In this book, Edward O. Thorp recounts his remarkable career, from inventing card counting systems to beat blackjack dealers, to developing mathematical formulas that gave him an edge in the financial markets. Thorp's story includes his invention of the world's first wearable computer to predict roulette outcomes, his detection of the Bernie Madoff scheme, and his interactions with notable figures like Warren Buffett and Rudy Giuliani. The book offers practical wisdom on investing, asset allocation, and wealth management, making it an intellectual thrill ride for readers interested in finance and mathematics.
First published in 1936, 'How to Win Friends and Influence People' by Dale Carnegie is a timeless guide to improving interpersonal skills. The book is divided into four main sections: Six Ways to Make People Like You, Twelve Ways to Win People to Your Way of Thinking, and Nine Ways to Change People Without Giving Offense or Arousing Resentment. Carnegie's principles emphasize the importance of genuine interest in others, active listening, and avoiding criticism and argument. The book offers practical advice on how to build strong relationships, communicate effectively, and influence others by aligning their self-interest with yours. It has been a cornerstone of personal development and business success for generations[2][3][5].
Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.
This book provides an unprecedented look into the life and investment philosophy of Warren Buffett. Written by Alice Schroeder, who gained unparalleled access to Buffett and his inner circle, it delves into the complexities and paradoxes of Buffett's life. The book covers his work, opinions, struggles, and triumphs, and highlights key principles such as intrinsic value, margin of safety, and long-term perspective. Buffett’s legacy is not just his wealth, but the principles and ideas that have enriched people’s lives.
What I learned from reading The Snowball: Warren Buffett and the Business of Life by Alice Schroeder.
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[0:01] What he was teaching were the lessons that had emerged from the unfolding of his own life
[4:35] The dichotomy of Warren Buffett
[9:20] Warren Buffett wants to be remembered as a teacher
[11:52] Buffett’s idea of Inner scorecard vs Outer scorecard
[13:49] Warren Buffett’s early family life
[18:03] Learning to avoid the habit of thinking in only one direction (18:03),
[24:30] Warren’s WHY
[29:58] A young troublemaker and how Warren’s dad convinced him to change his behavior
[32:20] Warren did what you are doing right now: Since a young age Warren had studied the lives of men like Jay Cooke, Daniel Drew, Jim Fisk, Cornelius Vanderbilt, Jay Gould, John D. Rockefeller, and Andrew Carnegie.
[33:48] Turning a rejection into one of the best things to ever happen to him
[38:30] Mimicry instead of independent thought: Warren didn’t understand why they couldn’t see what was right before their eyes.
[42:20] One of the most inspiring things about reading biographies is you are constantly reminded that we all have the ability to improve. A young Warren Buffett was so afraid of public speaking he would vomit.
[48:06] Warren learning from and working with his idol: Ben Graham
[52:20] Warren’s advice for everyone: Sell yourself an hour a day
[57:28] Intensity is the price of excellence and examples of people Warren wanted to do business with
[1:01:08] Warren Buffett is an obsessive/Munger would later call Buffett an implacable acquirer, like John D. Rockefeller in the early days of assembling his empire, who let nobody and nothing get in his way. (1:01:08),
[1:13:10] Warren Buffett on his biggest mistake
[1:16:11] What Buffett valued in the lives of others/His idea about claim checks
[1:19:25] His “Twenty Punches” approach to investing
[1:22:38] Warren’s answer to the question, “What has been your greatest success and greatest failure?”
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