Warren Buffett: 10 Books That Made Me Millions

Let’s go through 10 books that helped make Warren Buffett not millions but billions of dollars…

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Warren Buffett, one of the richest investors in the world, when asked once about the key to success, pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”.

A day in the life of Warren Buffett is essentially going to his office, sitting in his chair and reading the rest of the day. Not watching netflix, not making phone calls, not sending emails, just reading. This is the habit that made Buffett rich. But what were the key books, out of all the thousands of books that Buffett has read, what were the ones he said were the most important?…

Book 1: The Intelligent Investor

When Buffett was just 19 years old, he picked up a copy of the “Intelligent Investor, by Benjamin Graham. He later called this moment, one of the luckiest of his life because the book gave him the investing framework that he would use throughout his career.

According to Buffett, The Intelligent Investor is “By far the best book on investing ever written.”
He said “Chapters 8 and 20 have been the bedrock of my investing activities for more than 60 years. I suggest that all investors read those chapters and reread them every time the market has been especially strong or weak.”

So Chapters 8 is where Graham talks about market fluctuations, and how to stay calm plus profit from them and Chapter 20 is about margin of safety and buying stocks below their true value. Many people call this book ‘the bible on investing’…

Book 2: Business Adventures – Twelve Classic Tales from the World of Wall Street

Not long after Tech giant Bill Gates first met Mr. Buffett back in 1991, Gates asked the Oracle of Omaha to recommend his favorite book about business. As Gates recounted, Buffett “didn’t miss a beat” before naming this book, a collection of New Yorker articles from the 1960s, and promised to send Gates his personal copy.

Bill Gates, devoured the book & now says it’s the best business book he’s ever read & lists John Brooks the author as his favorite business writer.
The book holds Twelve Classic Tales from the World of Wall Street, with most of the chapters focusing on business strategies and management. The book teaches us how easy it is to lose money in the market, and how to avoid it…

Book 3: Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger

Warren Buffett first met Charlie Munger over a dinner in 1959. Immediately they hit it off, and this formed into a lifelong partnership, where they were both to end up becoming billionaires.
And Charlie Munger had a big effect on the way Warren Buffett evolved his investing style. Instead of looking for very cheap businesses where you could make some quick short-term profit (aka cigar butts), Munger taught Buffett to pay a higher price for a higher quality business. If you gave it time, this approach would end up making a lot more money…

In poor Charlie’s Almanack we learn Mungers mental models that he’s used to gain success throughout his life. This includes thinking around investing, around decision making & around life choices and the way we see the world. Warren Buffett has been known to recommend this book at nearly every annual shareholder’s meeting, he said “You will never find a book with more useful ideas,”

Book 4: Where Are the Customers’ Yachts?

One of the most important decisions that Warren Buffett made in his life, was choosing to stay in the small city of Omaha, instead of going to the financial hub of Wall Street New York.
Now you would think a man who wanted to make as much money as possible would go to a thriving business hub like Wall Street, the so called epi-center of finance. But Buffett decided to hide away in his office in Omaha…

The book “where are the customers yachts”, teaches us an important lesson in the investing world, that most big brokers are just out to make themselves money.

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