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A collection of pithy and inspiring sayings from America's favorite businessman that reveal his secrets of success.
Like the sayings of the ancient Chinese philospher Lao-tzu, Warren Buffett's worldly wisdom is deceptively simple and enormously powerful in application. In The Tao of Warren Buffett, Mary Buffett -- author of three books on Warren Buffett's investment methods -- joins noted Buffettologist and international lecturer David Clark to bring you Warren Buffett's smartest, funniest, and most memorable sayings with an eye toward revealing the life philosophy and the investment strategies that have made Warren Buffett, and the shareholders of Berkshire Hathaway, so enormously wealthy.
Warren Buffett's investment achievements are unparalleled. He owes his success to hard work, integrity, and that most elusive commodity of all, common sense. The quotations in this book exemplify Warren's practical strategies and provide useful illustrations for every investor -- large or small -- and models everyone can follow. The quotes are culled from a variety of sources, including personal conversations, corporate reports, profiles, and interviews. The authors provide short explanations for each quote and use examples from Buffett's own business transactions whenever possible to illustrate his words at work.
As Warren says:
"You should invest in a business that even a fool can run, because someday a fool will."
"With enough inside information and a million dollars, you can go broke in a year."
"No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant."
"Our method is very simple. We just try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do."
The Tao of Warren Buffett inspires, amuses, sharpens the mind, and offers priceless investment savvy that anyone can take to the bank. This irresistibly browsable and entertaining book is destined to become a classic.
- Sales Rank: #330440 in Books
- Brand: Scribner
- Model: 1776030
- Published on: 2006-11-21
- Released on: 2006-11-21
- Format: Deckle Edge
- Original language: English
- Number of items: 1
- Dimensions: 7.50" h x .70" w x 5.63" l, .73 pounds
- Binding: Hardcover
- 192 pages
- Great product!
Review
"This is destined to be the business world's Little Red Book that investors and managers will resort to over and over. David Clark and Mary Buffett have again captured the heart, soul, and ethos of Warren Buffett - giving us practical, lasting strategies we can use to improve our financial performance."
-- Timothy Vick, Senior Portfolio Manager, The Sanibel Captiva trust Co., and author of How to Pick Stocks Like Warren Buffett
About the Author
For over twenty years, Mary Buffett has been considered a leading authority on the subject of Warren Buffett’s investment methods. Her international bestselling investment books, co-authored with David Clark—Buffettology, The Buffettology Workbook, The New Buffettology, The Tao of Warren Buffett, Warren Buffett and the Interpretation of Financial Statements, The Management Secrets of Warren Buffett, Warren Buffett and The Art of Stock Arbitrage, and The Warren Buffett Stock Portfolio—have been translated into twenty-four foreign languages and are considered “investment classics” the world over. Ms. Buffett is an international speaker, entrepreneur, political and environmental activist, and has appeared on television as one of the top finance experts worldwide. She has been the principal speaker for prestigious organizations around the world. Ms. Buffett has worked in a wide range of businesses including extensive work as a consultant to several Fortune 500 companies. She is an associate of the top ranked UK Buffettology Fund in the United Kingdom. In 2013 she became a contributing blogger to the Huffington Post. The blogs and information about the UK Buffettology Fund are on her website MaryBuffett.com.
For over twenty years, David Clark has been considered the world’s leading authority on the subject of Warren Buffett’s investment methods. His international bestselling investment books, co-authored with Mary Buffett—Buffettology, The Buffettology Workbook, The New Buffettology, The Tao of Warren Buffett, Warren Buffett and the Interpretation of Financial Statements, The Management Secrets of Warren Buffett, Warren Buffett and The Art of Stock Arbitrage, and The Warren Buffett Stock Portfolio—have been translated into more than twenty foreign languages and are considered “investment classics” the world over. He holds a B.S. degree in finance and a law degree from the University of California, Hastings College of the Law. He is presently writing Berkshire Hathaway: Fortress of Capital, a corporate biography. When not consumed with matters of finance, he is engaged in the second great passion of his life, which is trial law and maintains an active national practice.
Excerpt. © Reprinted by permission. All rights reserved.
Introduction
For twelve years, from 1981 to 1993, I was the daughter-in-law of Warren Buffett, the world's most successful investor and now its greatest philanthropist.
Shortly after I married Warren's son Peter, and long before most of the world outside Wall Street had ever heard of Warren, I visited their family home in Omaha. While there, I met a small group of devoted students of the master investor's wisdom who referred to themselves as Buffettologists. One of the Buffettologists, David Clark, kept notebooks filled with Warren's wisdom on investing, which were meticulous and endlessly fascinating to read. David's notebooks were the foundation upon which he and I later shaped the best-selling investment books Buffettology, The Buffettology Workbook, and The New Buffettology, now published in ten languages, including Chinese and Russian.
Out of all of David's notebooks, my favorite was filled with many of Warren's most profound aphorisms, which were great fun to read because they had a way of really making you think. As I was later to discover, to Buffettologists, these aphorisms were akin to the teachings of a Taoist master in that the more the student contemplates them, the more they reveal.
As time progressed, I, too, started to collect aphorisms that Warren would say to us in private family moments and at social gatherings that included many business luminaries. At these gatherings, Warren would sometimes take the floor and answer questions in the manner of a master teacher, rewarding the student's patience with his great wisdom.
And the more I heard Warren speak, the more I learned, not only about investing, but about business and life. His aphorisms have a way of staying with you. I often find myself quoting them to make a point or thinking back on them to warn myself not to make a mistake, such as getting swept away in the wild enthusiasm of a bull market. They have even helped teach me what kinds of companies I should focus on and when is the best time to invest in them.
Keeping within the Taoist-like spirit that surrounds Warren's teachings, David and I thought that it would be fun to create The Tao of Warren Buffett, filling it with what we think are Warren's most enlightening aphorisms on investing, business management, choosing a career, and pursuing a successful life. These words have been true friends to us over the years as we've navigated our ways through life, business, and the search for the winning investment. We have incorporated our Buffettologists' interpretations to help provide context and to open the door for further exploration into the aphorisms' more hidden and subtle meanings.
It is my hope that this book will enrich your world by making it a more profitable and enjoyable place to invest, work, and live.
Mary Buffett
July 2006
Copyright © 2006 by Mary Buffett and David Clark
Getting and Staying Rich
No. 1
"Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1."
The great secret to getting rich is getting your money to compound for you, and the larger sum you start with, all the better. As an example: $100,000 compounding at 15% for twenty years will grow to $1,636,653 in year twenty, which gives you a profit of $1,536,653. But let's say you lost $90,000 of your initial capital before you even started and could only invest $10,000. Your investment would then only grow to $163,665 in year twenty, for a profit of $153,665. This is a much smaller number. The larger the amount of money you lose, the greater the impact on your ability to earn money in the future. That is something that Warren has never forgotten. It is also the reason why he drove an old VW Beetle long after he was a multimillionaire.
No. 2
"I made my first investment at age eleven.
I was wasting my life up until then."
It is good to find one's calling early in life, and in the field of investing it allows for unparalleled opportunities for the magic of compounding sums of money to work. The time to gamble is not when one is young, when there is so much time ahead to profit from wise decisions.
The stock that Warren bought when he was eleven was in an oil company called City Services. He bought three shares at $38, only to watch it sink to $27. He sweated it out and, after it recovered, sold it at $40 a share. Shortly thereafter, it soared to $200 a share and he learned his first lesson in investment -- patience. Good things do come to those who wait -- provided you pick the right stock.
No. 3
"Never be afraid to ask for too much when selling or offer too little when buying."
Warren understands that people fear embarrassment if they ask too high a price when selling or offer too low a price when buying. No one wants to be seen as greedy or cheap. Simply stated, in the world of business, how much money you get from a sale or how much you have to pay when making a purchase determines whether you make or lose money and how rich you ultimately become. Once negotiations begin, you can come down in your selling price or up in your buying price. But it's impossible to do the opposite.
Warren has walked from many a deal because it failed to meet his price criteria. Perhaps the most famous example was his Capital Cities purchase of ABC. Warren wanted a larger share of the company for his money than Capital Cities was willing to part with -- so he walked from the deal. The next day Capital Cities caved in and gave him the deal he wanted. Ask and you might just receive, but if you don't ask...
No. 4
"You can't make a good deal with a bad person."
A bad person is a bad person, and a bad person will never make you a good deal. The world is filled with enough good and honest people that doing business with the dishonest ones is pure foolishness. If you even have to ask yourself the question "Do I trust this person?" you should immediately leave the negotiating table and look for more honest company with whom to do business. You don't want to doubt that your parachute will open when you are about to jump out of a plane, and you don't want to doubt the integrity of the person with whom you are about to jump into business. If you can't trust them now, you won't be able to trust them later, so why trust them at all?
Warren had this lesson driven home when he was sitting on the board of directors of Salomon Brothers. Against Warren's advice, Salomon's investment bankers continued to do business with media mogul Robert Maxwell, whose finances where so precarious that his nickname was the Bouncing Czech. After Maxwell's untimely demise, Salomon found itself in a big mess trying to recover its money.
The rule is simple: People with integrity are predisposed to perform; people without integrity are predisposed not to perform. It is best not to get the two confused.
No. 5
"The great personal fortunes in this country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business."
If you do a survey of the superrich families in America, you will find that almost without exception their fortunes were built on one exceptional business. The Hearst family made their money in publishing, the Walton family in retailing, the Wrigley family in chewing gum, the Mars family in candy, the Gates family in software, and the Coors and Busch families in brewing. The list goes on and on, and almost without exception, anytime they strayed from that wonderful business that made them so amazingly rich, they ended up losing money -- as when Coca-Cola got into the movie business.
The key to Warren's success is that he has been able to identify exactly what the economic characteristics of a wonderful business are -- a business that has a durable competitive advantage that owns a piece of the consumer's mind. When you think of gum you think of Wrigley, when think of a discount store you think of Wal-Mart, and when you think of a cold beer you think of Coors or Budweiser. This elevated position creates their economic power. Warren has learned that sometimes the shortsighted nature of the stock market grossly undervalues these wonderful businesses, and when it does he steps up to the plate and buys as many shares as he can. Warren's company, Berkshire Hathaway, is a collection of some of the finest businesses in America, all of which are super profitable and were bought when Wall Street was ignoring them.
No. 6
"It is impossible to unsign a contract, so do all your thinking before you sign."
Warren has learned that once you sign, the deal is done. You can't go back and rethink whether it was a good deal or a bad one. So do all your thinking before you sign. This is easier said than done, for once that paper is shoved under your nose, sound reasoning often flies out the window in the name of getting the deal done. Before signing a contract, imagine all the things that could go wrong -- because they often do go wrong. The road of good intentions is paved with what were foreseeable troubles. Thinking long and hard before you take the leap will save you from having to think long and hard about all the trouble you just signed on for.
Warren forgot to put a noncompete clause in his contract with eighty-nine-year-old Rose Blumkin when he bought her Omaha-based Nebraska Furniture Mart. A few years later Mrs. B. got angry at the way things were being done at the store, so she quit and started up a new store across the street -- stealing tons of business from NFM. After a few years of suffering the stiff competition, Warren caved in and agreed to buy her new store for a cool $5 million. The second time around he had her sign a noncompete agre...
Most helpful customer reviews
71 of 72 people found the following review helpful.
FABULOUS - JUST FABULOUS - COMPELLING EVEN - I cannot say enough about this book!!!!
By Richard of Connecticut
This book is in a class by itself, almost without equal. There are several reasons. Most of the time you have to read a whole book to find that one gem that made the book worthwhile. Sometimes it's one page you are looking for, once in a while, it's a paragraph. I have read many books for that one sentence that provides inspiration. When you say to yourself, "Why didn't someone write this book before," then you know you have a winner.
But this book, WOW - every page was a work of art. I have been studying Warren Buffett since 1968, about four decades of observing the master, and I have met him on several occasions when he sojourned down to Wall Street. When you read this book, this is what you will find.
The Tao of Warren Buffet is a short book with 125 different major thoughts in it. Each thought is a direct Buffett quote. In the back of the book is a bibliography, which will give you the attribution for each thought. For most of the 125 thoughts listed, the bibliography will also furnish an Internet web address to find the original source for the quote, whether it's an annual report, magazine article, or public speech, you will find the source.
In addition to the 125 thoughts, you will find about a page of narrative furnished by the authors, Marry Buffett (Warren's former daughter in law) and David Clark who is himself a Buffett watcher. They will be giving you clarification, and illustrations of the Buffett quote in action.
I'll found both the original quotes, and the author's narrative to be ABSOLUTELY FASICINATING. If you are involved in the stock market it is more than fascinating, it is COMPELLING. Here's the deal, there's no nonsense here. There's no filler. Mary Buffett's book is short in length, small in your hand, easy to carry, and loaded down with WISDOM. Here are a few of the pearls of wisdom you will find in this book, and then you decide if you should read it. I have indicated the number of the rule from the book.
Rule # 4 "You Can't Make a GOOD DEAL with a BAD PERSON."
This is spot on brilliant. You can't put enough energy into watching a thief, because a thief is busy being a thief 24 hours a day, and you might only have an hour to watch him. In addition, you can't install enough internal controls to safeguard against a dishonorable person. Just don't deal with those kinds of people.
Rule # 9 "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
Having spent 35 years involved with Wall Street, and currently being a Managing Partner of a national prominent investment-banking firm, I can't tell you how true this is. I have seen people barely competent, advising self-made billionaires on what to do with their money. The same is true for the firms themselves. Many of the billionaire clients are worth more than the firms arranging the financing. "Empty suits" is the expression we like to use.
Rule # 49 "It's only when the tide goes out, that you learn who's been swimming naked."
Enron is a perfect example of this witticism. The CPA's came in from Arthur Andersen, saw all this wealth. They saw helicopters landing on the top of the Enron building. They saw guys with $40 million paychecks, and they accepted whatever was handed to them as bona fide, as long as the $50 million check for the audit fee cleared the bank.
Rule # 57 "Never ask a barber if you need a haircut."
Is this brilliant or what? He's talking about Wall Street, brokers, investment advisors, financial planners, surgeons, and everybody with a private agenda. Brokers make their money by doing transactions, investment bankers by forcing the deal to happen, good, bad, or indifferent.
Rule # 68 You only have to do a very few things right in your life, so long as you don't do too many things wrong."
Buffett's net worth is in excess of $50 billion. My understanding is that 90% of that net worth has come from only 10 investment decisions, and you think you want to DAY TRADE.
Rule 74 "I buy expensive suits. They just look cheap on me."
Buffett did not buy an expensive suit until he was 60 years old. He figured out that $25,000 at 20% compounded growth for 20 years, was almost a million dollars. Who needs suits?
Rule# 112 "What we learn from history is that people don't learn from history."
Whether it's Viet Nam, Iraq, or investments, this is from the brain of a genius. If each of us could only understand the emotional truth of this statement and take it to heart, we would be so much better off, and so would our portfolios.
CONCLUSION
If you are an investor, I implore you to read "The Tao of Warren Buffett". It's short, easy to read, and will change your investing life. You will not have to go through the work of reading all of Buffett's public statements to find the gems. The sum total of his investment wisdom is in this book.
There is something to be said for going through the work yourself. I would rather see you read this book, if you will absorb the contents. I would pay my children to read it, and do give it to your investment advisors. If they say, "What's this," then it's time for NEW ADVISORS. Good luck to you
Richard Stoyeck
8 of 8 people found the following review helpful.
Helpful to the amateur trader
By Nature-Venture
In a day and age where one can easily and inexpensively manage a portfolio and trade on the stock market, this book provides helpful insights into the difference between investing and speculating. I hope consequently to be more prudent in the choice of my investments. In particular there is strong warning against the speculative type of investment in companies that are full of hopes but short on a solid track record.
Significant in this is Buffets avoidance of technology stocks.
36 of 40 people found the following review helpful.
Great Book With Some Contradictions
By Brian Kodi
Let me begin by stating unequivocally that this book is a gem for investors. There are many life lessons to be learned as well, but there are a few contradictions worth noting:
1. A quote from the biography of Mary Buffett who co-authored this book: "Throughout her twelve year marriage to Peter Buffett, Mary was often instructed not to speak to anyone outside the family about Warren's investment methods." Following her divorce, she retained the Buffett last name and spilled her beans on Warren's investment strategies without endorsements from Warren. I don't know Mary Buffett, but a little explaining of this behavior goes a long way when according to her, one of Warren's requirements in doing business is to do it with people of integrity.
2. David Clark, the co-author of this book is a portfolio manager. It's a bit ironic that according to these two authors, Warren consistently expresses a low opinion of money managers as short-sighted investors. A quote from page 145: "If the big fund managers weren't obsessed with the quick buck, Warren would never have been able to make all the great buys that he has built his career on."
3. While on the subject of contradictions, there's one from the man himself: In page 101 Warren says "the increase in life expectancy that a shift to a health-conscious diet might bring is not worth the decrease in the pleasure he would get from eating less junk food," referring to his steady diet of "Coke, hamburgers and inch-thick steaks." In page 91, "Warren sees the human mind and body as being kind of business asset, your business, your asset... take care of them and make them strong." This may be a case of the preacher not following his own advice.
Contradictions aside, this book contains lots of basic common sense advice about investing and life in general. It's a quick read that should be a requirement for everyone, investor or not.
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