Warren Buffett Speaks: Wit and Wisdom from the World Greatest Investo

Warren Buffett Speaks......Page 5
Contents......Page 9
Acknowledgments......Page 15
Introduction......Page 19
OMAHA? OMAWHERE? OMAWHAT?......Page 31
EAT WHAT YOU WANT TO EAT......Page 33
HAVE A HOBBY......Page 34
BE PASSIONATE......Page 37
AIM HIGH......Page 38
KEEP LIFE IN PERSPECTIVE......Page 41
BE HONEST......Page 45
TELL THE WHOLE TRUTH, PLEASE......Page 46
LETTER TO THE WALL STREET JOURNAL......Page 48
CULTIVATE GOOD CHARACTER......Page 54
BELIEVE IN YOURSELF......Page 55
BUT DON’T GET TOO STUCK ON YOURSELF......Page 56
SHARE YOUR WISDOM......Page 62
DISREGARD OLD AGE......Page 63
GO TO BAT FOR YOUR PALS......Page 69
GUIDING GOVERNOR SCHWARZENEGGER......Page 70
BUILD LIFELONG FRIENDSHIPS......Page 72
DON’T SPOIL YOUR KIDS......Page 76
THE BUFFETT CHILDREN......Page 80
WORK THINGS OUT WITH YOUR WIFE......Page 93
BE KIND TO YOUR MOTHER......Page 99
WORK FOR THE FUN OF IT......Page 103
START EARLY......Page 106
WORK WHERE YOU WANT TO WORK......Page 107
WORK WITH GOOD PEOPLE......Page 108
GIVE A PAT ON THE BACK......Page 110
BE LOYAL TO YOUR PARTNERS......Page 111
GUARD YOUR TIME......Page 113
KNOW WHEN TO QUIT......Page 115
COMMUNICATE WELL......Page 117
KNOW WHEN TO SAY NO......Page 118
SET AN EXAMPLE......Page 119
TAKE CARE OF SHAREHOLDERS......Page 122
HIRE WELL, MANAGE LITTLE......Page 128
BE SMART ABOUT ALLOCATING CAPITAL......Page 129
USE CROSSOVER SKILLS......Page 130
THE MIGHTY MACHINE CALLED BERKSHIRE HATHAWAY......Page 131
HAVE A PHILOSOPHY......Page 134
RECOGNIZE THE ENEMY: INFLATION......Page 135
EXPERIENCE EPIPHANY......Page 137
NEVER MIND WHAT THE PROFESSORS SAY......Page 143
MEET MR. MARKET — YOUR SERVANT, NOT YOUR GUIDE......Page 144
IGNORE MR. MARKET ’S MOODS......Page 147
LISTEN FOR OPPORTUNITY’S CALL......Page 148
SEEK INTRINSIC VALUE......Page 151
EXPECT TO BE OUT OF STEP......Page 152
EARNINGS, EARNINGS, EARNINGS......Page 155
LOOK FORWARD, NOT BACK......Page 156
AVOID RISK......Page 157
DON’T GAMBLE......Page 159
DON’T BE SURPRISED BY CIRCUMSTANCES......Page 161
AVOID EXCESSIVE DEBT......Page 162
ARBITRAGE WHEN POSSIBLE......Page 163
BE PATIENT......Page 166
THINK FOR YOURSELF......Page 167
HAVE THE RIGHT TOOLS......Page 168
BE WARY OF WALL STREET......Page 169
ONLY BUY SECURITIES THAT YOU UNDERSTAND......Page 170
AN OLD DOG PROWLS NEW MARKETS......Page 171
PETROCHINA......Page 173
AN EXPANDING CIRCLE OF COMPETENCE......Page 175
BUY READING GLASSES......Page 178
BECOME AN INVESTIGATIVE REPORTER......Page 179
KEEP IT SIMPLE......Page 180
THINK BIG......Page 182
KNOW WHAT YOU’RE LOOKING FOR......Page 184
DON\'T SWEAT THE MATH......Page 185
ADMIRE FRUGALITY......Page 187
FACE FACTS......Page 189
EXPECT CHANGE......Page 192
BE CAPABLE OF CHANGE......Page 193
ADMIT YOUR MISTAKES......Page 200
NO THUMB SUCKING......Page 203
JOIN AA (AIRLINES ANONYMOUS)......Page 204
LEARN FROM YOUR MISTAKES......Page 208
BUY STORYBOOK STOCKS......Page 209
SEEK EXCELLENT COMPANIES......Page 211
STICK WITH QUALITY......Page 214
JUNK BONDS......Page 215
APPRECIATE FRANCHISE VALUE......Page 217
RESPECT PRICING POWER......Page 220
FIND A COMPANY WITH CHEAP FLOAT (THEN TRY TO NOT MISPLACE THE COMPANY)......Page 221
LEARN TO LIKE MONOPOLY......Page 222
FIND MANAGERS WHO THINK LIKE OWNERS......Page 223
AVOID THE INSTITUTIONAL IMPERATIVE (THE TENDENCY FOR CORPORATIONS TO ACT LIKE LEMMINGS)......Page 224
DON’T WORRY ABOUT DIVERSIFICATION......Page 225
INVEST FOR THE LONG TERM......Page 226
TO SUM UP......Page 227
INVESTING IS ONE WAY OF CONTRIBUTING TO THE PUBLIC WELL -BEING......Page 228
WHEN REWARDS ARE DISPROPORTIONATE......Page 229
PAY YOUR TAXES AND DON’T COMPLAIN......Page 232
GIVE AS GENEROUSLY AS YOU RECEIVE......Page 236
THOUGHTS ON CHARITABLE GIVING......Page 241
WILL BUFFETT’S GIFT AFFECT THE COMPANY?......Page 244
THE LAST WORD......Page 245
The Warren Buffett and Berkshire Hathaway Saga......Page 253
Berkshire’s Book Value vs. the S&P 500......Page 249
Berkshire Hathaway Share Price......Page 251
Endnotes......Page 259
Permissions......Page 289