Quality Investing: Owning the best companies for the long term Hardcover – January 5, 2016

Shockingly good.Another reviewer complains that there's no "framework" here. Thank God. Look, in some fields no matter how far you progress there's another framework - solid, concise, complex, interlocking body of knowledge - to be learned. Classical mechanics > electromagnetics > quantum, etc.More commonly in other fields there's some basic useful framework everyone should learn right away, but once that's mastered progress is all about filling your head with and deeply internalizing a huge number of relatively simple facts, stories, and patterns. (Of course academics and their imitators do not accept this reality and pretend instead that the structure of knowledge in micro, macro, or psych - don't even get me started on biases/heuristics popularizations - can be reduced to a series of neat interlocking frameworks.)Anyhow this book is packed dense with these useful chunks, and the more you've got stored away the more likely a light bulb of familiarity flickers in your head when you crack open a new 10-K.For example, there's this company called Clearone that I've followed awhile that makes puzzlingly high gross margins considering what they do - video conferencing equipment. But it clicked when I read this book's chapter on how friendly middlemen can create unusually strong businesses, i.e. optometrists always recommending a particular brand of high quality glasses because he cares not at all about price.Clearone sells to a friendly non-price sensitive middleman - big system integrators that do large scale technology installments for universities, corporations, hospitals, etc.Anyhow, the book is great, dense, legitimately useful, and minimally redundant with other investing books because it skips the usual routine of either romanticizing basic value investing concepts or trying to force fit some artificial framework on the tangled mess of knowledge that is useful to investing.

So very well written and truthful!.Thank you very much for all the examples and for cutting to the chase along all the book.Loved it!!!

The book was well written with plenty of examples. The book could have been a little deeper, but is good when taken at a high level.

Best for quality analysis most read book

Great read! I’ve listened to this already on Audible and bought the physical version as well. I’ve learned a lot about investing and business fundamentals from it. Recommended!

Some exceptionally good parts with interesting insights and some parts which are rambling, not very well thought through and don't seem to be written with conviction, probably reflecting the styles of different analysts or managers within the fund. All in all, for those who subscribe to Buffett's philosophy of looking for great companies at a fair price, this is a useful introduction to how to think about companies.

We are trying to get into investments so my husband and I got this book. It is an easy read and very informative. We learned a lot.

If you are looking to understand how certain businesses do better, maybe much better, than others then this is the book to read. Ideally a company has a growing end market, but it is as important that they have the right go to market strategy.