Warren Buffett Recommends

“Spend each day trying to be a little wiser than you were when you woke up,” Charles T. Munger advises in Poor Charlie’s Almanack. Originally published in 2005, this compendium of eleven talks delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007 has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries.Poor Charlie’s Almanack draws on Munger’s encyclopedic knowledge of business, finance, history, philosophy, physics, and ethics—and more besides—to introduce the latticework of mental models that underpin his rational and rigorous approach to life, learning, and decision-making. Delivered with Munger’s characteristic sharp wit and rhetorical flair, it is an essential volume for any reader seeking to go to bed a little wiser than when they woke up.From the legendary vice-chairman of Berkshire Hathaway, lessons in investment strategy, philanthropy, and living a rational and ethical life.Endorsements“A timeless classic that will change how you approach life. There is a billion-dollar education inside this book.” — Shane Parrish, founder of Syrus Partners and Farnam Street

Peter Bevelin begins his fascinating book with Confucius's maxim: "A man who has committed a mistake and doesn't correct it, is committing another mistake." — ConfuciusSeeking Wisdom is the result of Bevelin's learning about attaining wisdom. His quest for wisdom originated partly from making mistakes himself and observing those of others and partly from the philosophy of super-investor and Berkshire Hathaway vice chairman Charles Munger, a man whose simplicity and clarity of thought was unequal to anything Bevelin had seen.In addition to naturalist Charles Darwin and Munger, Bevelin cites an encyclopedic range of figures, from first-century BCE Roman poet Publius Terentius to Mark Twain, from Albert Einstein to Richard Feynman, from 16th-century French essayist Michel de Montaigne to Berkshire Hathaway chairman Warren Buffett. In the book, he describes ideas and research findings from many different fields.This book is for those who love the constant search for knowledge. Using exemplars of clear thinking and attained wisdom, Bevelin focuses on how our thoughts are influenced, why we make misjudgments, and what tools can improve our thinking.Bevelin tackles such eternal questions: Why do we behave like we do? What do we want out of life? What interferes with our goals?It is in the spirit of Charles Munger: "All I want to know is where I'm going to die so I'll never go there." — Charles MungerRead and study this multidisciplinary exploration of wisdom. It may change the way you think and act in business and in life.

What makes a successful CEO? Most people call to mind a familiar definition: a seasoned manager with deep industry expertise. Others might point to the qualities of today’s so-called celebrity CEOs—charisma, virtuoso communication skills, and a confident management style. But what really matters when you run an organization? What is the hallmark of exceptional CEO performance? Quite simply, it is the returns for the shareholders of that company over the long term.In this refreshing, counterintuitive book, author Will Thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their leaders. You will meet eight individualistic CEOs whose firms’ average returns outperformed the S&P 500 by a factor of twenty—in other words, an investment of $10,000 with each of these CEOs, on average, would have been worth over $1.5 million twenty-five years later. You may not know all their names, but you will recognize their companies: General Cinema, Ralston Purina, The Washington Post Company, Berkshire Hathaway, General Dynamics, Capital Cities Broadcasting, TCI, and Teledyne. In The Outsiders, you’ll learn the traits and methods—striking for their consistency and relentless rationality—that helped these unique leaders achieve such exceptional performance.Humble, unassuming, and often frugal, these “outsiders” shunned Wall Street and the press, and shied away from the hottest new management trends. Instead, they shared specific traits that put them and the companies they led on winning trajectories: a laser-sharp focus on per share value as opposed to earnings or sales growth; an exceptional talent for allocating capital and human resources; and the belief that cash flow, not reported earnings, determines a company’s long-term value.Drawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in one—and reaping extraordinary returns.Endorsements“It is impossible to produce superior performance unless you do something different.” — John Templeton

Bill Bryson describes himself as a reluctant traveller, but even when he stays safely at home he can't contain his curiosity about the world around him. A Short History of Nearly Everything is his quest to understand everything that has happened from the Big Bang to the rise of civilisation — how we got from there, being nothing at all, to here, being us.The ultimate eye-opening journey through time and space, revealing the world in a way most of us have never seen it before.

For the last twenty years, Melinda Gates has been on a mission. Her goal, as co-chair of the Bill & Melinda Gates Foundation, has been to find solutions for people with the most urgent needs, wherever they live. Throughout this journey, one thing has become increasingly clear to her: If you want to lift a society up, invest in women.In this candid and inspiring book, Gates traces her awakening to the link between women's empowerment and the health of societies. She shows some of the tremendous opportunities that exist right now to “turbo-charge" change. And she provides simple and effective ways each one of us can make a difference.Convinced that all women should be free to decide whether and when to have children, Gates took her first step onto the global stage to make a stand for family planning. That step launched her into further efforts: to ensure women everywhere have access to every kind of job; to encourage men around the globe to share equally in the burdens of household work; to advocate for paid family leave for everyone; to eliminate gender bias in all its forms.Throughout, Gates introduces us to her heroes in the movement towards equality, offers startling data, shares moving conversations she's had with women from all over the world—and shows how we can all get involved.A personal statement of passionate conviction, this book tells of Gates' journey from a partner working behind the scenes to one of the world's foremost advocates for women, driven by the belief that no one should be excluded, all lives have equal value, and gender equity is the lever that lifts everything.A debut from Forbes' third most powerful woman in the world, Melinda Gates, a timely and necessary call to action for women's empowerment.

With a foreword by Bill Gates From Microsoft's President and one of the tech industry's wisest thinkers, a frank and thoughtful reckoning with how to balance enormous promise and existential risk as the digitization of everything accelerates.Microsoft President Brad Smith operates by a simple core belief: when your technology changes the world, you bear a responsibility to help address the world you have helped create. This might seem uncontroversial, but it flies in the face of a tech sector long obsessed with rapid growth and sometimes on disruption as an end in itself. Now, though, we have reached an inflection point: Silicon Valley has moved fast and it has broken things. A new understanding has emerged that companies that create technology must accept greater responsibility for the future. And governments will need to regulate technology by moving faster and catching up with the pace of innovation that is impacting our communities and changing the world.In Tools and Weapons, Brad Smith takes us into the cockpit of one of the world's largest and most powerful tech companies as it finds itself in the middle of some of the thorniest emerging issues of our time. These are challenges that come with no preexisting playbook, including privacy, cybercrime and cyberwar, social media, the moral conundrums of AI, big tech's relationship to inequality and the challenges for democracy, far and near. While in no way a self-glorifying "Microsoft memoir," the book opens up the curtain remarkably wide onto some of the company's most crucial recent decision points, as it strives to protect the hopes technology offers against the very real threats it also presents. Every tool can be a weapon in the wrong person's hands, and companies are being challenged in entirely new ways to embrace the totality of their responsibilities. We have moved from a world in which Silicon Valley could take no prisoners to one in which tech companies and governments must work together to address the challenges and adapt to the changes technology has unleashed. There are huge ramifications to be thought through, and Brad Smith provides a marvelous and urgently necessary contribution to that effort.

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"―a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management―allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

Security Analysis has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, the father of value investing, have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.First published in 1934, Security Analysis is one of the most influential financial books ever written.Endorsements"A road map for investing that I have now been following for 57 years." — Warren E. BuffettWarren E. Buffett reveals that he has read the 1940 masterwork at least four times.

This business classic written by longtime New Yorker contributor John Brooks is an insightful and engaging look into corporate and financial life in America.What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety.These notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened.Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. John Brooks’s insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history really does repeat itself.

In this widely acclaimed memoir, Katharine Graham tells her story—one that is extraordinary both for the events it encompasses and for the courage, candor, and dignity of its telling.Here is the awkward child who grew up amid material wealth and emotional isolation; the young bride who watched her brilliant, charismatic husband—a confidant to John F. Kennedy and Lyndon Johnson—plunge into the mental illness that would culminate in his suicide. And here is the widow who shook off her grief and insecurity to take on a president and a pressman's union as she entered the profane boys' club of the newspaper business.As timely now as ever, Personal History is an exemplary record of our history and of the woman who played such a shaping role within them, discovering her own strength and sense of self as she confronted—and mastered—the personal and professional crises of her fascinating life.The captivating inside story of the woman who helmed the Washington Post during one of the most turbulent periods in the history of America — the scandals of the Pentagon Papers and Watergate.Endorsements"Riveting, moving...a wonderful book" — The New York Times Book Review#1 National BestsellerPulitzer Prize winner

John C. Bogle shares his extensive insights on investing in mutual funds Since the first edition of Common Sense on Mutual Funds was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Now, in this completely updated Second Edition, Bogle returns to take another critical look at the mutual fund industry and help investors navigate their way through the staggering array of investment alternatives that are available to them. Written in a straightforward and accessible style, this reliable resource examines the fundamentals of mutual fund investing in today's turbulent market environment and offers timeless advice in building an investment portfolio. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term. Securing your financial future has never seemed more difficult, but you'll be a better investor for having read the Second Edition of Common Sense on Mutual Funds .

Owning a diversified portfolio of stocks and holding it for the long term is a winner’s game. Trying to beat the stock market is theoretically a zero-sum game—after the substantial costs of investing are deducted, it becomes a loser’s game. Common sense and history confirm that the simplest and most efficient investment strategy is to buy and hold all of the nation’s publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the only investment that guarantees you your fair share of stock market returns.To learn how to make index investing work for you, there’s no better mentor than John C. Bogle. Over his long career—founder of the Vanguard Group and creator of the world’s first index mutual fund—Bogle relied primarily on index investing to help Vanguard’s clients build substantial wealth. Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing shows you how to incorporate this proven investment strategy into your portfolio and can change the way you think about investing.You’ll also find warnings about investment fads and fashions, including the recent stampede into exchange-traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market while significantly minimizing the costs of financial intermediation. That’s what index investing is all about.Investing is about common sense: successful investing requires discipline and patience, but it can be simple. With The Little Book of Common Sense Investing as your guide, you’ll discover how to make investing a winner’s game.Endorsements“There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing.” — Warren Buffett, Chairman of Berkshire Hathaway (2014 Annual Shareholder Letter).

As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world's faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents.Told with wit, humor, and down-to-earth erudition, the narrative of Volcker's career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world's leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker's dedication to absolute integrity and his "three verities" of stable prices, sound finance, and good government.The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point.

In 1982, the Dow hovered below 1,000. Then the market rose and rapidly gained speed until it peaked above 11,000. Noted journalist and financial reporter Maggie Mahar has written the first book on the remarkable bull market that began in 1982 and ended in the early 2000s. For almost two decades, a colorful cast of characters such as Abby Joseph Cohen, Mary Meeker, Henry Blodget, and Alan Greenspan came to dominate the market news.This inside look at that 17-year cycle of growth—built upon interviews and unparalleled access to the most important analysts, market observers, and fund managers who eagerly tell the tales of excess—presents the period with historical perspective and explains what really happened and why.

From the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great Depression On January 26, 2009, during the depth of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F. Geithner was sworn in by President Barack Obama as the seventy-fifth Secretary of the Treasury of the United States. Now, in a strikingly candid, riveting, and historically illuminating memoir, Geithner takes readers behind the scenes during the darkest moments of the crisis. Swift, decisive, and creative action was required to avert a second Great Depression, but policy makers faced a fog of uncertainty, with no good options and the risk of catastrophic outcomes.Stress Test: Reflections on Financial Crises takes us inside the room, explaining in accessible and forthright terms the hard choices and politically unpalatable decisions that Geithner and others in the Obama administration made during the crisis and recovery. He discusses the most controversial moments of his tenures at the Federal Reserve Bank of New York and at the Treasury, including the harrowing weekend Lehman Brothers went bankrupt; the searing crucible of the AIG bonuses controversy; the development of his widely criticized but ultimately successful plan in early 2009 to end the crisis; the bracing fight for the most sweeping financial reforms in seventy years; and the lingering aftershocks of the crisis, including high unemployment, the fiscal battles, and Europe’s repeated flirtations with the economic abyss. Geithner also shares his personal and professional recollections of key players such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and policy that have come to dominate discussions of the U.S. economy. An insider’s account of how the Obama administration saved the economy but lost the American people, Stress Test reveals a side of Timothy Geithner that only few have seen.

The definitive work concerning Warren Buffett and intelligent investment philosophy, this collection gathers Buffett's letters to the shareholders of Berkshire Hathaway, written over the past few decades, that together furnish an enormously valuable informal education.The letters distill in plain words all the basic principles of sound business practices.They are arranged and introduced by a leading apostle of the "value" school and noted author, Lawrence Cunningham.Here, in one place, are the priceless pearls of business and investment wisdom, woven into a delightful narrative on the major topics concerning both managers and investors.These timeless lessons are ever more important in the current environment.

Hailed as the Thomas Edison and Henry Ford of Silicon Valley, Robert Noyce was a brilliant inventor, a leading entrepreneur, and a daring risk taker who piloted his own jets and skied mountains accessible only by helicopter. Now, in The Man Behind the Microchip, Leslie Berlin captures not only this colorful individual but also the vibrant interplay of technology, business, money, politics, and culture that defines Silicon Valley.Here is the life of a high-tech industry giant. The co-founder of Fairchild Semiconductor and Intel, Noyce co-invented the integrated circuit, the electronic heart of every modern computer, automobile, cellular telephone, advanced weapon, and video game. With access to never-before-seen documents, Berlin paints a fascinating portrait of an ambitious and intensely competitive multimillionaire who exuded a "just folks" sort of charm, a Midwestern preacher's son who rejected organized religion but would counsel his employees to "go off and do something wonderful," a man who never looked back and sometimes paid a price for it. In addition, this vivid narrative sheds light on Noyce's friends and associates, including some of the best-known managers, venture capitalists, and creative minds in Silicon Valley. Berlin draws upon interviews with dozens of key players in modern American business—including Andy Grove, Steve Jobs, Gordon Moore, and Warren Buffett; their recollections of Noyce give readers a privileged, first-hand look inside the dynamic world of high-tech entrepreneurship.A modern American success story, The Man Behind the Microchip illuminates the triumphs and setbacks of one of the most important inventors and entrepreneurs of our time.

John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched.The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming for decades - as a student at Cambridge, Keynes had written to a friend of his love for 'Free Trade and free thought'. Keynes's limpid style, concise prose, and vivid descriptions have helped to keep his ideas alive - as have the novelty and clarity, at times even the ambiguity, of his macroeconomic vision. He was troubled, above all, by high unemployment rates and large disparities in wealth and income. Only by curbing both, he thought, could individualism, 'the most powerful instrument to better the future', be safeguarded. The twenty-first century may yet prove him right.In The Economic Consequences of the Peace (1919), Keynes elegantly and acutely exposes the folly of imposing austerity on a defeated and struggling nation.

From composer, musician, and philanthropist Peter Buffett comes a warm, wise, and inspirational book that asks: Which will you choose — the path of least resistance or the path of potentially greatest satisfaction?You may think that with a last name like his, Buffett has enjoyed a life of endless privilege. But the son of billionaire investor Warren Buffett says that the only real inheritance handed down from his parents was a mandate to forge his own path in life. It is a creed that has allowed him to follow his own passions, establish his own identity, and reap his own successes.In Life Is What You Make It, Buffett expounds on the strong set of values given to him by his trusting and broad-minded mother, his industrious and talented father, and the many life teachers he has met along the way.Today’s society, Buffett posits, has begun to replace a work ethic—relishing what you do—with a wealth ethic, honoring the payoff instead of the process. We confuse privilege with material accumulation and character with external validation. Yet by focusing more on substance and less on reward, we can open doors of opportunity and strive toward a greater sense of fulfillment. In clear and concise terms, Buffett reveals a great truth: life is random, neither fair nor unfair.From there it becomes easy to recognize the equal dignity and value of every human life—our circumstances may vary, but our essences do not. We see that our journey in life rarely follows a straight line but is often met with false starts, crises, and blunders. How we push through and persevere in these challenging moments is where we begin to create the life of our dreams—from discovering our vocations to living out our bliss to giving back to others.Personal and revealing, instructive and intuitive, Life Is What You Make It is about transcending your circumstances, taking up the reins of your destiny, and living your life to the fullest.

Nearly 20 years ago, former General Electric CEO Reg Jones walked into Jack Welch's office and wrapped him in a bear hug. "Congratulations, Mr. Chairman," said Reg. It was a defining moment for American business. So begins the story of a self-made man and a self-described rebel who thrived in one of the most volatile and economically robust eras in U.S. history, while managing to maintain a unique leadership style. Jack Welch surveys the landscape of his career running one of the world's largest and most successful corporations.The most widely respected CEO in America looks back on his brilliant career at General Electric and reveals his personal business philosophy and unique managerial style.

The Enron scandal brought down one of the most admired companies of the 1990s. Countless books and articles were written about it, but only The Smartest Guys in the Room holds up a decade later as the definitive narrative. McLean and Elkind reveal the fates of the key players in the scandal.

In this candid and riveting memoir, for the first time ever, Nike founder and CEO Phil Knight shares the inside story of the company’s early days as an intrepid start-up and its evolution into one of the world’s most iconic, game-changing, and profitable brands.In 1962, fresh out of business school, Phil Knight borrowed $50 from his father and created a company with a simple mission: import high-quality, low-cost athletic shoes from Japan. Selling the shoes from the trunk of his lime green Plymouth Valiant, Knight grossed $8,000 his first year. Today, Nike’s annual sales top $30 billion. In an age of startups, Nike is the ne plus ultra of all startups, and the swoosh has become a revolutionary, globe-spanning icon, one of the most ubiquitous and recognizable symbols in the world today.But Knight, the man behind the swoosh, has always remained a mystery. Now, for the first time, in a memoir that is candid, humble, gutsy, and wry, he tells his story, beginning with his crossroads moment. At 24, after backpacking around the world, he decided to take the unconventional path, to start his own business—a business that would be dynamic, different.Knight details the many risks and daunting setbacks that stood between him and his dream—along with his early triumphs. Above all, he recalls the formative relationships with his first partners and employees, a ragtag group of misfits and seekers who became a tight-knit band of brothers. Together, harnessing the transcendent power of a shared mission, and a deep belief in the spirit of sport, they built a brand that changed everything.

Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eyewitness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common-sense principles of long-term investing.Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty.Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common-sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite."How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund.EndorsementsRecommended reading by Warren Buffett in his March 2013 letter to shareholders.

You can go after the job you want—and get it! You can take the job you have—and improve it! You can take any situation—and make it work for you! Dale Carnegie’s rock-solid, time-tested advice has carried countless people up the ladder of success in their business and personal lives. How to Win Friends & Influence People will teach you: six ways to make people like you; twelve ways to win people to your way of thinking; nine ways to change people without arousing resentment; and much more.Achieve your maximum potential — a must-read for the twenty-first century.

The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" — which shields investors from substantial error and teaches them to develop long-term strategies — has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, it includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions

Using the letters Warren Buffett wrote to his partners between 1956 and 1970, a veteran financial advisor presents the renowned guru’s “ground rules” for investing—guidelines that remain startlingly relevant today.In the fourteen years between his time in New York with value-investing guru Benjamin Graham and his start as chairman of Berkshire Hathaway, Warren Buffett managed Buffett Partnership Limited, his first professional investing partnership. Over the course of that time—a period in which he experienced an unprecedented record of success—Buffett wrote semiannual letters to his small but growing group of partners, sharing his thoughts, approaches, and reflections.Compiled for the first time and with Buffett’s permission, the letters spotlight his contrarian diversification strategy, his almost religious celebration of compounding interest, his preference for conservative rather than conventional decision-making, and his goal and tactics for improving market results by at least 10% annually. Demonstrating Buffett’s intellectual rigor, they provide a framework to the craft of investing that had not existed before: Buffett built upon the quantitative contributions made by his famous teacher, Benjamin Graham, demonstrating how they could be applied and improved.Jeremy Miller reveals how these letters offer us a rare look into Buffett’s mind and provide accessible lessons in control and discipline—effective in bull and bear markets alike, and in all types of investing climates—that are the bedrock of his success. Warren Buffett’s Ground Rules paints a portrait of the sage as a young investor during a time when he developed the long-term value-oriented strategy that helped him build the foundation of his wealth—rules for success every investor needs today.