Building Cash Flow Statement From Balance Sheet And Income Statement Warren Buffett and the Interpretation of Financial Statements by Mary Buffett and David Clark

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Warren Buffett and the Interpretation of Financial Statements by Mary Buffett and David Clark

For those who do not know who Warren Buffett is, if there are still such people in the world, the first writer of the book Mary Buffett introduces him: “For twelve years I was the daughter-in-law of Warren Buffett, the world’s most successful investor and now the greatest philanthropist.” The purpose of the book is to explain and explore two of Warren Buffett’s discoveries: how to recognize an exceptional company with a lasting advantage and how to value a company with such an advantage.

Accordingly, Warren Buffett believes that such a company is unique because it sells a unique product, a unique service, or is a buyer and seller of a good product that people always need. For this, he consults the financial reports of companies that have successfully survived for decades through, mostly, common online search engines.

The teaching part of the book comes after chapter six with a detailed look at the profit and loss account in chapters seven to twenty, followed by the balance sheet through chapters twenty one to forty nine, the cash flow statement through chapters fifty to fifty two. , and the last part, Valuing a company with sustainable competitive advantage. It is in this last part that there are indications of the right strategy for choosing stocks. The book ends with an appendix and a glossary of selected terms.

This book can be very useful for those who are just learning to analyze stocks. The chapters are short and the details about the companies few, so as not to confuse the novice. Still, some interesting examples show how to distinguish a good deal from a mediocre one, and quotes, charts and anecdotes guide the new investor on which companies to avoid, how to determine a long-term investment, and what can cripple or kill a good deal.

Warren Buffett and Interpreting Financial Statements: The Search for a Company with Sustained Competitive Advantage is written in direct and highly understandable language, and its dimensions make it easy to carry, even though it is a 224-page hardcover. Published by Scribner in October 2008, the book has ISBN-10: 1416573186 and ISBN-13: 978-1416573180.

Authors Mary Buffett and David Clark have written other books on Buffett’s investment strategies such as The Tao of Warren Buffett, Buffettology, The New Buffettology, and The Buffettology Workbook.

Reading, understanding and interpreting financial statements and investment fundamentals is a must for most beginner to intermediate level investors, especially in these times when markets are uncertain and volatile. Many investors buy stocks without taking a good look at the company’s financial statements, only to pay dearly for that omission later. Whether one agrees with Buffett’s strategies or not, and whether that same person approves of the way this text is written or not, this book is a lucid and practical introduction to making wise investment decisions.

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