Wednesday, January 9, 2013

Buffet Book in Brief

One of the ways I've enhanced my investment knowledge over the years is through reading the investment approaches of professional investors and money managers. When I saw 'Tap Dancing to Work - Warren Buffet on Practically Everything, 1966-2012' available through the library at work, I couldn't help but checking it out. I've read a couple Buffet biographies before, but nothing as comprehensive as Carol Loomis's offering. 

The book centers around various articles about Buffet and by Buffet in Fortune magazine over the years, with Loomis's (who edits Buffet's annual letter to shareholders) inside perspective on each story. Although the details around Buffet's investment approach aren't explained in as much detail as I'd like (which was expected), the book does give a great deal of insight into Warren Buffet the person.  The various stories led me to admire Mr. Buffet even further as a person, based on his thoughts on wealth distribution, capitalism, tax codes, and charitable giving. His ability to be rational, and not swayed by his emotions (especially fear and greed) is most commendable. 

There was one piece of advise that Mr. Buffet gave a group of business students that I found particularly interesting. To quote the great Oracle from Omaha:

"Pick out the one person you admire the most, and then write down why you admire them....And then put down the person that, frankly, you can stand the least, and write down the qualities that turn you off in that person. The qualities of the one you admire are traits that you, with a little practice, can make your own, and that, if practiced, will become habit-forming."

Although Warren Buffet isn't the person I admire the most, I am planning on being more rationale, and less ruled by emotions in my investment decisions. I'd highly recommend you check out the book if you get a chance. 

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.