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    Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor

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    by Janet Lowe, Warren Buffett

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    Hardcover

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    • ISBN-13: 9780470152621
    • Publisher: Wiley
    • Publication date: 08/31/2007
    • Edition description: REV
    • Pages: 288
    • Product dimensions: 7.20(w) x 5.26(h) x 1.04(d)

    Janet Lowe is the author of the bestselling Bill Gates Speaks and Jack Welch Speaks. Her articles have appeared in such publications as Newsweek, the Christian Science Monitor, the Los Angeles Times, and the San Francisco Chronicle.

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    Table of Contents

    Acknowledgments xiii

    Introduction 1

    ABOUT LIFE 13

    Omaha? Omawhere? Omawhat? 13

    Live how you want to live 15

    Eat what you want to eat 15

    Have a hobby 16

    Be passionate 19

    Aim high 20

    Aim well 23

    Focus on your goals 23

    Keep life in perspective 23

    Be honest 27

    Tell the whole truth, please 28

    Letter to the Wall Street Journal 30

    Cultivate good character 36

    Believe in yourself 37

    But don’t get too stuck on yourself 38

    Dodge the hype 44

    Share your wisdom 44

    Disregard old age 45

    ALSO: Attention Investors: Warren Buffett is crossing the street 20

    Nice guys finish first—sometimes 24

    Choose your heroes well 40

    Rose Blumkin, matriarch of the Nebraska Furniture Mart 47

    ABOUT FRIENDS 51

    Know what friendship is 51

    Go to bat for your pals 51

    Guiding Governor Schwarzenegger 52

    Build lifelong friendships 54

    ALSO: Charlie Munger 54

    ABOUT FAMILY 58

    Don’t spoil your kids 58

    The Buffett children 62

    Work things out with your wife 75

    Be kind to your mother 81

    ALSO: What others say about Warren Buffett 70

    Astrid Menks, Buffett’s second wife 78

    The controversial Susan T. Buffett Foundation 79

    What Leila Buffett had to say about her son 82

    What the critics say 82

    ABOUT WORK 85

    Work for the fun of it 85

    Start early 88

    Work where you want to work 89

    Work with good people 90

    Give a pat on the back 92

    Be loyal to your partners 93

    Guard your time 95

    Know when to quit 97

    ABOUT RUNNING A BUSINESS 99

    Communicate well 99

    Know when to say no 100

    Set an example 101

    Take care of shareholders 104

    Hire well, manage little 110

    Put a premium on experience 111

    Be smart about allocating capital 111

    Be brave 112

    Use crossover skills 112

    The mighty machine called Berkshire Hathaway 113

    ALSO: The Berkshire Hathaway annual meeting 102

    Goodbye to a good idea 106

    The Salomon scandal 108

    Berkshire Hathaway online 109

    ABOUT INVESTING 116

    Have a philosophy 116

    Recognize the enemy: inflation 117

    Experience epiphany 119

    Never mind what the professors say 125

    Meet Mr. Market—your servant, not your guide 126

    Ignore Mr. Market’s moods 129

    Listen for opportunity’s call 130

    Know the difference between price and value 133

    Seek intrinsic value 133

    Expect to be out of step 134

    Earnings, earnings, earnings 137

    Look forward, not back 138

    Avoid risk 139

    Don’t gamble 141

    Watch for unusual circumstances 143

    Don’t be surprised by circumstances 143

    Avoid excessive debt 144

    Look for screaming bargains 145

    Arbitrage when possible 145

    Be patient 148

    Think for yourself 149

    Have the right tools 150

    Be wary of Wall Street 151

    Only buy securities that you understand 152

    An old dog prowls new markets 153

    PetroChina 155

    An expanding circle of competence 157

    Buy reading glasses 160

    Become an investigative reporter 161

    Keep it simple 162

    Think big 164

    Know what you’re looking for 166

    Don’t sweat the math 167

    Admire frugality 169

    Set realistic goals 171

    Face facts 171

    Expect change 174

    Be capable of change 175

    Admit your mistakes 182

    No thumb sucking 185

    Join AA (Airlines Anonymous) 186

    Learn from your mistakes 190

    Buy storybook stocks 191

    Seek excellent companies 193

    Stick with quality 196

    Junk bonds 197

    Appreciate franchise value 199

    Respect pricing power 202

    Find a company with cheap float (then try to not misplace the company) 203

    Learn to like Monopoly 204

    Find managers who think like owners 205

    Management is important, but a good company is more important 206

    Avoid the Institutional Imperative (the tendency for corporations to act like lemmings) 206

    Favor companies that repurchase their own stock 207

    Don’t worry about diversification 207

    Invest for the long term 208

    To sum up 209

    And when you’ve become wealthy by following in the footsteps of Buffett, pay your dues to society 210

    Investing is one way of contributing to the public well-being 210

    When rewards are disproportionate 211

    Pay your taxes and don’t complain 214

    Give as generously as you receive 218

    Thoughts on charitable giving 223

    Will Buffett’s gift affect the company? 226

    The last word 227

    ALSO: Benjamin Graham 120

    The Used-Cigar-Butt School of Investing 135

    He tells them, but they don’t listen 172

    Baby Berkshire shares 175

    What does the Bill and Melinda Gates Foundation do? 224

    Berkshire’s Book Value vs. the S&P 500 231

    Berkshire Hathaway Share Price 233

    Time Line 235

    Endnotes 241

    Permissions 271

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    When Warren Buffett Speaks. . . people listen.

    "If people want to improve their investing skills, it has to help to study how the Master does it. This short book outlines Buffett's philosophy and techniques."
    —Peter S. Lynch, Fidelity Investments

    "Common sense with a deft irony . . ."
    —John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing

    "It was Warren Buffett's thoughts and philosophy that first captivated investors. Janet Lowe has done us all a great service by collecting and arranging Warren Buffett's wit and wisdom in an easy-to-read and enjoyable book."
    —Robert G. Hagstrom, Portfolio Manager, Legg Mason Growth Trust mutual fund, and author, The Warren Buffett Way, Second Edition

    "A must-read. Buffett's wit and wisdom is a roadmap for anyone looking to succeed in business, investing, and life."
    —Steve Halpern, Editor, www.thestockadvisors.com

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