hand of the reader and guide him through the ideas and steps needed to come up with some value estimate of a company stock. The authors explain how to get that valuation from a reading of the company financial statements. The first part of the book introduces the ideas and the mechanics of the valuation process. The second part of the book is a guided tour of a financial report, explaining all items very simply with simple examples and hints. The books shows how to get the data needed to make an estimate of a stock value including a simple formula of the free cash-flow. One problem I have when reading financial statements is that I am easily confused by the wide range of terminology used to refer any single concept; the authors of the book are aware of that problem and often list the many names that are used to refer to any item in the financials; that is not exhaustive but that helps.
The authors show how to use the valuation methods to compare investment alternatives which is the basic motivation for the valuation metrics in the first place since none of those metrics provides an absolute reference.
So I read that book as I would have read a tour guide. I first got the financials of some great Buffett stocks and other stocks I am interested in from the SEC web site. Then I read the financial exhibits as I was reading the book. I found the whole exercise very invigorating and I hope it provides a good start for my next investment investigation.
The level of mathematics used in the book is at the High-School level. The authors don't explain where their valuation formulas come from but the astute reader will have no problem deriving the formulas used in the book if he starts from the classical formula S(N,a) = a^1 + a^2 + ... + a^N where 'a' is the discount factor 1/(1 + D) or (1 + G)/(1 +D) if there is a growth factor involved. One can get a quick refresh on those matters by looking on Wikipedia.
1 of 1 people found the following review helpful.
Must have for a value investor
By Kristian
Having read their first book "buffet's three favorite books", I was exited to read their accounting book as well. The book did not disappoint. It builds upon the first book and will provide the reader basic knowledge of one of the most essential part of value investing, accounting principles.
From a beginner's perspective, this book will provide you with the essential knowledge needed to build expertise in the topic. Some of the best things about the book is that it is FUN to read (at school I believed accounting could never be fun...), filled with easy to understand examples and that it also outlines the math behind the various calculations.
Maybe the best thing about this book, is that author's online forum which can be used by anyone. In their forum there are an extensive amount of other investors as well as the authors themselves that may help if questions arises along the read.
For the more experienced investor, I believe this book will provide you with a great summary and a quick reference if you want to look up something quickly.
Best regards,
Kristian
16 of 18 people found the following review helpful.
Great book!
By Kofi
Having read the book I personally loved it. The first book talks about a general overview of what value investing is. It delves into a basic overview of inflation, interest rates, and how it affects you as an investor. The second half has a simple explanation for the three financial statements. This book is great for the beginning investor who isn't familiar with financial statements. I'd recommend reading Stig's other book "Warren buffett's three books," both of the books really have good synergy - so having both of these books would be great for your investing arsenal.
I really don't have any criticisms for the book as it really reinforced many of the concepts that I have learned. The book is really great at simplifying the income statement, balance sheet, and cash flow statement. I would have loved to have something on accounting fraud, but if you follow these steps the probability of you encountering fraud is low. Overall, I recommend this book to anyone seeking to learn value investing at a beginning level - which really requires understanding accounting. This book is the way to go.
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