Las inversiones de warren buffet

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The Warren Buffett Portfolio
Mastering the Power of the Focus Investment Strategy
Robert G. Hagstrom

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This book is printed on acid-free paper. Infinity.gif Copyright © 1999 by Robert G. Hagstrom. All rights reserved. Published by John Wiley & Sons, Inc. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923,(978) 750-8400, fax (978) 750-4744. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 605 Third Avenue, New York, NY 10158-0012, (212) 8506011, fax (212) 850-6008, E-Mail: PERMREQ@WILEY.COM. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with theunderstanding that the publisher is not engaged in rendering professional services. If professional advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data: ISBN 0-471-24766-9 Printed in the United States of America. 10 9 8 7 6 5 4 3 2

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To Bob and Ruth Hagstrom, who with love,patience, and support allowed their son to find his own path.

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Preface
With The Warren Buffett Way, my goal was to outline the investment tools, or tenets, that Warren Buffett employs to select common stocks, so that ultimately readers would be able to thoughtfully analyze a company and purchase its stock as Buffett would. The book's remarkable success is reasonable proof that our workwas helpful. With over 600,000 copies in print, including twelve foreign-language translations, I am confident the book has endured sufficient scrutiny by professional and individual investors as well as academicians and business owners. To date, feedback from readers and the media has been overwhelmingly positive. The book appears to have genuinely helped people invest more intelligently. As I havesaid on many occasions, the success of The Warren Buffett Way is first and foremost a testament to Warren Buffett. His wit and integrity have charmed millions of people worldwide, and his intellect and investment record have, for years, mesmerized the professional investment community, me included. It is an unparalleled combination that makes Warren Buffett the single most popular role model ininvesting today. This new book, The Warren Buffett Portfolio, is meant to be a companion, not a sequel, to The Warren Buffett Way. In the original work, I unwittingly passed lightly over two important areas: structure and cognition—or, in simpler terms, portfolio management and intellectual fortitude. I now realize more powerfully than ever that achieving above-average returns is not only a matterof which stocks you

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pick but also how you structure your portfolio. To successfully navigate a focus portfolio, you need to acquire a higher-level understanding of price volatility and its effect on individual behavior, and you need a certain kind of personal temperament. All these ideas come together in The Warren Buffett Portfolio. The two companion books fit together this way:The Warren Buffett Way gives you tools that help you pick common stocks wisely, and The Warren Buffett Portfolio shows you how to organize them into a focus portfolio and provides the intellectual framework for managing it. Since writing The Warren Buffett Way, all of my investments have been made according to the tenets outlined in the book. Indeed, the Legg Mason Focus Trust, the mutual fund...