Bought it because the author had compiled the book on Buffett's annual reports. Got really bored with this book however. It is written too acadamic style and mostly a reiteration of Graham/Buffet. You will be much happy if you read Intelligent Investor & Buffets Essay book.
This book is just an attempt to make money by invoking the names of investment masters in its title. I got my lesson - Only buy books written by the investment gurus who write it from their hands-on experience.

I think it's important to view this book for what it is: a decent overview or introduction to investing, particularly as relates to Benjamin Graham and Warren Buffett. It is not, nor is it intended to be, a definitive work about how to analyze companies. Rather, it serves well to provide the relatively uninitiated reader with an understanding of various theories about how the stock market works (or doesn't work), how to analyze companies, and what makes "good" management.

The book does a solid job of reviewing efficient market theory, modern porfolio theory, and capital asset pricing. Readers who do not know what these theories are will probably find the discussion in this book to be quite straightforward, and I'd recommend this book to anyone who does not know them yet, as they are important theories for anyone seeking to understand Graham and Buffett.

The strongest part of this book is the middle section, which provides a variety of tools to analyze specific companies, including models to analyze earnings and various ratios by which a company's performance can be gauged. This section had one of the more complete overviews that I've seen, and even some of the more complicated theories, such as how to determine the value of a company, are set forth in readable story form.

The last part of the book discusses how to find good management. While this section provides an interesting overview of various theories of corporate governance (and actual patterns of corporate governance), I believe that it provides the least practical guidence, if only because gauges of management quality do not lend themselves to strict quantitative analysis (regardless of Graham's attempts to do so).

As a whole, this book is a nice introductory work. However, it may be particularly useful to readers if they use it as a stepping-stone to further readings. As such, I'd recommend following this book with Graham's books "The Intelligent Investor" and "Security Analysis" (warning: these are a much heavier read). Readers wishing to know more about the underpinnings of Buffett's philosophy might also want to read Phil Fisher's "Common Stocks and Uncommon Profits." Mauboussin's book entitled "More than What You Know" hits on ideas related to EMT, MPT, and behavioral finance. Mary Buffett's book "Buffettology" is also a good read about Warren Buffett's investing strategies. David Dreman's book "Contrarian Investing" provides a nice introduction to behavioral finance as well as a different investment philosophy. And Marty Whitman's book "The Aggressive Conservative Investor" is a great read for both Whitman's investing philosophy and the tools he uses to analyze companies.

I give this book 3 stars because it really does not break new ground when the other books I've mentioned above are taken into account. However, it is certainly a nice introductory work, and understanding the principals set forth in this book could certainly help many readers improve their investing practices.

I believe that this book might be interesting for someone who is unfamiliar with value investing, but I must warn the more experienced reader that not much of new ideas are to found in this book. What surprises me most of all is that the author devotes the first half of his book to convincing people that marekts are inefficient. But what guy believing in efficient markets would ever consider buying a book on investing in the first place ? Right: anyone interested in this book can skip the first half. The second half is rather superficial and brings nothing new on the table for people familiar with value investing. My advice: avoid this book and buy instead 'The essays of Warren Buffet' of the same author. The latter is really a must-read for anyone serious about investing !