nj-classifieds.net - THE SNOWBALL: Warren Buffett and the Business of Life

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	List Price: Our Price: $27.28 Your Save: $ ( % ) Availability: Manufacturer: Bloomsbury UK
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Binding: Hardcover Dewey Decimal Number: 332.6092 EAN: 9780747591917 ISBN: 0747591911 Label: Bloomsbury UK Manufacturer: Bloomsbury UK Number Of Items: 1 Number Of Pages: 976 Publication Date: 2008-06-30 Publisher: Bloomsbury UK Studio: Bloomsbury UK
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Spotlight customer reviews: Customer Rating: Summary: To a great extent, his life has been business...and business has been his life Comment: I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham. The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included. Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man." I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood. There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him. To me, Alice Schroeder's rigorous and eloquent analysis of this theme of mutually productive and beneficial collaboration is her single greatest achievement among many in this definitive biography of one of the most important and yet least understood business leaders in recent years. Bravo! Customer Rating: Summary: Read Cover to Cover. Simply Awesome. The "official" Buffett biography. Comment: I read this book cover to cover. It was absolutely fantastic. This is absolutely a type of book to buy (and mark) rather than borrow from the library. It is worth keeping and serves as a nice reference too. This is essentially Warren's official bio as he gave the author full access to all files as well as many personal interviews. He also let the author accompany him on many trips etc. It is very helpful that the author used to be a managing director at Morgan Stanley, because it allows her to understand as well as write knowledgably and clearly about many aspects of the financial world. In fact, an excellent and very clear explanation of the U.S. subprime mortgage crisis (securitization, CDO, credit default swaps etc.) was explained by the author via the Clayton Homes example (on page 732-733). In a pithy 1.5 pages, the author gives an explanation that is crisp and accessible to the layman. She is an excellent writer, the writing is easy, accessible, and fun to read, which helped immensely in getting through this nearly 800 page book. I found the second half of the book more fascinating because it describes the culmination of many of Warren's ideas and thought processes that he realizes after decades of experience. For example, his ideas on the Ovarian Lottery (through his trip to China), the decline of the Dollar, his lessons to college students on taking care of their mind and body (genie/car example), on working for someone you admire etc.,on his reasons for donating to the Gates Foundation, his ideas on social justice and the estate tax etc. Reading this book is also interesting in that it covers and views the some of the events/changing nature of American history/society over the pass few decades through the perspective of Warren's life. Reading this book gave me great insight into this wonderful, unique, and complex man. I felt like I had a birds eye view throughout his whole life, which is a great pleasure and eye-opening to experience since he has had such an interesting and unique life. Some complained of its length. I think its fine. The length is neccessary for comprehensiveness, since this is and will be the biography of record for Buffett. Writing is so clearly written the reading is painless and enjoyable! Also, for those in a hurry, you can skip over parts that are not essential (but very enjoyable to read). Highly Highly recommend this excellent book!! Customer Rating: Summary: Very Reader Friendly Comment: I gave this to my daughter-in-law as a gift and she started reading immediately. She said it is excellent and a very reader friendly book on investing. Customer Rating: Summary: Remarkably detailed biography of Buffett Comment: Warren Buffett is "everyman" as multibillionaire. Despite his vast wealth, he has always eschewed ostentation. He pays himself about $100,000 annually, which in today's U.S. economy places him in the upper-middle-class. He lives in the same simple Omaha, Nebraska, house that he bought in 1958 for $31,500. He prefers an old gray suit to expensive London tailoring. In Buffett's early days, when he was only a multimillionaire and not a multibillionaire, he walked around with holes in the soles of his shoes. To Buffett, wardrobe doesn't matter; what matters is making money. He is better at this pursuit than anyone else in the world. In 2008, Forbes magazine ranked him as the globe's richest man, with a net worth of $62.3 billion. Author Alice Schroeder does a masterful job of chronicling Buffett's improbable, inspiring life. As a former superstar research analyst, Schroeder uses her expert knowledge of finance and commerce to detail Buffett's investment philosophy and business activities. getAbstract praises Schroeder's remarkable skills as a researcher and writer. Her book is packed with fascinating details and trenchant observations about the "Oracle of Omaha." One of the best business biographies available, this book shows how the world's greatest investor amassed the world's greatest fortune, while staying true to his essential self. Customer Rating: Summary: Withdrawl symptoms Comment: I feel withdrawal symptoms as I approach the last few pages of Alice Schroder's Snowball. I want more. I want to continue reading with two bookmarks, the extra one in the notes. I want more of Schroeder's combination of personal introspective into such a legendary guy and her keen command of investment analysis. That the topic is Warren Buffet is compelling, but the magic is Schroeder's interweaving of the hidden idiosyncrasies of this man we have read so much about, with his rationale of the investments he has made. She presents the insights gained from hundreds of interviews of people who have interacted with Buffet, together with his own words, such that I feel like a close observer of his every move. The mixture is magic; at times surprising, always informative and occasionally causing my wife to ask what I am laughing about. Schroeder has a succinct turn of phrase and a careful placement of it. More Reviews
Editorial Reviews: Shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Prize 2008 The Snowball is the first and will be the only biography of the world's richest man, Warren Buffett, written with his full cooperation and collaboration. Combining a unique blend of "The Sage of Omaha's" business savvy, life story and philosophy, The Snowball is essential reading for anyone wishing to discover and replicate the secrets of his business and life success. Warren Buffett is arguably the world's greatest investor. Even as a child he was fascinated by the concept of risk and probability, setting up his first business at the age of six. In 1964 he bought struggling Massachusetts textile firm Berkshire Hathaway and grew it to be the 12th largest corporation in the US purely through the exercise of sound investing principles - a feat never equalled in the annals of business. Despite an estimated net worth of around US$62 billion, Buffett leads an intriguingly frugal life taking home a salary of only GBP50,000 a year. His only indulgence is a private jet, an extravagance he wryly acknowledges by calling it "The Indefensible".In 2006, he made the largest charitable donation on record, with most of it going to the Bill & Melinda Gates Foundation. The Snowball provides a comprehensive, richly detailed insight one of the world's most extraordinary and much loved public figures.