Let's have a book review. This is done by Errol Oh of the STAR.

The title invites an instant retort: “C’mon, nobody really thinks Warren Buffett is perfect.”

Thus is the shakiness of the book’s apparent premise; that people are so wowed by Buffett’s extraordinary track record as an investor that they are somehow blind to the fact that he has made his share of missteps and that his investment philosophy and strategy are not for everybody.

Referring to many Buffett-watchers, Vahan Janjigian writes: “They believe he has become successful by simply implementing the same basic strategies over and over again. They also like to believe that anyone can be a tremendously successful investor just by learning some of Buffett’s favourite tricks and doing what he has done in the past. If only things were that simple.”

Of course, it’s up to the author to uncover Buffett’s feet of clay and the areas of incompatibility between the Buffett way and what most investors can do, given the latter’s more slender resources.

Some of these points are patently obvious. Do we need to be reminded, for example, that unlike Berkshire Hathaway and Buffett, most investors can’t afford to buy a significant stake in a listed company, let alone entire companies?

Nevertheless, it’s an important distinction. Buffett’s deep pockets and stellar reputation mean he can typically exert influence over the businesses he has invested in, thus improving his chances of getting good returns. Other investors can only hope they have made the right bets or that fellow shareholders with the same kind of clout that Buffett has, will step in when things go wrong.

Also, Buffett doesn’t need to spend much time sniffing out potential investments. Instead, he cherry-picks from the tonnes of deal proposals that he receives regularly.

This book is actually yet another analysis of the Oracle of Omaha’s moves that doubles up as an investment manual. “By studying Buffett you can learn what works and what does not work in most circumstances,” the author writes in the introduction.

“By learning everything you can about Buffett’s strategies, you will ensure that you have the information you need to maximise the probability of success no matter what your investment horizon.

“You will also develop an understanding of and an appreciation for the risks involved in the various kinds of investment strategies that are available to you. And you will make yourself a more realistic investor.”

Even Buffett Isn’t Perfect’s unique selling proposition is that Janjigian, chief investment strategist at Forbes, tackles the job by adopting a less-than-awed stance on some of the things the Berkshire Hathaway CEO has said and done.

The author highlights inconsistencies and mistakes, debunks common misconceptions, and offers alternative opinions, often backed by research findings.

For one thing, our fondness for convenient labels – plus, the man himself cultivates a certain public image – breeds inaccurate notions about Buffett’s approach to investment. Many people see him as strictly a value investor, but he also buys growth stocks. He is famous for his insistence on long-term holdings, but he also trades.

Janjigian takes up a few chapters to pick apart Buffett’s well-known views on corporate governance, succession planning, stock options, taxes and earnings guidance.

The author provides some sturdy arguments against Buffett’s positions, but when you consider the basis of the book, the question has to be asked: Since when is it an imperfection to have opinions that are open to debate?

Again, this exposes the flimsiness of Even Buffett Isn’t Perfect’s gimmicky framing device. But if you look past that, the book is a useful addition to the library of publications about Buffett. Its main value is that it promotes critical thinking over adulation.

And mind you, the book is not meant to put a dent in the Buffett legend. In the last chapter – indeed, the book’s subtitle is already a dead giveaway – Janjigian gives a tip of the hat to Buffett, pointing out that the man has made many of the other Berkshire Hathaway shareholders rich as well.

“Perhaps no other single individual has created more millionaires. Based on the evidence, it is certainly fair to conclude that Buffett is one of the greatest investors – if not the greatest investor – of all time.”