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The Warren Buffett Portfolio, 25th Anniversary Edition, A Wiley Investment Classic

Brief Description
Celebrates 25 years of Buffett’s focus investing strategy with fresh insights for today’s investors For more than two decades, The Warren Buffett Portfolio has guided investors toward mastering the art of focus investing—a strategy that concentrates on a select group of superior businesses rather than spreading... Read More
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Celebrates 25 years of Buffett’s focus investing strategy with fresh insights for today’s investors

For more than two decades, The Warren Buffett Portfolio has guided investors toward mastering the art of focus investing—a strategy that concentrates on a select group of superior businesses rather than spreading resources thin across countless holdings. With the release of the 25th Anniversary Edition, Robert G. Hagstrom, one of the most respected interpreters of Warren Buffett’s investment philosophy, offers fresh insights into why concentrated portfolios remain the key to long-term wealth creation, even in today’s volatile markets. This updated edition addresses the limitations of conventional portfolio theory and challenges readers to rethink risk, diversification, and market efficiency through the lens of Buffett’s remarkable success.

Hagstrom expands the original work with powerful new material that reflects what he has learned since introducing the concept of focus investing. New chapters explore the philosophy of focus investing, including a deeper exploration of Charlie Munger’s “Art of Achieving Worldly Wisdom.” In addition, there are new chapters on the mathematics of focus investing, the psychology of focus investing, and how to think about the structure of markets.

Equipping investors at every level with the tools, models, and mental framework needed to build portfolios capable of outperforming the market over time, The Warren Buffett Portfolio, 25th Anniversary Edition:

  • Compares modern portfolio theory with Buffett’s alternative view of risk and portfolio management.
  • Provides updated analysis of “Superinvestors of Buffettville.”
  • Explains probability theory and its application to investing, Kelly Optimization Model, high active share investing, frequency versus magnitude, sideways markets, trends of the system versus trends in the system.
  • Explores the psychology of investing through insights into myopic loss aversion, the fallacy of risk tolerance questionnaires, System 1 and System 2 thinking, and the psychology of misjudgement models.
  • Instructs readers on how to build a latticework of mental models explaining the core models of rationality, pragmatism, philosophy of language, self-reliance, the physics model of equilibrium, alongside the biological model of evolution and adaptation.
  • Presents new frameworks for understanding market prices and the changing structure of markets, patience premium, the wisdom of crowds, and diversity breakdowns.
  • Offers a fresh, new approach to investing called “business-driven investing,” designed for achieving and compounding long-term growth.

Combining rigorous analysis with practical guidance, The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy, 25th Anniversary Edition is essential reading for undergraduate and graduate students in finance, economics, and investment management courses, especially within MBA and CFA programs. It also serves as a trusted reference for professional investors, portfolio managers, and financial advisors seeking to refine their strategies and achieve superior results.

Series: Wiley Investment Classics

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  • The Warren Buffett Portfolio, 25th Anniversary Edition, A Wiley Investment Classic
    Celebrates 25 years of Buffett’s focus investing strategy with fresh insights for today’s investors For more than two decades, The Warren Buffett Portfolio has guided investors toward mastering the art of focus investing—a strategy that concentrates on a select group of superior businesses rather than spreading resources thin across countless holdings. With the release of the 25th Anniversary Edition, Robert...
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Book Details

INFORMATION

ISBN: 9781394395736

Publisher: John Wiley & Sons Inc

Format: Hardback

Date Published: 20 April 2026

Country: United States

Imprint: John Wiley & Sons Inc

Audience: General / adult

DIMENSIONS

Spine width: 38.0mm

Width: 158.0mm

Height: 231.0mm

Weight: 454g

Pages: 272

About the Author

ROBERT G. HAGSTROM, CFA, is Chief Investment Officer of Equity Compass Investment Management, LLC, and Senior Portfolio Manager of the Global Leaders Portfolio. With more than 40 years of investment experience, Hagstrom has tracked Warren Buffett’s investment philosophy since 1984. His three books on Buffett have sold over one million copies worldwide and have been translated into 18 languages.

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