Warren Buffett's Ground Rules: Words Of Wisdom From The Partnership Letters Of The World's Greatest Investor Download Free (EPUB, PDF)
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 bettering 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 offer 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.
Hardcover: 352 pages
Publisher: HarperBusiness (April 26, 2016)
Language: English
ISBN-10: 0062415565
ISBN-13: 978-0062415561
Product Dimensions: 6 x 1.1 x 9 inches
Shipping Weight: 14.4 ounces (View shipping rates and policies)
Average Customer Review: 4.7 out of 5 stars See all reviews (26 customer reviews)
Best Sellers Rank: #43,361 in Books (See Top 100 in Books) #170 in Books > Business & Money > Investing > Introduction #253 in Books > Business & Money > Finance
I like this book. It’s got a genuine and honest feeling. There are several dozens of books on Warren Buffett. What makes this one special or needed? All other texts on Buffett’s methodology are based on how he has conducted his business at Berkshire Hathaway. However, before this Buffett managed money at Buffett Partnership Limited, with a different methodology and arguably with even better results. Investment analyst Jeremy Miller’s book is unique as it covers this first period by going through the partnership’s investment letters to its investors. The name Warren Buffett’s Ground Rules refers to 7 rules that Buffett presented for the partnership’s original investors and that were meant to facilitate aligned interests between them and him. In asset management having the right investors is a crucial success factor.The book’s structure is simple but well executed. Each chapter is dedicated to a theme. First the author presents the topic and what Buffett’s view was. Then follows a number of quotes from the investment letters on the subject and the chapter ends with a short conclusion by Miller. Each chapter is 15-20 pages and as they are very legible it’s easy to end up reading “just one more”. The only objection is that there is a fair amount of repetition between the discussion and the quotes. The chapters are organized in three parts where the second part is the most interesting. The first part covers a number of introductory and high level topics like compounding, indexing and the partnership structure. The third also includes various topics that although often important and, as always when it comes to Buffett, brilliantly described are on a relatively high abstraction level and a bit dry. The middle part is dedicated to investing. This is where it becomes interesting.
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