{"id":39853,"date":"2026-05-30T23:56:00","date_gmt":"2026-05-30T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=39853"},"modified":"2026-05-29T20:56:17","modified_gmt":"2026-05-29T12:56:17","slug":"warren-buffett-portfolio","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/","title":{"rendered":"&#8220;The Warren Buffett Portfolio&#8221;"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#Author_of_The_Warren_Buffett_Portfolio\" >Author of  The Warren Buffett Portfolio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#A_Recommended_Book_by_Munger\" >A Recommended Book by Munger<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#Why_do_I_recommend_this_book\" >Why do I recommend this book?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#Key_Content\" >Key Content<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#A_little_anecdote\" >A little anecdote<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#Related_information\" >Related information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/30\/warren-buffett-portfolio\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Author_of_The_Warren_Buffett_Portfolio\"><\/span>Author of  The Warren Buffett Portfolio<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Robert G. Hagstrom, the author of this book, is a renowned author and investor. He is the Senior Vice President and Director of Legg Mason Focus Capital, possessing a deep understanding of value investing and Buffett&#8217;s investment principles, which he has applied to the company&#8217;s investment funds with remarkable success.<\/p>\n\n\n\n<p>Robert Hagstrom is also the author of another very famous book, <em>The Warren Buffett Way<\/em>, which is highly recommended and a classic text that any investor seeking a deeper understanding of Buffett&#8217;s investment principles should read.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Recommended_Book_by_Munger\"><\/span>A Recommended Book by Munger<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In book of &#8220;<em><a href=\"https:\/\/www.amazon.com\/Damn-Right-Berkshire-Hathaway-Billionaire\/dp\/0471446912\" target=\"_blank\" rel=\"noopener\">Damn Right: The Life of Investment Philosopher Charlie Munger<\/a><\/em>&#8220;, Charlie Munger recommends the following three books to all investors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Value Line <\/li>\n\n\n\n<li><a href=\"https:\/\/www.amazon.com\/Warren-Buffett-Portfolio-Mastering-Investment\/dp\/0471392642\" target=\"_blank\" rel=\"noopener\"><em>The Warren Buffett Portfolio: Mastering the Power of Focused Investment Strategies<\/em> <\/a>(by Robert G. Hagstrom)<\/li>\n\n\n\n<li><em>Influence: The Science and Practice<\/em> (by Robert Cialdini)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_do_I_recommend_this_book\"><\/span>Why do I recommend this book?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The author of this book is Robert G. Hagstrom. Robert Hagstrom is a renowned author and investor, and I&#8217;ve included his two most famous books in my list of recommended classic investment books &#8212; \ud83c\udf10<a href=\"https:\/\/granitefirm.com\/us\/investing\/reference\/legendbooks.html\" target=\"_blank\" rel=\"noopener\">Legend Investment Books<\/a>.<\/li>\n\n\n\n<li>With Buffett&#8217;s retirement from active investment, more and more books about him have emerged. It&#8217;s no surprise that Buffett is now widely admired. However, it&#8217;s quite remarkable that Robert Hagstrom&#8217;s two books, completed approximately thirty years ago, immediately entered the bestseller lists of prominent publications like the <em>New York Times<\/em> upon release and remain popular with investors to this day.<\/li>\n\n\n\n<li>This proves that good books stand the test of time. There are two factors at play: firstly, as Buffett himself stated, the principles of stock investing 50 years ago remain unchanged; secondly, the books themselves are substantial, time-tested, and never go out of style.<\/li>\n\n\n\n<li>This book discusses practical matters, especially answering many questions for aspiring investors. This book provides answers to long-standing questions and perplexing doubts about stocks for those seeking a lifelong career in the stock market.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Content\"><\/span>Key Content<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below are some key points that I believe are particularly well-written compared to other books and worth highlighting here. For details, please refer to the book itself; I will not elaborate further here:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The book is an excellent resource on Buffett&#8217;s investment principles, portfolio management, and investment philosophy. Remarkably, the author also delves into many related topics about stock investing and the underlying factors influencing investment performance, explaining these clearly and without causing confusion.<\/li>\n\n\n\n<li>Several topics I would like to specifically mention are those that I personally find well-described and explained in the book\u2014including portfolio management, risk, and related facts.<\/li>\n\n\n\n<li>Especially noteworthy are the author&#8217;s explanations of Harry Markowitz&#8217;s portfolio selection, William Sharpe&#8217;s beta coefficient, and the Capital Asset Pricing Model (CAPM). Explanation of academic investment theories such as CAPM, analysis of their strengths and weaknesses, and the author&#8217;s own views are, in my opinion, essential reading.<\/li>\n\n\n\n<li>Eugene Fama&#8217;s Efficient Market Theory (Chapter 2)<\/li>\n\n\n\n<li>Investment and probability, risk assessment, the Kelly Criterion, etc.<\/li>\n\n\n\n<li>Investment psychology, including behavioral economics, Munger&#8217;s multivariate systems, etc.<\/li>\n\n\n\n<li>On Bill Miller, the renowned investor, value investing, and growth investing; clarification of these three concepts (Chapter 5, Buffett&#8217;s Investment Principles)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_little_anecdote\"><\/span>A little anecdote<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Once, while reading Munger&#8217;s materials (I&#8217;m not sure if it was a book, video, interview, daily journal, or a Q&amp;A session from a Weissock or Berkshire Hathaway shareholder meeting), Munger mentioned again that he spent a lot of time on this book. Although he wasn&#8217;t the author, &#8220;Munger himself&#8221; put in a lot of effort providing the author with a lot of information and assisting in writing certain parts of the book. He also interviewed the author and personally participated in proofreading. He jokingly said he wouldn&#8217;t object if someone said he was a co-author of the book.<\/p>\n\n\n\n<p>I bought <em>this book<\/em> when I was very young, and at the time, it didn&#8217;t resonate with me much. It wasn&#8217;t until about 7-8 years ago that I reread it and realized it&#8217;s truly a good book. It&#8217;s concise, easy for anyone to understand, and anyone with the patience to finish it. The book Munger himself is credited with, <em>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/21\/poor-charlies-almanack\/\" target=\"_blank\" rel=\"noreferrer noopener\">Munger&#8217;s most important work &#8220;Poor Charlie&#8217;s Almanack&#8221;<\/a><\/em>, is actually quite difficult to read. It was ghostwritten and mainly consists of a collection of his speeches, not suitable for the average reader.<\/p>\n\n\n\n<p>In short, Munger, a man of strict discipline and rigorous self-control, rarely writes books. The fact that he has co-authored a simple and easy-to-understand book on stock investment, which discusses the details of his and Buffett&#8217;s investment practices, is truly one of the best gifts he left to the world.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_information\"><\/span><strong>Related information<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In addition to primer books, as a stock investing beginner, you might refer to below useful information below as well:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udf10<a href=\"https:\/\/granitefirm.com\/us\/investing\/reference\/legendbooks.html\" target=\"_blank\" rel=\"noopener\">Legend Investment Books<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/granitefirm.com\/us\/investing\/reference\/primerbooks.html\" target=\"_blank\" rel=\"noopener\">\ud83c\udf10Primers Investment Books<\/a><\/li>\n\n\n\n<li>\ud83c\udf10<a href=\"https:\/\/granitefirm.com\/us\/investing\/reference\/morelegendbooks.html\" target=\"_blank\" rel=\"noopener\">Other Investment Books<\/a><\/li>\n\n\n\n<li>\ud83c\udf10<a href=\"https:\/\/granitefirm.com\/us\/investing\/reference\/stocksite.html\" target=\"_blank\" rel=\"noopener\">Stock Website<\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"90\" height=\"137\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/11\/The-Warren-Buffett-Portfolio-Custom.jpg\" alt=\"The Warren Buffett Portfolio\" class=\"wp-image-39854\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9d402b81-75c9-41fa-9a2d-6be1252e074e\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/\">&#8220;Of Permanent Value&#8221;<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/05\/24\/warren-buffett-speaks\/\">&#8220;Warren Buffett Speaks&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\">Primer&#8217;s book to know Buffett-&#8220;Warren Buffett: Investor and Entrepreneur&#8221;<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/\">The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/27\/benjamin-graham-on-value-investing-grahams-bio-book\/\">&#8220;Benjamin Graham on Value Investing&#8221;, Graham&#8217;s bio book<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/27\/portfolio-rebalancing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is portfolio rebalancing unreasonable<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Efficient market<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/13\/why-modern-portfolio-theory-unreasonable\/\">Why Modern Portfolio Theory Unreasonable?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/17\/possibility-of-long-term\/\">Possibility of long-term holdings, Deep dive on Buffett&#8217;s case<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/20\/long-term-investment\/\">How Buffett Structures His Long-Term Investment Portfolio<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/07\/buffett-deserves-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Buffett deserves further study?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/07\/buffett-investment-idea\/\">What helps Buffett to get his investment idea?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/22\/berkshire-shareholder-letter\/\">Buffett&#8217;s 2025 Berkshire Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/25\/2024-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2024 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/26\/2023-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2023 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/05\/2024-berkshire-shareholders-meeting-transcript-and-video\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/09\/shareholders-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/26\/buffetts-first-tv-interview\/\">Buffett&#8217;s first TV interview<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/17\/buffett-squawk-box\/\">Full transcript of Buffett&#8217;s interview with CNBC&#8217;s Squawk Box<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/27\/charlie-munger\/\">Charlie Munger, a great investor worth remembering<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/21\/poor-charlies-almanack\/\" target=\"_blank\" rel=\"noreferrer noopener\">Munger&#8217;s most important work &#8220;Poor Charlie&#8217;s Almanack&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/06\/munger-daily-journals\/\">The Charlie Munger Way-Key points from Munger Daily Journal\u2019s 10 years of shareholder meetings<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/\">Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>It is quite remarkable that Robert Hagerstown&#8217;s two books, &#8220;The Warren Buffett Way&#8221; and &#8220;The Warren Buffett Portfolio&#8221; both were completed about thirty years ago, immediately entered the bestseller lists of famous books such as &#8220;The New York Times&#8221; upon their release and have been loved by investors ever since.<\/p>\n","protected":false},"author":1,"featured_media":39854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,15,11],"tags":[],"class_list":["post-39853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-books","category-charlie-munger","category-buffett"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=39853"}],"version-history":[{"count":15,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39853\/revisions"}],"predecessor-version":[{"id":42398,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39853\/revisions\/42398"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/39854"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=39853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=39853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=39853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}