An excellent, nuts and bolts discussion of Warren Buffett's investment thesis and strategy. After about a 75 page background on Buffett, Berkshire and the Buffett history and mystique, Hagstrom dives into the investment philosophy. He manages to distill the Buffett approach into ten tenets:*Is the business understandable?*Does the business have a consistient operating history?*Does the business have favorable long term prospects?*Is management rational in capital allocation?*Is management candid with shareholders?*Does management resist the institutional imperative?*You need to focus on return on equity, not earnings per share.*Calculate "owner earnings" to get a true reflection of value.*Look for companies with high profit margins.*For every dollar retained, make sure the market value increases by at least one dollar.*Understand what is the value of the business?*Can the business be purchased at a significant discount to value?He then analyzes many Berkshire investments looking at these ten tenets. Once you have read the book, you will have a better understanding through Hagstrom's thorough examples of how to apply these tenets to an investment. A good, practical and not too wonkish book.