Book Reviews

World’s Richest Person Warren Buffet thinks, you should read these books

Warren Buffet

Warren Buffet:- ‘The Intelligent Investor’ by Benjamin Graham

When Buffett was 19, he bought up a copy of legendary Wall Streeter Benjamin Graham’s “The Intelligent Investor.”

“To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information, What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must provide the emotional discipline.”

– Warren Buffet

‘Security Analysis’ by Benjamin Graham and David L. Dodd

Warren Buffett said that “Security Analysis,” another groundbreaking work of Graham’s, had given him “a roadmap for investing that I have now been following for 57 years. Ben was this incredible teacher; I mean he was a natural.”

‘Common Stocks and Uncommon Profits’ by Philip Fisher

Warren Buffet 'Common Stocks and Uncommon Profits' by Philip Fisher

 Investor Philip Fisher is specialized in investing in innovative companies and thats why Buffett holds Philip Fisher in the highest regard.

“I am an eager reader of whatever Phil has to say, and I recommend him to you,” Buffett said.In “Common Stocks and Uncommon Profits,” Fisher emphasizes that fixating on financial statements isn’t enough — you also need to evaluate a company’s management.

Stress Test: Reflections on Financial Crises by Tim Geithner

'Stress Test: Reflections on Financial Crises' by Tim Geithner

As per Warren Buffet, “the former US secretary of the Treasury’s book about the financial crisis is a must-read for any manager.”
Lots of books have been written about how to manage an organization through tough times. Almost none are firsthand accounts of steering a wing of government through economic catastrophe.”This wasn’t just a little problem on the fringes of the U.S. mortgage market,” Geithner writes. “I had a sick feeling in my stomach. I knew what financial crises felt like, and they felt like this.”

‘The Essays of Warren Buffett’ by Warren Buffett

Warren Buffet 'The Essays of Warren Buffett' by Warren Buffett

“What could be more advantageous in an intellectual contest, whether it be chess, bridge, or stock selection than to have opponents who have been taught that thinking is a waste of energy?” Buffet asks.

 ‘Jack: Straight from the Gut’ by Jack Welch

'Jack: Straight from the Gut' by Jack Welch

In his letter, Warren Buffet endorses “Jack: Straight from the Gut,” a business memoir of longtime GE executive Jack Welch, whom Buffett describes as “smart, energetic, hands-on.”Buffett’s advice: “Get a copy!”

‘The Outsiders’ by William Thorndike Jr.

Warren Buffet 'The Outsiders' by William Thorndike Jr.
In his letter, Buffett praises “The Outsiders” as “an outstanding book about CEOs who excelled at capital allocation.”
The book — which finds patterns of success from execs at The Washington Post, Ralston Purina, and others — has been praised as “one of the most important business books in America” by Forbes.

‘The Clash of the Cultures’ by John Bogle

Warren Buffet 'The Clash of the Cultures' by John Bogle

Bogle’s “The Clash of the Cultures” is another recommendation from the letter.In it, Bogle, creator of the index fund and founder of Vanguard Group, now managing upward of $3 trillion in assets — argues that long-term investing has been crowded out by short-term speculation.

‘Business Adventures: Twelve Classic Tales from the World of Wall Street’ by John BrooksWarren Buffet 'Business Adventures: Twelve Classic Tales from the World of Wall Street' by John Brooks

 When Bill Gates asked Buffett for his favorite book. In reply, Warren Buffet did send Bill his own copy of “Business Adventures,” a collection of New Yorker stories by John Brooks. Gates says that the book serves as a reminder that the principles of building a winning business stay constant.

He wrote: For one thing, there’s an essential human factor in every business endeavor. It doesn’t matter if you have a perfect product, production plan, and marketing pitch; you’ll still need the right people to lead and implement those plans.

‘Where Are the Customers’ Yachts?’ by Fred Schwed
Warren Buffet 'Where Are the Customers' Yachts?' by Fred Schwed

“The funniest book ever was written about investing,” Warren Buffett proclaimed in his 2006 shareholder letter, “it lightly delivers many truly important messages on the subject.”

‘Essays in Persuasion’ by John Maynard Keynes

Warren Buffet 'Essays in Persuasion' by John Maynard Keynes Warren Buffet

This is the collection of writings by the legendary economist. It was published nearly a century ago.Buffett’s opinion, “Reading Keynes will make you smarter about securities and markets,” he told Outstanding Investor Digest in 1989. “I’m not sure reading most economists would do the same.”

‘The Little Book of Common Sense Investing’ by Jack Bogle

 Warren Buffet 'The Little Book of Common Sense Investing' by Jack Bogle

In his letter, Buffett recommended reading this book over listening to the advice of most financial advisers.

‘Poor Charlie’s Almanack’ edited by Peter Kaufman

'Poor Charlie's Almanack' edited by Peter Kaufman

This is the collection of advice from Charlie Munger, vice chairman of Berkshire Hathaway, got the attention in Buffett’s 2004 shareholder letter.

“Scholars have for too long debated whether Charlie is the reincarnation of Ben Franklin,” Warren Buffet wrote. “This book should settle the question.”

‘The Most Important Thing Illuminated’ by Howard Marks

'The Most Important Thing Illuminated' by Howard Marks Warren Buffet

Marks, chairman and cofounder of Oak Tree Capital, intended to wait until he retired to write this book, as noted in a review. But Buffett admired Marks’ client memos that he offered to write a dust-jacket blurb if Marks would publish the book sooner.

The result is “a rarity, a useful book,” Warren Buffet reportedly said.

‘Dream Big’ by Cristiane Correa

'Dream Big' by Cristiane Correa

Warren Buffet recommended the book at the 2014 Berkshire Hathaway shareholder meeting.

‘First a Dream’ by Jim Clayton and Bill Retherford

'First a Dream' by Jim Clayton and Bill Retherford Warren Buffet

Warren Buffet credits Clayton’s autobiography with inspiring him to invest in Clayton Homes in 2003. In his letter, he wrote that the book was a gift to him from students at the University of Tennessee.

Warren Buffet did tell the students how much he enjoyed the book, and they urged him to call Kevin Clayton, Jim’s son and the company’s CEO, to praise directly.

“Soon thereafter, I made an offer for the business based solely on Jim’s book, my evaluation of Kevin, the public financials of Clayton,” and his experience buying “distressed junk” from Oakwood Homes, a retailer of manufactured homes that he later purchased after it filed for bankruptcy.

‘Take on the Street’ by Arthur Levitt

'Take on the Street' by Arthur Levitt

In Buffett’s letter, he explains “how accounting standards and audit quality have eroded in recent years.” He did cite the downfall of Arthur Andersen accounting.”The details of this sordid affair are related in Levitt’s excellent book, Take on the Street,” Warren Buffet writes.

‘Nuclear Terrorism’ by Graham Allison

'Nuclear Terrorism' by Graham Allison

In his letter, Warren Buffet called it a “must-read for those concerned with the safety of our country.”

‘Limping on Water’ by Phil Beuth and K.C. Schulberg

'Limping on Water' by Phil Beuth and K.C. Schulberg

This recommendation from Buffett’s letter tells the story of Phil Beuth’s 40-year career with Capital Cities/ABC-TV. It’s a personal recounting of Beuth’s journey from a boy afflicted with cerebral palsy, his family struggling to make ends meet, to a top media executive.In his review of the book, Warren Buffet said:“Cap Cities will forever represent the gold standard for ethical corporate behavior accompanied by incredible financial performance. Tom Murphy and Dan Burke [former Capital City/ABC-TV executives] were the architects of these two achievements. Phil Beuth gives you a ringside seat to view this remarkable story.”

‘Warren Buffett’s Ground Rules’ by Jeremy C. Miller

'Warren Buffett's Ground Rules' by Jeremy C. Miller

Another recommendation from Buffett’s letter, this book is a compilation of Buffett’s letters — specifically, those he sent to his partners while managing Buffett Partnership Limited between 1956 and 1970. Readers get a glimpse into how Buffett built his investing strategy off the teachings of legendary investor Benjamin Graham.

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