I like to read. I enjoy studying diverse opinion. It makes me think. In the introduction to his book, Even Buffett Isn't Perfect: What You Can – and Can't – Learn from the World's Greatest Investor, Dr. Vahan Janjigian opens in support of thinking. He states that to become a successful investor you must be an educated investor.

In my mind, to become educated suggests being in control of ones thinking: to act with a purpose. It suggests to study, ponder, and decide – to be deliberate. Being an educated investor suggests leaving the gaming dice on the gaming table.

Dr. Janjigian believes there is no better place to begin this acquisition of knowledge than by studying the investment strategies of the worlds greatest value investor, Warren Buffett. Who can argue with that?

In publishers Weekly review of Janjigian’s book (May-06), they wrote, "his book is a rounded evaluation of the investment guru's strategies and a useful primer for business neophytes." Although I agree with the later (this book is a useful primer for those new to the financial markets), I take exception with the "rounded evaluation" part.

My first objection comes in the book's forward, written by Dr. Janjigian's boss at the Forbes Investors Advisory Institute, Steve Forbes. The introduction reads more like a supportive argument for Mr. Forbe's political views on taxation than an introduction to a study of the investment guru, Warren Buffet.

That leads to a subsequent objection: the theme struck by Mr. Forbes in his introduction crops up repeatedly in the text. Janjigian argues that Buffett is less than perfect with regard to his views on taxation. Is that not a subjective call? This book is as much a disagreement with Warren Buffet's political views as it is an exploration of his investment track record.

I don't recall mention of that on the dust jacket . . .

When first motivated to read this book, I didn't anticipate a debate over the politically charged topic of taxation. Rather, I expected a postmortem exploration of Buffett's successes and failures specific to his his investments. Guess one could say I got more than I'd bargained for.

That slight diversion aside, there is still value within this book's pages. As written, due to what I believe is an out of venue debate over taxation, I think this book is an excellent read for someone new to business and the financial markets. As stated earlier, I agree with Publisher's Weekly on this point.

Beyond that, Janjigian contrasts the difference between Buffett's value investing approach and momentum investing. Janjigian asserts that Buffett is too rooted in Buffettology to recognize the opportunity to buy on momentum.

My two cents – as educated investors, we should strive to understand both concepts: value investing and trading with momentum. However, I see them as two distinctive strategies, each relative to a different time frame and objective. I personally believe Janjigian's argument on this topic is moot. How can Buffett's opposition to buying on momentum be construed a weakness when that strategy would not be appropriate for achieving Buffett's goals?

I feel the argument is misguided. The space would have been better used to simply contrast the differences in approach, how one is more focused on long-term asset appreciation while the other is key to capturing shorter-term price fluctuations.

One particularly good section deals with diversification. Janjigian quotes seemingly contradictory quotes from Buffett. In one, Buffett states he doesn't adhere to "standard diversification dogma" while, in another, he makes the case for general investors to diversify extensively.

Diversification is a strategy to reduce market risk by spreading one's investment capital among a portfolio of dissimilar companies. Diversification is also good for the casual investor who has neither the time nor the expertise to deeply research potential investments.

Buffett does have such time and expertise, thus risk is mitigated by his ability to become intimate with a company's operation and management before investing. Most investors lack that opportunity; consequently, Buffett's argued need for them to diversify.

Another positive is the understandable language used throughout the book. Janjigian writes in a clear style that is easily understood. At the end of each chapter he includes a summary of the major topics in that chapter.

I found this book in the discount bin at Amazon. It's a 256 page, hardcover for only $6.99 [Mar-09]. For that price, it's a good read. My main hope for this book was to find a contrarian view of Mr. Buffett's proven approach. Mr. Janjigian didn’t just slap at Mr. Buffett in this book. He was also complementary, when appropriate. I felt there was a fair balance in overall tone.

This book doesn’t prescribe a sure-fire approach to investment success (Just want to make sure that is clear. Dr. Janjigian is not a charlatan!) However, this book is an interesting read. As with all books, the reader should contrast and compare views presented therein with views presented in other text. To recap Dr. Vahan Janjigian’s earlier statement: to become a successful investor you must be an educated investor.