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*Read Pdf × The Snowball: Warren Buffett and the Business of Life Ú 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 memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom The result is the personally revealing and complete biography of the man known everywhere as The Oracle of Omaha Although the media track him constantly, Buffett himself has never told his full life story His reality is private, especially by celebrity standards Indeed, while the homespun persona that the public sees is true as far as it goes, it goes only so far Warren Buffett is an array of paradoxes He set out to prove that nice guys can finish first Over the years he treated his investors as partners, acted as their steward, and championed honesty as an investor, CEO, board member, essayist, and speaker At the same time he became the world s richest man, all from the modest Omaha headquarters of his company Berkshire Hathaway None of this fits the term simple When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen Her writings on finance impressed him, and as she came to know him she realized that while much had been written on the subject of his investing style, no one had moved beyond that to explore his larger philosophy, which is bound up in a complex personality and the details of his life Out of this came his decision to cooperate with her on the book about himself that he would never writeNever before has Buffett spent countless hours responding to a writer s questions, talking, giving complete access to his wife, children, friends, and business associates opening his files, recalling his childhood It was an act of courage, as The Snowball makes immensely clear Being human, his own life, like most lives, has been a mix of strengths and frailties Yet notable though his wealth may be, Buffett s legacy will not be his ranking on the scorecard of wealth it will be his principles and ideas that have enriched people s lives This book tells you why Warren Buffett is the most fascinating American success story of our time Friendly Fire (Jonathan Grave Warren Buffett The legendary Omaha investor has never written a memoir A Necessary Evil (Sam Wyndham but now he has allowed one writer To Hold (The Dumont Diaries, Alice Schroeder The Eerie Adventures of the Lycanthrope Robinson Crusoe unprecedented access to explore directly with him and with those closest to him his work Murphys Ambush opinions Ecotarian Diet struggles Dust Devil triumphs Synowie Kaina, córy Lilith... Rzecz o wampirach w fantasy follies Follow Me to Zion and wisdom The result is the personally revealing and complete biography of the man known everywhere as The Oracle of Omaha Although the media track him constantly Melancholia Buffett himself has never told his full life story His reality is private Rozbieranie do snu especially by celebrity standards Indeed Yul while the homespun persona that the public sees is true as far as it goes Logoterapia it goes only so far Warren Buffett is an array of paradoxes He set out to prove that nice guys can finish first Over the years he treated his investors as partners Untamed (Long, Tall Texans acted as their steward Love Lyrics from the Carmina Burana and championed honesty as an investor Social Media Marketing CEO Forbidden Colors board member Kazimierz Wielki essayist A Family Supper and speaker At the same time he became the world s richest man Nie Boska Komedia ;Irydion all from the modest Omaha headquarters of his company Berkshire Hathaway None of this fits the term simple When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen Her writings on finance impressed him The Sentence Is Death and as she came to know him she realized that while much had been written on the subject of his investing style The Conspiracy and Death of Lin Biao no one had moved beyond that to explore his larger philosophy Zygzak which is bound up in a complex personality and the details of his life Out of this came his decision to cooperate with her on the book about himself that he would never writeNever before has Buffett spent countless hours responding to a writer s questions Blue Valentine talking Twilight Jacob Loves Nessie (Twilight Fans Series Book 4) giving complete access to his wife 純情ロマンチカ 第15巻 children Jessica Lange friends Croiset The Clairvoyant and business associates opening his files The Climb recalling his childhood It was an act of courage Korczak as The Snowball makes immensely clear Being human Świat według Dziada his own life Opowiadania like most lives Więzień nieba. Książę Parnasu has been a mix of strengths and frailties Yet notable though his wealth may be Sekirei Volume 6 (Sekirei Buffett s legacy will not be his ranking on the scorecard of wealth it will be his principles and ideas that have enriched people s lives This book tells you why Warren Buffett is the most fascinating American success story of our time This is a good biography of Warren Buffett, but it could have been better While it depicted his personal life and his character well, it could have done a better job with his investment philosophy Roger Lowenstein s earlier biography was better, in this regard.Buffett is a complex character, as Schroeder portrays him He inveighs against privilege, inherited wealth and nepotism, but gives his kids 1 million a year as birthday gifts and appoints them as directors of his company, Berkshire Hath This is a good biography of Warren Buffett, but it could have been better While it depicted his personal life and his character well, it could have done a better job with his investment philosophy Roger Lowenstein s earlier biography was better, in this regard.Buffett is a complex character, as Schroeder portrays him He inveighs against privilege, inherited wealth and nepotism, but gives his kids 1 million a year as birthday gifts and appoints them as directors of his company, Berkshire Hathaway He derides Wall Street investment bankers for earning massive fees while contributing little or nothing to society, and then invests heavily in major investment banks, first in Solomon Brothers and then in Goldman Sachs each mired in scandal He protests loudly and often about the inequality of wealth in the US, but has himself been one of the greatest contributors to that inequality, through his own massive accumulation of wealth and his reluctance to give to charity in his own lifetime And while he preaches social justice he practices hard nosed capitalism, laying off workers and breaking strikes to add to his already enormous profits Moreover, while he pushes for higher taxes on the wealthy, he takes every legal measure to minimize his own taxes.So Buffett is open to charges of hypocrisy, as Schroeder makes clear Hers is no work of hagiography But he also deserves much of the praise he gets, as an honest and highly capable businessman who takes his fiduciary responsibilities seriously Through shrewd investments in companies like See s Candies, GEICO, Coca Cola and Gillette, he built enormous wealth for himself and his shareholders And he did so honestly and conservatively, not exploiting inside information like Bernie Madoff or George Soros, nor through greenmail and risky levereged bets like Michael Milken and his acolytes.This biography depicts Buffet as a very limited man He cares little for art, philosophy or literature He would rather ponder the balance sheet of General Electric than the beauty of the ocean But he is the greatest in the world in his own limited sphere.In sum, this is a good biography, but it s too long and should doto explain Buffett s investing ideas For example, when describing his investment in Coca Cola, Schroeder mentions Coke s price, but not its P E ratio, nor does she explain sufficiently why he thought that price was attractive In 900 pages, one would expect Why I Read this Book Warren Buffett is the epitome of success in many ways for a lot of people I had to find out the real story.Topics Covered Modeling Internal Values Value Investing Trade offs of various forms of success Understanding your purpose and priorities Importance of RelationshipsReview I preordered my copy of Snowball throughthe day it was announced I will warn you that I am a fanatic I make it out to Omaha each year for the Berkshire Hathaway meeting and it Why I Read this Book Warren Buffett is the epitome of success in many ways for a lot of people I had to find out the real story.Topics Covered Modeling Internal Values Value Investing Trade offs of various forms of success Understanding your purpose and priorities Importance of RelationshipsReview I preordered my copy of Snowball throughthe day it was announced I will warn you that I am a fanatic I make it out to Omaha each year for the Berkshire Hathaway meeting and it s one of my favorite weekends learning lessons on life, business and of course investing The foundation of my investment firm is based on the principles he made famous Needless to say, I could not wait to get my copy.Nearly two months later, I have finally turned the last page One thing is for sure, Alice Schroder managed not to spare a detail in the 830 odd pages No doubt that the length of this biography is a symbol of the depth and fanatics of Warren s life, which becomes clearer with each page I believe that Alice could have spared some of the detail so be prepared for a dense read.I have been a student of Buffett and his approach for years, which made Snowball a logical progression in my ever growing investing curriculum Although for those of you looking for deep insight into Warren s investment approach and steps on how to mimic it, you have come to the wrong place There are hundreds of other titles that do a much better job of that some of which you will see on my site That value in this book instead was to get a window on the mind, life and thinking of the most financially successful person of our time.For years I have had my question prepared for Buffett at the Berkshire Hathaway annual meeting, but I have yet to awaken early enough to secure a place in line Shareholders and attendees willing to stand in line starting at around 3am are granted one question on a topic of their choosing Mine is along the lines of What was it that you told yourself, thought about and visualized when you were younger that made you certain that you would be one of the wealthiest people in the world one day We have heard of your physical routine, but what about your psychology I believe The Snowball is my answer although I hope to ask him again in Omaha next year.Snowball brings up plenty of realizations and surprises of Warren s life, but for methan anything, this was a lesson in modeling Modeling is one of the most valuable tools available for success Early on, the likes of Ben Franklin, Benjamin Graham and plenty , discovered that if you learn how someone lives their life and the beliefs they possess, it is possible to model their actions and thinking to achieve similar results Tony Robbins is the biggest promoter and teacher of this technique in today s world This tool is incredibly valuable in anyone s tool chest to success It s a huge handicap to not put it to use on your journey That is essentially what ReadingForYourSuccess comes down to A guide on how to model the most successful authors, people and approaches I come across.Anyone looking to model Warren Buffett and I know there are a lot of you out there must read Snowball Over the years I have worked hard to model what I ve learned about Warren s approach to investing and life Outwardly it seems doable, but after spending two months and 830 pages peering through the window on his life, it has become glaringly clear why there is only one Warren Buffett.From the early years of childhood, Warren has had a one track mind about collecting as much money as possible This has come at the regrettable sacrifice of various family interactions and relationships throughout his life I wont get into the specifics but the eye opener for me was that when it comes down to success, never forget that trade off s exist around every corner Only a true understanding of your life s mission, purpose and definition of success will allow you to properly choose as these issues are presented For Warren, he loved nothingthan analyzing businesses and building wealth He obviously did not care about what it could buy, since he is still quite frugal and is giving it all back to society, but he loves the accumulation This has taken top priority and there s little doubt that he could have achieved what he has without the inhuman discipline that he s displayed in his 78 years.Key Lessons Discipline is one on of the most valuable traits one can possess There is no substitute for a firm set of values The importance of giving back and philanthropy there s no pride in being the richest guy in the graveyard ake every opportunity to teach, develop and give knowledge to others Desire and commit to never stop learningThis was a fundamental learning for me and I hope it presents a valuable example for you as well While, building a successful investment business is very important to me, it does not rank as high as my health and my relationships and interactions with my family, friends and the love of my life I am willing to accept this as I set my goals and expectations for my business and all other things important to me.Snowball is a wonderful guide to what it would really take to model the success of Warren Buffett And just as it took an incredibly unique individual to become who Warren is today, it would take just as much to model him You wonder though, even if you could model Warren, would you really want to After learning the details provided by Schroder, I have a feeling fewer would be up to the task This is a fantastic realization however It is up to you to choose what traits and qualities you want to model about a mentor or teacher Just as important as what you choose to model, is what you choose to leave behind We do this everyday without knowing it, whether it s with our parents, friends or significant others Common sense says to take the desirable and leave the rest As you reevaluate your modeling for this new year, keep this close in mind.We are all uniquely fortunate to be living and learning among the likes of such business and financial greatness Never before have we seen a man with an internal set of rules and convictions an internal yardstick as Buffett would call it so strong that no one would be successful in throwing him off his finely calculated path to the top Generations to come will listen in envy as we tell them of what we learned as we witnessed Warren amass his Snowball in real time All the while giving those willing to listen, some of the most fundamental and priceless lessons on life, values, philanthropy, business and investing ever provided If you have not taken advantage of these real time lessons, it s not too late, but sadly that will not always be the case If you re up to it, dig into Snowball, but if not then you need not look further than any book store or a month s worth of news papers to begin seeing all that Warren has been providing to us and society The years are limited where it will still be real time There is a strong dose to be had every year out in Omaha Perhaps I ll see you out there in 2009 Reading for Your Success After finished reading almost 800 pages book on biography of Warren Buffett most pressing question I have now is WHO THE HELL IS CHARLIE MUNGER I was completely fascinated by the straight talking lesser known partner of Berkshire Hathaway The few quotes of Charlie Munger in the book is enough to justify the poor writings elsewhere There are so much fluff in the book, that gems of wisdom from Charlie Munger stood out Once asked about technology stocks in late 1990s Munger once said Even After finished reading almost 800 pages book on biography of Warren Buffett most pressing question I have now is WHO THE HELL IS CHARLIE MUNGER I was completely fascinated by the straight talking lesser known partner of Berkshire Hathaway The few quotes of Charlie Munger in the book is enough to justify the poor writings elsewhere There are so much fluff in the book, that gems of wisdom from Charlie Munger stood out Once asked about technology stocks in late 1990s Munger once said Even if you mixed raisins with turds, it s still turds Munger once call Efficient Market Hypnosis as bullshits invented by academia In 1980s Efficient Market Hypnosis became very popular in academia The idea was you could use stock s volatility as measure of risk and market is extreme efficient There s no point in trying to beat the market Corollary drew from EMH was that successfully investors such as Warren and Munger are due to lucks not skills Ideally, when I read a biography I would like know the person and go deep inside their heads and understand what motivate them Despite extensive coverage of where Buffett took vacations every year this book does not make me feel I understand Buffett There are a lot trivia about Buffett s life, but that s not something I want to read about.Warren Buffett is a nice guy, sometimes too nice I got the impression that every CEOs should be utterly ruthless but he s not Berkshire Hathaway, before it became a household name was originally a textile company owned by Buffett The textile company was doing poorly ever since Buffett purchased it Buffett kept it alive for longer than he should Despite his legendary records, he also made some mistakes in his investments e.g Dexter shoe company The key to success according to Buffett is pick your parents carefully Buffett is big proponent of Ovarian Lottery A person s success has a lot to with their environment where they grew up Nevertheless I did learn a lot from the book.Base on reading of this book, I will need to add following books to my list.Poor Charlie s Almanack by Charlie MungerThe Intelligent Investor by Benjamin GrahamThe Gospel of Wealth Essays and Other Writings by Andrew CarnegieLiar s Poker by Michael LewisHow to Win Friends and Influence People by Dale Carnegie This was a disappointing book.At 834 pages plus notes and index there were a lot of words,but at least 80% were just gossip about who had a problem with drinking, drugs, hurt feelings etc etc etc NOTE Just read Buffett, The making of an American capitalist,That book is 1000 times better 22 March 2012 The trivia even included who their babysitter married Over the years I ve read often about the remarkable partnership of Buffett and Munger,but very very little of that is mentioned in this b This was a disappointing book.At 834 pages plus notes and index there were a lot of words,but at least 80% were just gossip about who had a problem with drinking, drugs, hurt feelings etc etc etc NOTE Just read Buffett, The making of an American capitalist,That book is 1000 times better 22 March 2012 The trivia even included who their babysitter married Over the years I ve read often about the remarkable partnership of Buffett and Munger,but very very little of that is mentioned in this book And clearly Mr B didn t proof the book, because it s rife with factual errors and silly statements For instance on p530 volatility how likely it was to deviate from the market average That just doesn t match any definition of the word The very next paragraph, sold a group of stocks short to help cushion results if the market went down Not true, the major cost of investing is the cost of capital,if you have say 100,000 you can buy that much stock long THEN, you can use it as collateral to SHORT up to 100,000 worth of stock AT NO EXTRA COST.And, some brokerage firms will share the interest earned on the proceeds of the short sale, evenprofit You double the utility of your capital.If you pick right and your timing is right you have double the profits for a given amount of capital If you think stocks might go down, you sell some you think are fully priced.You don t hedge.2 paragraphs further, They defined risk as not losing money As Munger might say twaddle and bullshit Risk is the CHANCE of loss On page 545 her explanation of what a derivative is is so goofy I ll leave it to you to read She makes it sound like all derivatives are a type of insurance.CDS s are that, but they are not really derivatives,they re just called that to avoid coming under regulations governing insurance A true derivative is an option or future that DERIVES it s value from the changing valueof something else, like a stock, a metal, food, energy Other stupid sentences page 754 Surviving a first bout with oral cancer carries a twentyfold greater risk of recurrence 20 fold greater than what NOT surviving the first bout She mentioned the 1974 Forbes mag article where Buffett is alleged to have said I feel like an oversexed man in a harem That was my first introduction to Buffett and his remarkable career.She failed to mention, I guess she just doesn t know,that s not what he really said A few years later Forbes admitted they bowdlerized his remark,he really said I feel like an oversexed man in a whorehouse Small point, but for 834 pages and many years spent writing this book,the author didn t research the early writings about the man very well I had thought that a book about a guy who made 200 Billion dollars for himself and otherswould be both pleasant and interesting Wrong, the misery index in this book is higher than any other book I ve seenthat is even slightly related to finance At times I felt I was reading a Thomas Hardy novel,where on every page a new andawful suffering is impinged on the protagonist As the book draws to an end the misery is accelerated with one person after another dyingof increasingly painful, disfiguring, and debilitating types of cancer Spelled out in graphic detail One thing I m sure of, this won t be the last book written about Warren Buffett.And the next one has about a 99% probability of being better He s still my hero