The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management
by Mary Buffett, David Clark
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Book Summary Information
Author: David Clark, Mary BuffettEdition: Hardcover
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2006-11-21
ISBN: 1416541322
Number of pages: 192
Publisher: Scribner
Accessories:
- Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds
- The Buffettology Workbook: Value Investing The Warren Buffett Way
- The New Buffettology: The Proven Techniques for Investing Successfully in Changing Markets That Have Made Warren Buffett the World's Most Famous Investor
Book Reviews of The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management
Book Review: Good Perspectives!
Summary: 5 Stars
"The Tao of Warren Buffett" is a collection of aphorisms that are useful for investors. These include:
1)You can't make a good deal with a bad person.
2)The great personal fortunes in this country weren't built on a portfolio of 50 companies - they were built by someone who identified one wonderful business. I can't be involved in 50-75 things - that's a Noah's ark way of investing. None of the balls get the attention they need and you end up dropping them all.
3)If you can't find attractive investments within your circle of competence, don't expand the circle - just wait. This may require waiting until the market cools off or goes into a recessionary period. (In 1969, at the high end of the 1960s bull market, Warren thought stocks were so overpriced he got out of the market completely; by 1973-74 stocks were at bargain prices and he jumped back in.
4)Warren woke up in the late 1970s to the fact that bargain stocks below book value were no longer available and switched to buying exceptional businesses with a sustainable competitive advantage (eg. powerful worldwide brand - American Express, Gillette, Coca Cola) that does NOT require brilliant leadership - eg. high technology, brain surgery) in a stable industry (eg. candy; NOT autos, with their need for continual redesign) at reasonable prices and holding them for long periods. Companies Warren has invested in include Disney (1960), American Express (after the soybean oil scandal), Wells Fargo (1990), General Foods, Coca-Cola (1987, at 20X earnings after the New Coke fiasco and the 1987 crash), Budweiser, Wal-Mart, Wrigley's, Hershey, H&R Block, Washington Post (1973), GEICO (after a management mistake), Fruit of the Loom - 2002, out of bankruptcy, and ABC.
5)Buffett's idea of a group decision is to look into the mirror. Following others, doing what is popular is not the way to make money.
6)Anything that can't go on forever, won't. That includes our trade deficit.
7)When management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact.
8)The reaction of weak management to weak operations is often weak accounting.
9)There is a huge difference between the business that grows and requires lots of capital (eg. G.M., Intel) to do so and the business that grows and doesn't require capital (eg. Wrigley's, Coca-Cola - don't have to redesign products).
10)Don't use equations with Greek letters in them. (Stick to simple basics.)
11)You want to learn from experience - especially other people's.
12)Never ask a barber if you need a haircut.
13)"A stockbroker is someone who invests other people's money until its all gone." (Woody Allen) Wall Street makes its money on activity; you make your money on inactivity.
14)If you are getting more than one brilliant investment idea/year, you are probably deluding yourself. Buffett likes to find great businesses with a predictable future selling at a discounted price brought on by a correctable mistake by management or an industry recession or a bear market - he's not a "get in on the ground floor" guy.
15)If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.
16)There is nothing like writing to force you to think and get your thoughts straight.
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