Books

What billionaires read – ten recommendations from Warren Buffett

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Warren Buffett devotes 80% of his free time to reading. What books did he like so much that he recommended them to the shareholders of his own company and Bill Gates – in a selection of RBC Trends

Warren Buffett is a billionaire and head of investment firm Berkshire Hathaway. According to Forbes, he is among the ten richest people in the world – as of August 2021, his fortune is estimated $ 105 billion

“A Smart Investor: A Complete Guide to Value Investing”Benjamin Graham

Despite a fairly solid age for business literature – the first edition was published in 1949 – the book is still popular with investors at various levels. For Buffett, this book was the first step toward a multibillion-dollar fortune. Its main advantage is it calls a clear statement of the principles on which the market operates. Rather, Mr. Market is a business partner that can also make emotional decisions, but they do not reflect the real price of the company and its shares. Graham’s work is about how to make the collaboration with “Mr. Market” the most fruitful.

“Business adventures. 12 Classic Wall Street Stories »John Brooks

This book is recommended by two billionaires at once: Bill Gates and Warren Buffett, and the first learned about it from the second, when he asked for advice on a good book about business. At its core is the history of corporate America as it was forty years ago. In the classic stories, Brooks talks about market variability, the insights of financiers and investors, the principles of business management and how companies should behave in crisis situations and, more importantly, in times of take-off.

“Investors against speculators. Who actually manages the stock market “John Bogle

According to the founder of the first in the history of the investment fund available to the general public Vanguard 500 John Bogle, the modern investment market has become a market of speculation. This book is an attempt to demonstrate the truth of his own statement and explain why long-term investment still outweighs aggressive speculation. In 2012, Buffett included this book is on the list of Berkshire Hathaway shareholders recommended.

“Rules of the best CEO”William Thorndike

The book is based on the success stories of eight CEOs who prefer a radical approach to running a company. Buffett calls The Rules of the Best an outstanding book about CEOs who have “succeeded in allocating capital.” One of the success stories is about Cap Cities / ABC CEO Tom Murphy. Buffett considers Murphy is the best business manager he has ever met.

“A thousand ways to earn $ 1,000”Francis Minaker

Minaker’s work was the first book that inspired Buffett to start investing and running a business. He found her in the library of his hometown of Omaha when he was seven, and then he realized what he wanted to dedicate his life to. Buffett tried some of the ways to make money in adulthood, others – selling lemonade – in his youth. The rules of business and effective business models from Minaker’s book remain relevant even more than 80 years after the book was published.

“Ordinary shares and extraordinary income”Phil Fisher

This book is a collection of three papers on investment from securities specialist Phil Fischer. His work in the field of investment is considered a classic and does not lose relevance even ten years after writing. On opinion Buffett, the book is in the top 3 books on investment, second only to the work of Benjamin Graham. In this book, Fisher tells how to choose companies in which to invest in the future, how to properly compile an investment portfolio and how to mark the perfect time to buy and sell shares.

“About the most important thing. Non-trivial lessons for a thinking investor “Howard Marx and Paul Johnson

This book is a collection of important lessons from investor Howard Marx and Columbia University Business School professor Paul Johnson, but it does not contain ready-made recipes for successful investing. Its main goal is to teach the reader to make decisions as an investor and not make mistakes of beginners. The book consists of three large blocks, where one is devoted to market overview, the second – to the characteristics of investors, and the third the authors explain how to connect one with the other and draw conclusions.

“The Great Crash of 1929”John Kenneth Galbraith

One of the first and most important books to explain the stock market crisis of the late 1920s is the extensive research work of a Harvard University professor of economics and author of The New Industrial Society. we can learn from history to prevent such a situation again.

“My years at GE”Jack Welch

Former General Electric CEO Jack Welch has headed the company for 20 years, and after resigning decided to write a book about how he turned the company, which many wrote off, into the world’s largest public corporation. This autobiography tells how perseverance and the ability to play in a team helps in life, business, as well as in the analysis of one’s own mistakes and reasons for success. Welch is not afraid to share the secrets of his own success, which makes the book not only fascinating but also useful.

“Stress Test: Memories of the Financial Crisis”Tim Geithner

Managing a company in times of crisis is difficult, managing an entire economy is much more difficult. Former US Treasury Secretary Tim Geithner’s book tells the story of the management of the national economy during the financial crisis. Geithner seeks to explain events and their consequences in simple language, which makes the book understandable to the reader without economic education. At the same time, it has enough retrospective analysis of events, which will appeal to specialists in the field of finance and economics. On opinion Buffett, this book must be read by every manager.

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