The tao of Warren Buffett PDF brings 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.
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Introduction- The tao of Warren Buffett PDF
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
Like the sayings of the ancient Chinese philosopher 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.”
“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.
Table of Contents- The tao of Warren Buffett PDF
Getting and Staying Rich 1
Warren’s Mentors 41
The Workplace 55
Analysts, Advisers, Brokers—Follies to Avoid 69
Why Not to Diversify 77
Discipline, Prudence, and Patience 85
Beware the Folly of Greed 95
When to Sell, When to Leave 103
Mistakes to Beware Of 115
Your Circle of Competence 121
The Price You Pay 133
Long-Term Economic Value Is the Secret to
Exploiting Short-Term Stock Market Folly 143
“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
Mary Buffett is the coauthor of Scribner’s bestselling Buffettology series, a sought-after business speaker world-wide, and a contributor to HuffPost and the online magazine Thrive Global. Mary and Sean Seah recently launched the Buffett Online School (BuffettOnlineSchool.com), a monthly webinar sharing investment insights and helping students learn to build successful stock portfolios.
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, coauthored 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 has once again joined forces with Mary Buffett, and together they are writing Warren Buffett Investment Analysis, an in-depth investment manual for professional and aspiring investors.
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