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Book: The Winning Investment Habits of Warren Buffett & George Soros :: Robert Kiyosaki|Books :: Book
Date: Friday, 21 November, 2008 :: 01:22
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The Winning Investment Habits of Warren Buffett & George Soros
List Price: USD $15.95
from USD $8.20
Product Group: book
Manufacturer: St. Martin's Griffin
Release Date: 2006-08-22
Studio: St. Martin's Griffin
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Editorial Review: Product Description
Warren Buffett, Carl Icahn, and George Soros all started with nothing---and made billion-dollar fortunes solely by investing. But their investment strategies are so widely divergent, what could they possibly have in common?
As Mark Tier demonstrates in this insightful book, the secrets that made Buffet, Icahn, and Soros the world's three richest investors are the same mental habits and strategies they all practice religiously. However, these are mental habits and strategies that fly in the face of Wall Street's conventional mindset. For example:
-Buffett, Icahn, and Soros do not diversify. When they buy, they buy as much as they can.
-They're not focused on the profits they expect to make. Going in, they're not investing for the money at all.
-They don't believe that big profits involve big risks. In fact, they're far more focused on not losing money than making it.
-Wall Street research reports? They never read them. They're not interested in what other people think. Indeed, Buffett says he only reads analyst reports when he needs a laugh.
In The Winning Investment Habits of Warren Buffett & George Soros you can discover how the mental habits that guided your last investment decision stack up against those of Buffett, Icahn, and Soros. Then learn exactly how you can apply the wealth-building secrets of the world's richest investors to transform your own investment results.
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Reviews:
Average Customer Review: 
Summary: Very enjoyable and enlighting book about investing
Date: 2008-11-02 -
Comment: I enjoyed reading this book as it broaden my knowledge on George Soros which I new nothing about. I am firm follower of Warren Buffets investing methodology and enjoy reading anything that can broaden my perspective on him. Although this book is not purely about Warren Buffet I still found it a very good read.
Summary: Great summary of the two Investors!!
Date: 2008-10-26 - 
Comment: Being more of an investor-wanna-be than investor, I've read books written on Warren Buffet and George Soros. I have often wondered what do the two of them have in common. Last week I was in a book shop when I spotted this book.
I bought it and couldn't put it down.
It's not an investment text book. It won't teach novices how to invest. However, this book is just perfect to teach the behavioral patterns that one should learn / establish while investing. When reading the book, I kept thinking, this all should be just common sense. I guess that's a real difference between the heros of the book and common investors. For them the behaviors presented here ARE just common sense.
Good book. Also, great break from the usual text books on investment.
Warning: this book shows that the market rules of demand/supply, diversification and other rational basics won't make you money. Therefore, if you're about to attempt some professional exams such as CFA or the like, read the book after the exam.
1 of 9 people found the following review helpful:
Summary: Pathetic book I have ever bought on investments
Date: 2008-07-09 - 
Comment: This is the most pathetic book I have ever bought on investments. Please never buy this book. It is waste of money and time. If somebody says it is a great book, I will simply laugh at them. Never fooled by some 5 star rating. They are all paid I think.
Summary: "Habits" is the KEY word
Date: 2008-06-16 -
Comment: This is a great book. Not because it tells you how to make a pile in the market but because it emphasises what your behaviour needs to be. At a time when I have been badly shaken by foolish mis-steps, this encourages one to overcome the self-doubt by talking about the mistakes and attitudes of well-known people's mistakes and their approach to the mistakes.
On the other hand for those who want a positive approach:
This is a book for buying and referring frequently because, rightly, you need to imbibe the habits and make them part of your mental make up - as adapted for you: not some fixed, rigid one-mix-for-all-diet type.
The only problem is you have to be honest with yourself.
3 of 3 people found the following review helpful:
Summary: Good Summary!
Date: 2008-06-07 -
Comment: Tier's book provides a good summary of Buffett's and Soros' approach to investments, though it lacks specific analysis examples and sometimes drifts off into misstatements and overstatements.
Tier begins by showing how Buffett's trademark buying great businesses for considerably less than he thinks they're worth and then owning them "forever" is similar to Soros making huge, leveraged trades in the currency and futures markets. Both focus more on not losing money than making it, and shy away from diversification (requires too much time and energy to follow too-many securities).
Tier then claims that both believe you don't have to predict the market's next move to make big returns, and that risk comes from now knowing what you're doing. Neither Buffett nor Boros believes in the efficient-market hypothesis, and both look at fundamentals as well as likely future industry trends, along with politic.
Buffett seeks businesses with advantages such as lowest costs (Omaha Furniture Mart), a powerful brand name (Coke), market dominance (Washington Post), premium-priced, high-qualify products (See's Candies), while avoiding those in regulated industries or with heavy debt. High return-on-equity, and honest, competent management are also essential. Buffett particularly likes insurance companies because of the funds available through their normal float.
Buffett also doesn't like paying dividends (profits are taxed twice at the corporate and investor levels, and never gets good ideas talking to other investors. (First-hand discussions with experts and contrarians, however, are important to Soros.)
Both agree that when there's nothing to do, do nothing, keep quiet - you don't want others working against you. Finally, both are very frugal both in their business and personal lives, and don't do investing simply for the money.
Tier ends by comparing other legendary investors (eg. Carl Icahn - buys struggling companies selling below book value, and either forcing them to sell off assets or pay him greenmail to go away) with Buffett and Soros.
The "bad news" about Tier's book is that it is woefully short on specific examples that would help implementation.
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