The Tao of Warren Buffett: Warren Buffetts Words of Wisdom

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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.

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As Warren says: "You should invest in a business that even a fool can run, because someday a fool will. 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.

This irresistibly browsable and entertaining book is destined to become a classic. Select Parent Grandparent Teacher Kid at heart. Age of the child I gave this to:. Hours of Play:. Tell Us Where You Are:. Preview Your Review. Thank you. Your review has been submitted and will appear here shortly. Extra Content. Read from the Book Introduction For twelve years, from to , 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.

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  • The tao of warren buffett pdf!

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.

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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. Rule No. 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.

I was wasting my life up until then. 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. Good things do come to those who wait -- provided you pick the right stock. 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.

Warren Buffett

But it's impossible to do the opposite. Warren has walked from many a deal because it failed to meet his price criteria. 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 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 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.

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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. They were built by someone who identified one wonderful 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.

Warren Buffett - Wikiquote

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. Must redeem within 90 days. See full terms and conditions and this month's choices. Tell us what you like, so we can send you books you'll love. Join our mailing list! Price may vary by retailer. About The Book. About The Authors. Photo Credit: Gretchen Rollins. Mary Buffett.

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