The Snowball: Warren Buffett and the Business of Life [Alice Schroeder] on documentary Becoming Warren Buffett Here is the book recounting the life and. Editorial Reviews. From Publishers Weekly. In this startlingly frank account of Buffett's life, Here is the book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never. Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a.
|Language:||English, Spanish, Portuguese|
|Distribution:||Free* [*Register to download]|
Before this book was written, Warren Buffett rejected numerous approaches by biographers, journalists, and publishers to cooperate on an account of his life. The Snowball. Warren Buffett and the Business of Life. Alice Schroeder. BANTAM BOOKS. To David. It is the winter of Warren's ninth year. Outside in the yard. I will be talking about pricing stocks, but I will not be talking about predicting their course of action next month or next year. Valuing is not the.
She believed that numerous contradictions in his life needed to be explained. How did a man who grew up in a conservative Republican family become a liberal Democrat? Why is someone so interested in making money so uninterested in spending it on himself?
Through interviews with Buffett, his family, and friends, Schroeder has been able to explore these and numerous other issues. For those who have read the Lowenstein biography of Buffett, many events recounted in The Snowball will be familiar.
Most of us who followed the story believed that the transaction broke down because the terms were unsatisfactory to LTCM, but the actual explanation is more interesting and even amusing. The financial crisis, which led to bailouts of numerous financial firms, has been widely regarded as unprecedented, but The Snowball reminds its readers that the Great Depression was not the most recent financial crisis to raise the specter of systemic risk. At the time, the fear that one of those organizations would be the first domino to fall, leading to a collapse of the world financial system, was widespread.
In the intervening years, regrettably, little heed was given to warnings by Buffett and others that excessive leverage and reckless use of derivatives might again bring the system to the brink.
Reading The Snowball drives home not only the truth that we are all dead in the long run but also that Buffett is usually correct. For example, his avoidance of technology stocks during the dot-com boom provoked derision but his insights were ultimately vindicated with a vengeance. Schroeder has succeeded in her objective of presenting Warren Buffett in his entirety.
She does a skillful job of elucidating his relationships with friends, family, and business associates. If you have even the hint of a gut feeling of what it is you want to do with your life, go for it. Start now.
Not tomorrow, but today. Passion has a way of finding us, once we start working. Time and time again, he chose to sacrifice a good today for a better tomorrow. For example, his mentor Ben Graham taught him that good businesses are like thrown away cigar butts: But he patiently waited for the right opportunity, not just the next one.
The managers of his companies he patiently got to know before settling on new ventures to invest in.
And the SEC investigation in and the newspaper lawsuit ending in ? He patiently waited throughout those too.
One of the great things patience allows you to do is never choose what seems like a shortcut over the long-term, right thing to do. It takes 20 years to build a reputation and five minutes to ruin it.
Warren treaded lightly all his life, as he knows a good image is quickly lost. For example, integrity is what brought him to help his good friend John Gutfreund which literally means good friend in German , in exchange for his support in investing in GEICO.
So far, I can recommend the summary for sure! Start early.
Be patient. Choose tomorrow over today. Build a reputation.