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Warren Buffett's Ground Rules

Words of Wisdom from the Partnership Letters of the World's Greatest Investor
Narrated by: Tom Perkins
Length: 10 hrs and 11 mins
4.5 out of 5 stars (206 ratings)
Regular price: $30.79
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Publisher's Summary

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 14 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 percent 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.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2016 Jeremy C. Miller (P)2016 HarperCollins Publishers

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  • Matthew
  • Mill Valley, CA, United States
  • 08-18-16

Absolutely fantastic

At a young age Warren Buffett knew (and now taught me through this book) multiple important tenets to success:
1) incentives must be aligned or you get left holding the bag
2) compound interest is indeed the 8th wonder of the world
3) nice guys can finish first
4) you can't start investing early enough (see #2)
5) it's not how much you make, it's how much you keep that matters

12 of 14 people found this review helpful

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most boring billionaire's rant I've ever heard

A collection of deeply meaningful lessons of how to identify value and make it count. But if you are looking for entertainment you are in the wrong place. Or you need to listen to it several times

2 of 2 people found this review helpful

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Fantastic, timeless and easy to follow

Thoroughly enjoyed this. simple, timeless and straightforward. highly recommended for all value investors! must read!

1 of 1 people found this review helpful

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Not bad

Starts quite slow, a lot of repetition. But if you can get by the first half, then it gets better.

3 of 4 people found this review helpful

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It's ok.

The book repeats itself a lot. I finally got sick of it after several hours.

4 of 6 people found this review helpful

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Good but too repetitive

The content is good but there's lots of repetitive information.

It would be nice if there were more people with the character Warren Buffet has. It's clear to see through his partnership letters.

2 of 3 people found this review helpful

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Nice synopsis on BPL

Great story about young Warren investments. Very well covered and story was very connected. Highly recommended.

2 of 3 people found this review helpful

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Read this as a preview to Graham-style analysis

Insightful book into Buffett's thinking prior to his partnership with Munger in Berkshire Hathaway. During this time Buffett ran the Buffett Partnership Limited, as it's principal, and earned an average of 20 to 30% per annum on his fund, which is a spectacular performance, even during what came to be known as the "30 Glorious Years".

The structure of the book is to provide a preface to each of Buffett's letters, breaking down the letters into snippets and extending the quoted with historical context and deeper analysis/explanations, mostly through a gentle introduction to Ben Graham's concepts of investing, which Buffett favoured during this time.

What makes this book a nice bridge for those who are interested in the history of ideas in applied finance, is that it charts Buffett's evolution in thinking from the Graham "cigar butt" philosophy of investing in penny stocks, with the "free puff", to his more nuanced strategy of searching for "deep value" from securities through discovery of superior management staff of those firms. The book outlines Graham/Buffett asset accounting decision criterion for investment, which I think is the current market price of stock multiplied by total shares over the total recoverable capital from liquidation. Buffett and his partners used many of these sorts of ratios and metrics many years before P/E was a common column in any analyst's sheets.

This book is probably best read after reading something like Snowball, the biography on Buffett and/or Graham' s security analysis. Although I have yet to read the later. Conditional recommend

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Great Resource for the Workings of a Young Warren Buffett

A great resource for the workings of a young Warren Buffett. The book shows how vast the knowledge was that Warren Buffett had in the investment field at such a young age. Amazing how leading edge he was when he was running his partnership. He must have been one of only a few people running a partnership using the practices that Ben Graham taught him. Practices that Ben Graham learned over a lifetime. This book shows the brilliance of both men.

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  • RK
  • 06-21-18

Boring

It was a boring long story that could have been summarized in couple of hours at most.