HOW TO THINK LIKE BENJAMIN GRAHAM AND INVEST LIKE WARREN BUFFETT

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CONTENTS Acknowledgements ix Introduction: The Q Culture xi PARTI: A TALE OF TWO MARKETS 1 Chapter 1. Mr. Market’s Bipolar Disorder 3 Swings, Bubbles, and Crashes / 5 Be an Anomaly / 11 Barrel of Monkeys? / 12 Chapter 2. Prozac Market 17 Obscurity / 17 Simplicity / 18 The PerfectDream / 22 Tidying Up the Tale / 28 Chapter 3. Chaotic Market 33 New Wave / 33 NextWave / 36 Complexity / 46 Behavioral Finance / 47 Chapter 4. Amplified Volatility 51 Information Volatility / 51 Transaction Volatility / 59 Trader Volatility / 63 Prognosis / 66 Chapter 5. Take the Fifth 69 Who’s in Charge? / 70 Sticking to Your Knitting / 71 Alchemy / 81 The Long Run / 86 Copyright 2001 The McGraw-Hill Companies, Inc. Click Here for Terms of Use v
vi Contents PARTII: S<strong>HOW</strong> ME THE MONEY 89 Chapter 6. Apple Trees and Experience 91 Fools and Wisdom / 91 Horse Sense / 100 Chapter 7. Your Circle of Competence 105 The Initial Circle / 106 The Nurtured Circle / 109 A Full Circle / 114 Decision Making / 116 Chapter 8. Recognizing Success 119 Business Fuel / 120 Managers under the Microscope / 124 Bang for the Buck / 128 The Full Tool Chest/ 131 Chapter 9. You Make the Call 133 Assets / 134 Earnings / 138 Silver Bullets and the Margin of Safety / 142 Cash / 144 MarketCircularity / 146 Chapter 10. Making (Up) Numbers 153 Perennials / 153 Satire / 157 Charades / 162 Coda / 167 PARTIII: IN MANAGERS WE TRUST 169 Chapter 11. Going Global 171 The Two-World Story / 172 Illusions of Duty / 176 One World to Come / 180
Page 2 and 3: HOW TO THINK LIKE BENJAMIN GRAHAM A
Page 4 and 5: HOW TO THINK LIKE BENJAMIN GRAHAM A
Page 8 and 9: Contents vii Chapter 12. Rules and
Page 10 and 11: ACKNOWLEDGMENTS The main ideas in t
Page 12 and 13: INTRODUCTION: THE Q CULTURE Common
Page 14 and 15: Introduction: The QCulture xiii ing
Page 16 and 17: Introduction: The QCulture xv The n
Page 18 and 19: Introduction: The QCulture xvii •
Page 20 and 21: p a r t I A TALE OF TWO MARKETS Cop
Page 22 and 23: MR. MARKET’S BIPOLAR DISORDER C h
Page 24 and 25: Mr. Market’s Bipolar Disorder 5 p
Page 26 and 27: Mr. Market’s Bipolar Disorder 7 T
Page 28 and 29: Mr. Market’s Bipolar Disorder 9 p
Page 30 and 31: Mr. Market’s Bipolar Disorder 11
Page 36 and 37: PROZAC MARKET C h a p t e r 2 Along
Page 38 and 39: Prozac Market 19 puters. Using thos
Page 40 and 41: Prozac Market 21 casionally express
Page 42 and 43: Prozac Market 23 model was implying
Page 44 and 45: Prozac Market 25 market returns, wi
Page 46 and 47: Prozac Market 27 and cannot be sure
Page 48 and 49: Prozac Market 29 ments is not neces
Page 50 and 51: Prozac Market 31 horizons. The pate
Page 52 and 53: CHAOTIC MARKET C h a p t e r 3 Toda
Page 54 and 55: Chaotic Market 35 understanding of
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Chaotic Market 37 publication of a
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Chaotic Market 39 FIGURE 3-1 Driven
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FIGURE 3-3 Undriven pendulum time s
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Chaotic Market 43 Take a look at Fi
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Chaotic Market 45 geometry was deve
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Chaotic Market 47 The speed of intr
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Chaotic Market 49 (bouncing around)
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C h a p t e r 4 AMPLIFIED VOLATILIT
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Amplified Volatility 53 information
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Amplified Volatility 55 The most in
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Amplified Volatility 57 They then s
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Amplified Volatility 59 but that ne
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Amplified Volatility 61 one seeking
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Amplified Volatility 63 than of a p
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Amplified Volatility 65 nities for
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Amplified Volatility 67 ing of stoc
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TAKE THE FIFTH C h a p t e r 5 Know
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Take the Fifth 71 average market pr
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Take the Fifth 73 Strategies You mi
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Take the Fifth 75 ing three months
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Take the Fifth 77 way to preserve w
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Take the Fifth 79 markets those peo
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Take the Fifth 81 regarded “stock
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Take the Fifth 83 economist of a pr
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Take the Fifth 85 the 2000s produce
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Take the Fifth 87 the path of days
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P a r t II SHOW ME THE MONEY Copyri
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APPLE TREES AND EXPERIENCE C h a p
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Apple Trees and Experience 93 first
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Apple Trees and Experience 95 the a
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Apple Trees and Experience 97 “Do
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Apple Trees and Experience 99 Lesso
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Apple Trees and Experience 101 That
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Apple Trees and Experience 103 winn
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YOUR CIRCLE OF COMPETENCE C h a p t
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Your Circle of Competence 107 Coca-
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Your Circle of Competence 109 uatio
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Your Circle of Competence 111 as wa
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Your Circle of Competence 113 masse
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Your Circle of Competence 115 CEO J
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Your Circle of Competence 117 quire
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RECOGNIZING SUCCESS C h a p t e r 8
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Recognizing Success 121 short term
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Recognizing Success 123 that neithe
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Recognizing Success 125 its relativ
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Recognizing Success 127 divides net
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Recognizing Success 129 on a long-t
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Recognizing Success 131 losses from
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C h a p t e r 9 YOU MAKE THE CALL A
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You Make the Call 135 This use of t
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You Make the Call 137 bundle of int
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You Make the Call 139 In assessing
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You Make the Call 141 range of 8 to
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You Make the Call 143 Believers in
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You Make the Call 145 tical to the
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You Make the Call 147 Neither of th
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You Make the Call 149 look, industr
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You Make the Call 151 of increasing
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C h a p t e r 10 MAKING (UP) NUMBER
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Making (Up) Numbers 155 (R&D) costs
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Making (Up) Numbers 157 America for
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Making (Up) Numbers 159 anddisclose
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Making (Up) Numbers 161 to matter v
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Making (Up) Numbers 163 buyers who
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Making (Up) Numbers 165 As with Mer
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Making (Up) Numbers 167 generatedre
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P a r t I I I IN MANAGERS WE TRUST
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GOING GLOBAL C h a p t e r 11 Warre
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Going Global 173 bor markets, and v
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Going Global 175 levels between sen
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Going Global 177 shareholder-based
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Going Global 179 reality even in ex
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Going Global 181 owner orientation
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Going Global 183 Kingdom’s prime
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Going Global 185 takeover battles.
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Going Global 187 the pace of which
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Going Global 189 For investors, U.S
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Going Global 191 gence will dilute
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RULES AND TRUST C h a p t e r 12 An
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Rules and Trust 195 Managers raise
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Rules and Trust 197 orientation, ho
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Rules and Trust 199 outside the CEO
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Rules and Trust 201 worthiness, not
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Rules and Trust 203 the 1930s, this
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DIRECTORS AT WORK C h a p t e r 13
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Directors at Work 207 the successor
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Directors at Work 209 mendous, a bi
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Directors at Work 211 about 5% of a
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Directors at Work 213 Cascades of s
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Directors at Work 215 will resist t
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Directors at Work 217 the smartest
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Directors at Work 219 gage in huge
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THE FIRESIDE CEO C h a p t e r 14 T
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The Fireside CEO 223 1979, Welch ha
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The Fireside CEO 225 structures in
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The Fireside CEO 227 sharing them n
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The Fireside CEO 229 made for GE, h
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The Fireside CEO 231 chored on four
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The Fireside CEO 233 mation was the
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The Fireside CEO 235 teachers in so
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The Fireside CEO 237 brand strength
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The Fireside CEO 239 was in souther
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The Fireside CEO 241 stead is “an
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CONCLUSION: THE V CULTURE Readers w
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NOTES Chapter 1 1. Benjamin Graham,
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Notes 247 2. H. E. Hurst, “Long-T
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Notes 249 Smith, “Instinet, Datek
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Notes 251 9. Graham, Intelligent In
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Notes 253 Lessons for Corporate Ame
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Notes 255 (this is one of Berkshire
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COMPANY INDEX AdirondackTrading Par
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Company Index 259 Oracle, 211 Osaka
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Name Index 261 Kendall, Maurice, 18
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Subject Index 263 Circle of compete
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Subject Index 265 Macroeconomic fac
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Subject Index 267 Transaction volat
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‘‘This timely bookchallenges in
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HOW TO THINK LIKE BENJAMIN GRAHAM AND INVEST LIKE WARREN BUFFETT

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