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Book Review: Carol J. Loomis’ Tap Dancing to Work: Warren Buffet On Practically Everything (1966-2012)

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Dancing to Work: Warren Buffet On Practically Everything (1966-2012) – A Fortune Magazine Book compiled by Carol J. Loomis describes the tremendous rise in the stock market and real growth in stock values over the years from 1966 to 2012. The Dow Jones Industrial Average grew by a factor of over 15 from 984 to 15,000 or more currently. Much of the book covers deeply held beliefs of Warren Buffet on investing and the financial markets.

Berkshire Hathaway stock grew from $22 a share to over $133,000 a share during that same period. Buffet believes that the greatest stock values can be achieved by companies whose stock values are mis-appraised by the markets.

Buffet is very proud of his achievements in helping to guide the Grinnell College Endowment Fund from a mere $8 million to $1.5 billion. Buffet explains that investors crave volatility because solid values can be purchased at dirt cheap prices.

Buffet has a healthy skepticism with regard to derivative transactions. He would require every CEO with significant derivative exposure to certify that every derivative holding is understood fully at the level of the CEO. Under this scenario, CEOs would be more careful with risk taking in favor of a more judicious approach.

Buffet likes big companies with large cash flow positions. One such company is American Express which has had an historical good cash position. The author likes to buy high quality assets in tight money markets. For instance, he bought huge amounts of Coca Cola after the ’08 crash. These stocks have risen substantially in value.

Buffet would like to expand foreign trade by issuing Import Certificates to United States exporters equal to the value of our exports. Each exporter would be required to sell Import Certificates to foreign exporters abroad to export to the United States. According to Buffet, this type of a program would encourage greater volumes of United States exports.

Tap Dancing to Work  is an excellent book on how to buy smart in order to acquire top assets cheaply while watching them grow to multiples of their original purchase price in recovering markets. This book will benefit a wide constituency of investors including those who are risk averse, as well as risk takers.

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About Dr Joseph S Maresca

I've taught approx. 34 sections of collegiate courses including computer applications, college algebra, collegiate statistics, law, accounting, finance and economics. The experience includes service as a Board Director on the CPA Journal and Editor of the CPA Candidates Inc. Newsletter. In college, I worked as a statistics lab assistant. Manhattan College awarded a BS in an allied area of operations research. The program included courses in calculus, ordinary differential equations, probability, statistical inference, linear algebra , the more advanced operations research, price analysis and econometrics. Membership in the Delta Mu Delta National Honor Society was granted together with the degree. My experience includes both private account and industry. In addition, I've worked extensively in the Examinations Division of the AICPA from time to time. Recently, I passed the Engineering in Training Exam which consisted of 9 hours of examination in chemistry, physics, calculus, differential equations, linear algebra, probability/ statistics, fluids, electronics, materials science/structure of matter, mechanics, statics, thermodynamics, computer science, dynamics and a host of minor subject areas like engineering economics. A very small percentage of engineers actually take and pass the EIT exam. The number has hovered at circa 5%. Several decades ago, I passed the CPA examination and obtained another license in Computer Information Systems Auditing. A CISA must have knowledge in the areas of data center review, systems applications, the operating system of the computer, disaster recovery, contingency planning, developmental systems, the standards which govern facility reviews and a host of other areas. An MBA in Accounting with an Advanced Professional Certificate in Computer Applications/ Information Systems , an Advanced Professional Certificate in Finance and an Advanced Professional Certificate in Organizational Design were earned at New York University-Graduate School of Business (Stern ). In December of 2005, an earned PhD in Accounting was granted by the Ross College. The program entrance requires a previous Masters Degree for admittance together with a host of other criteria. The REGISTRAR of Ross College contact is: Tel . US 202-318-4454 FAX [records for Dr. Joseph S. Maresca Box 646 Bronxville NY 10708-3602] The clinical experience included the teaching of approximately 34 sections of college accounting, economics, statistics, college algebra, law, thesis project coursework and the professional grading of approx. 50,000 CPA examination essays with the American Institute of Certified Public Accountants. Additionally, membership is held in the Sigma Beta Delta International Honor Society chartered in 1994. Significant writings include over 10 copyrights in the name of the author (Joseph S. Maresca) and a patent in the earthquake sciences.