The Capital Group is one of the world's largest investment management organizations, but little is known about it because the company has shunned any type of publicity. This compelling book, for the first time, takes you inside one of the most elite and private investment firms out there?the Capital Group Companies?a value investment firm par excellence. It digs deeps to reveal the corporate culture and long-term investment strategies that have made Capital the one organization where most investment professionals would like to work and would most recommend as long-term investment managers for their family and friends.

    His notion of "elementary, worldly wisdom"--a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management--allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

    Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice. Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.

    From this front row seat, you'll see one of the greatest wealth-building records in history unfold, year by year.If you're looking for dusty old investment theory, there are hundreds of other books waiting to cure you of insomnia. However, if you're looking for an investing book that's as personal as it is revelatory, look no further.Packed with Buffett and Munger's timeless, generous, and often hilarious wisdom, University of Berkshire Hathaway will keep serious investors turning pages late into the night:• Get unique insight into the thinking, strategies, and decisions--both good and bad--that made Buffett and Munger two of the world's greatest investors. • Understand the critical reasoning that leads Buffett and Munger to purchase a particular company, including their methods for assigning value.• Learn the central tenets of Buffett's value-investing philosophy "straight from the horse's mouth."• Enjoy Munger's biting wit as he goes after any topic that offends him.• Discover Buffett's distaste for "commonly accepted strategies" like modern portfolio theory.• See why these annual meetings are often called "an MBA in a weekend."

    As Buf­fett’s fortune and reputation grew over time, Loomis used her unique insight into Buffett’s thinking to chronicle his work for Fortune, writ­ing and proposing scores of stories that tracked his many accomplishments—and also his occa­sional mistakes. Now Loomis has collected and updated the best Buffett articles Fortune published between 1966 and 2012, including thirteen cover stories and a dozen pieces authored by Buffett himself. Loomis has provided commentary about each major arti­cle that supplies context and her own informed point of view. Readers will gain fresh insights into Buffett’s investment strategies and his thinking on management, philanthropy, public policy, and even parenting. Some of the highlights include:The 1966 A. W. Jones story in which Fortune first mentioned Buffett. The first piece Buffett wrote for the magazine, 1977’s “How Inf lation Swindles the Equity Investor.” Andrew Tobias’s 1983 article “Letters from Chairman Buffett,” the first review of his Berk­shire Hathaway shareholder letters. Buffett’s stunningly prescient 2003 piece about derivatives, “Avoiding a Mega-Catastrophe.” His unconventional thoughts on inheritance and philanthropy, including his intention to leave his kids “enough money so they would feel they could do anything, but not so much that they could do nothing.” Bill Gates’s 1996 article describing his early impressions of Buffett as they struck up their close friendship. Scores of Buffett books have been written, but none can claim this work’s combination of trust between two friends, the writer’s deep under­standing of Buffett’s world, and a very long-term perspective.

    . . or a New Positive Force Helping to Drive the Economy . . .   The untold story of Steve Schwarzman and Blackstone, the financier and his financial powerhouse that avoided the self-destructive tendencies of Wall Street. David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors. The financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Blackstone is now ready to break out once again since it is sitting on billions of dollars that can be invested at a time when the market is starved for capital.  The story of a financial revolution—the greatest untold success story on Wall Street: Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. Great human interest story: How Blackstone went from two guys and a secretary to being one of Wall Street’s most powerful institutions, far outgrowing its much older rival KKR; and how Steve Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s. Controversial: Analyzes the controversies surrounding Blackstone and whether it and other private equity firms suck the lifeblood out of companies to enrich themselves—or whether they are a force that helps make the companies they own stronger and thereby better competitors. The story by two insiders with access: Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson. Forward-looking: How Blackstone and private equity will drive the economy and provide a model for how financing will work.

    At a time of frightening volatility, what is the average investor to do?The answer: turn to Burton G. Malkiel’s advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio or 401(k), A Random Walk Down Wall Street now features new material on “tax-loss harvesting,” the crown jewel of tax management; the current bitcoin bubble; and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel’s core insights—on stocks and bonds, as well as real estate investment trusts, home ownership, and tangible assets like gold and collectibles— along with the book’s classic life-cycle guide to investing, will help restore confidence and composure to anyone seeking a calm route through today’s financial markets.

    Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life--and your portfolio.

    The Deals of Warren Buffett - Volume 1 charts the series of investments that made up that journey. In revealing detail, and with a lucid descriptive style, experienced author and investor Glen Arnold explains Buffett's thinking behind these investment deals and shows how his cumulative returns compounded his wealth over time. In this formative period, from 1941-78, Buffett developed and honed the investment philosophy that would lead him to become so successful as his career progressed. But it was not all plain sailing - Buffett made mistakes along the way - and Arnold shows how Buffett learned through success and failure how to select companies worth backing. Arnold also includes insightful 'learning points' at the end of each chapter, which reveal how investors can learn from the craft of Warren Buffett to improve their own investing. Investments featured in this first volume include: GEICO, American Express, Disney, Berkshire Hathaway, See's Candies, and The Washington Post. With stories and analysis drawn from decades of investing experience, join Glen Arnold and delve deeper in The Deals of Warren Buffett!

    An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.

    Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.

    Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won’t be the last.Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss. Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.

    The original and bestselling 2000 edition of Irrational Exuberance evoked Alan Greenspan’s infamous 1996 use of that phrase to explain the alternately soaring and declining stock market. It predicted the collapse of the tech stock bubble through an analysis of the structural, cultural, and psychological factors behind levels of price growth not reflected in any other sector of the economy. In the second edition (2005), Shiller folded real estate into his analysis of market volatility, marshalling evidence that housing prices were dangerously inflated as well, a bubble that could soon burst, leading to a “string of bankruptcies” and a “worldwide recession.” That indeed came to pass, with consequences that the 2009 preface to this edition deals with. Irrational Exuberance is more than ever a cogent, chilling, and astonishingly far-seeing analytical work that no one with any money in any market anywhere can afford not to read–and heed.

    Many miss the best part of his letter: his principles. It is their loss. Following these principles, Buffett has turned Berkshire Hathaway, a struggling textile manufacturer, into one of the most respected companies in the world. Early investors have become billionaires. This essential guide to Buffett's shareholder letters highlights what the pundits aren t telling you and what you can learn about building long-lasting wealth.Warren Buffett is one of the most successful investors in history. His annual letters to Berkshire Hathaway shareholders have attained legendary status among Wall Street and Main Street investors. Each informative and entertaining letter offers lessons about life, business, and the art of investing that are essential to creating long-lasting wealth. They are based on Buffett's dogged pursuit of the Golden Rule of ownermanager partnership: Treat shareholders the way you would want to be treated if you were in their place.In "Buffett's Bites," L. J. Rittenhouse, CEO candor expert and former Wall Street banker, serves up an in-depth look at Buffett s 2008 shareholder letter, highlighting 25 tantalizing nuggets of wisdom. These "bites" afford an inside look at Buffett's unconventional ways that have created Berkshire Hathaway's unrivaled success.With unflinching honesty and insight, the "Oracle of Omaha" talks candidly about today s turbulent market: what makes a company worth investing in; why you shouldn't panic when experts insist "the sky is falling"; when to re-evaluate your portfolio; and how to invest safely and wisely for the long haul.Each savory bite is enhanced with practical information and a timeless moral that can be applied to your own wealth-building strategies."

    A starting point for amateur and intermediate investors to finally understand the content found in The Intelligent Investor, Security Analysis, and the Wealth of Nations. Easy to understand, yet covers complex topics for stocks, bonds, and preferred shares. Did you know Warren Buffett, the world's wealthiest stock investor, is quoted as saying three books have shaped his investment philosophy? For more than half a century, he used the information provided in these three books to go from nothing - to a massive $39 billion net worth. The three books that gave him this wisdom are: The Wealth of Nations (pub. 1776) by Adam Smith, Security Analysis (pub. 1934) by Benjamin Graham, and The Intelligent Investor (pub. 1949), also by Benjamin Graham. In fact, Benjamin Graham was Buffett's professor at Columbia and the most influential financial advisor he ever had. So, have you ever tried reading Graham's books? Many might agree the books are as exciting as listening to Ben Stein read the 30th page of The Wall Street Journal. It is time we fixed that. Instead of keeping these billion-dollar secrets hidden behind thousands of pages of financial jargon, I wrote one simple guide - Warren Buffett's Three Favorite Books. If you're looking for a guide that explains how the wealthy really think and buy assets, you're in the right place. This isn't a get-rich-quick book. Instead, this is where your investing techniques take a turn in the road. This book will teach you how to accumulate assets and become very wealthy over decades of wise decisions and proper asset valuation. The best part about the book is the methods are taught in an easy-to-follow and understandable scenario for all to enjoy!