WARREN BUFFETT SPEAKS PDF

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Warren Buffett Speaks Pdf

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Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor [Janet Lowe] on bestthing.info *FREE* shipping on qualifying offers. When Warren. “The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individu- als in the. When Warren Buffett started his investing career, he would read , , or 1, pages a day. Even now, he still spends about 80% of his.

Why was the making of money driving him so hard that he was always reading about it? This time the Buffetts were luckier than before. They moved into a house in Spring Valley, a suburb of Washington. The house was located near Massachusetts Avenue. In back there was nothing but woods. It was a beautiful spot for a place to live, but Warren rebelled against it because he simply did not like the atmosphere of Washington.

His parents enrolled him in Alice Deal Junior High School, and even with the lively excitement of getting back to school, Warren did not take to it at all. But there was one thing he did do—instinctively. He got himself a job. He delivered newspapers—the Washington Post.

He was as meticulous as ever about his business dealings, and he kept accurate records of every cent he made in delivering the Post. As for his life at school, he was in for an unhappy year. Because his scholarship was down, his teachers took to upbraiding him; they knew he was smarter than his grades now showed.

There was one hitch. When he had enrolled at Alice Deal, he had been forced to skip a grade, and that made him just a bit young for his snooty classmates. And because he was used to dressing a bit independently, he appeared slovenly to his Washington peer group—the oddball.

For thirteen-year-old Warren Buffett, this was an unusual and dismaying role. He delivered his papers and kept his records with great care, but at the end of his first year in Washington, with vacation giving him some time to think, he decided that he had had it with the capital of the country.

With a friend, Roger Bell, and another school acquaintance, he did what many a contemporary romantic of his age was already doing—he hit the road to see America firsthand.

There was a golf course in Hershey, Pennsylvania, and Warren knew that the three of them could make a bit of spare change staying there a few days and caddying for the golfers.

They hitchhiked the first day and arrived that night in Hershey, where they got a room at the Community Inn. The police took them into custody for questioning the very next morning, early. Three young boys, no matter how they dressed or how they looked, made up a trio that certainly attracted the attention of the law. Nevertheless, the three boys were pretty astute with their tongues, and managed to talk their way out of the trouble they had landed themselves in. And in the end they were ignominiously hauled back to Washington.

In spite of the fact that he was embarrassed and upset about the whole business, Warren felt that he had learned a lesson about running away from home. The fun had gone out of the venture immediately when the three of them were being questioned by the police officers, who had plenty of experience dealing with teenagers on the run. Warren decided it was time for him to settle down.

He would even try to make himself fit into the new pattern his folks had devised for him. Howard Buffett, the congressman, was absolutely livid with rage at this bit of petulant mutiny by his son. Although he was seething, he tried to hold in his anger as he sat down for a talk with Warren. What was the matter with him? He said that Warren had better get his grades straightened out or the family would do something about it.

Warren found himself in a position he had never been in before. He had made a mistake in going off to Hershey; he knew that now. But he was not so sure he could bring his grades up. The truth was, he was just not interested in schoolwork. He was more interested in work work: getting the papers delivered.

And so he took exactly the opposite tack almost anyone else would have taken to handle his problem with his father.

He did not cut back on his paper route in order to concentrate more on his studies. Instead, he expanded it. The main competitor of the Washington Post in those days was the Times-Herald.

And that was where Warren went to expand his delivery service. He took over delivery of the Times-Herald in roughly the same geographical area. Indeed, Warren Buffett managed to monopolize the newspapers in his part of the city. It amused him greatly to have a subscriber of the Post suddenly cancel his subscription and call up for the Times-Herald.

He expanded in a new dimension by adding four new routes to his original one. By the time fall had rolled around, he was delivering five hundred newspapers each morning. That meant getting up at about in the gray a. To his newspaper business he added the selling of magazine subscriptions. He would keep track of the magazines read by each of his newspaper customers by finding copies in the trash cans and ripping off the address labels, which had the expiration date printed on them.

Then he would appear at just the right moment and get a commission on the new subscription. There were other business wrinkles that Warren worked out as well.

Warren Buffett:: Master of the Market

People were constantly moving in and out of the busy apartments in wartime Washington. In order not to be stiffed by a customer who moved without paying, Warren gave a free paper to the elevator operators for letting him know when a customer was departing so that he could collect beforehand. He was already a full-fledged businessman. He did not feel at all like a member of the landed gentry.

But owning that farmland made him feel a whole lot better about himself and his prospects for the future. He was now attending Woodrow Wilson High. His success with his paper routes and other business ventures gave him a self-confidence that he had lacked before.

He felt that he had a pretty good idea of what he wanted to do in life after he got out of school. In high school he seemed to attract a number of friends with his never-flagging interest in money matters. He got together a group of his peers and they went out and hunted golf balls to sell to the local golfers.

In the process he became a pretty good golfer. At least he was good enough to be on the high school golf team.

Donald Danly was the son of a Justice Department attorney—and was a brilliant student.

His main interest in life was science, but he was also a very good mechanic. He and Warren began hanging around together and it turned out that Danly, like Warren, had an interest in numbers. He loved to sit and reel off long series of two-digit numbers and wait for Warren to come up with the sums. The two were interested in the odds of numbers —poker hands, or bridge hands, or even the number of people in the same room who might have been born in a particular month of the year.

When it broke, which was often, Danly would fool around and get it going again.

Then Warren got a great idea: Why not put the pinball machine to work for them? There were loads of barbershops nearby where they could set one up. One barber agreed to a fifty-fifty split.

And the amount kept on building. Within a few weeks the boys had three machines in three barbershops. Warren supplied the money to download more and more secondhand machines; Danly was there to fix them when they broke. The barbers simply called them up when the machines jammed, and Danly and Warren would appear to fix them. Warren was not naive about the business he and Danly were in. He knew that there was plenty of danger from the mob, which actually controlled the pinball business all around Washington.

And Warren lied just a little. He made it appear as if he and Danly were working for the mob—and not in direct competition to it. We pretended like we were these hired hands that were carrying machines around and counting money. His father, who had insisted he wanted to serve only one term in Congress, was reelected in , and again in Warren graduated from high school in June , placing sixteenth in a class of His father immediately began advising him on what college to go to.

He argued that a good business school like the Wharton School of Finance and Commerce at the University of Pennsylvania might be just the place for Warren.

In fact, that was the very school Danly had selected. So Warren applied and was accepted. It was not difficult at all for Warren to settle down in the sedate atmosphere of the business school campus. The problem was that he could not seem to find anything of value in the studies. He hated this dreamlike academic world that blurred theory and reality. Instead of discovering new ways to make a hard profit from a business, he found himself listening to and reading over hackneyed lessons in the theory of supply and demand.

Well, he already had a pretty good idea of what that was! He was a lot more sociable in college than he had been in high school. He was rushed and pledged Alpha Sigma Phi in his freshman year. During that year he roomed with a friend from Omaha. Soon enough he ran into another freshman who would turn out to be a very good friend. He came from Brooklyn. Warren helped Orans get into the swing of campus life—Orans felt himself to be some kind of weirdo, coming from Brooklyn and all, thrown in with all the rest of the hip suburban college kids.

Orans immediately clicked with Warren. He had a quick wit and a startlingly bright outlook on life. The first year at Wharton passed quickly. In his sophomore year Warren moved into the Alpha Sigma Phi house. He was amused at the stodginess of the architecture: the house was a Victorian-type mansion with a huge spiral staircase and lofty ceilings.

But he fit in nevertheless, much more than he had in high school. When he played cards, he played to win. And he usually did.

Another side of Warren came out during his fraternity days. In spite of his general aloofness and his natural silence, he was a born conversationalist. At the fraternity, with an audience always on hand, he began to emerge more and more as the funniest guy around, a born raconteur. He cultivated a kind of offbeat Midwestern humor—a style that was a grassroots caricature, actually.

His insights were usually couched in homespun words and phrases that made them that much more pungent and enjoyable to his city-bred brothers. Within ten minutes he could get an entire roomful of people over to his chair, listening raptly to him and exchanging bon mots in rapid-fire sequence. And how the aphorisms soared! His fraternity brothers loved him. He became a kind of showpiece when there were parties at the house. And Warren always obliged. Without saying anything to anybody, Warren decided to return to Omaha, too, to see if his luck would change any.

There were no business ventures to hold him to Philadelphia. Only the college. Why not switch colleges as well? Nebraska called, Wharton repelled. No one ever tackled the school the way Warren Buffett did. His entire schedule of courses was put together to get him out of there in one year rather than two.

He took five courses in the fall of and six in the spring of These were courses in economics and in business. He also took on a newspaper job, supervising paperboys in six rural counties for the Lincoln Journal.

It paid seventy-five cents an hour for all its intricacies and headaches, and the circulation manager was unsure whether or not Buffett could handle the job. Buffett, however, was definitely excited to make the position a success. It was indeed a man-sized job, as he found out once he had started. This time he worked it with a remote partnership with Jerry Orans.

Warren would collect the balls and send them back to Orans in Philadelphia. He was still moving at breakneck speed in his college career. He took three courses during the summer in Omaha, living at home with his parents, in order to finish the program he had enrolled in.

He graduated with a B. He continued his correspondence with Orans, who had been a grade ahead of him, and was now opting for Columbia Law School.

But Warren had other, bigger plans. Big Jerry, reconsider and join me at Harvard. He took the train to Chicago, where he was scheduled to meet an alumnus of Harvard Business School who agreed to look him over as a possible candidate.

It was not an auspicious meeting. Warren Buffett was only nineteen years old, and not altogether a polished individual in spite of his high I. In addition, he had never bothered to study his wardrobe the way some college students did.

He was exactly what he appeared to be, the image of the Midwestern hick. The interview was mercifully brief—ten minutes at the outside. Years later Warren commented on it, intimating that everything was against him—especially the image he projected at that time.

They decided 19 was too young to get admitted and advised me to wait a year or two. Therefore I am now faced with the grim realities of life since I start paying room and board here in four weeks.

Presently, I am waiting for an application blank from Columbia. They have a pretty good finance department there, at least they have a couple of hot shots in Graham and Dodd that teach common stock valuation.

Benjamin Graham had become known as the dean of the securities profession. He and David Dodd had authored a textbook that effectively staked out the field.

In addition, Graham had written a second book, The Intelligent Investor, which Warren had read—avidly. Graham was born to Benjamin Grossbaum in London in , but was brought to New York a year later when his father opened a branch of an import business. His approach was to spot companies so cheap that they were free from risk.

And his approach obviously worked. Graham was in clover. When the Crash came, the Joint Account lost 20 percent. The real trick was in valuating a company—that is, determining its true worth rather than the worth the company wanted the public to apply to it.

Benjamin Graham had twenty students at Columbia in —one of them Warren Buffett, who turned the lessons into dialogue. Graham introduced his ideas in typical Socratic manner, and Warren had the answer out sometimes before the question was fully phrased. Graham loved cheap stocks, those that could be picked up almost free. He was a master at explaining to his students how to read financial statements and spot frauds in them.

What he was teaching them was the way to extract a fair value from all the gobbledygook that went into the published material the company sent out. Warren graduated from Columbia in and decided to get into stocks immediately. He told Graham that he would gladly go to work for Graham-Newman for absolutely no compensation.

Graham said no. Warren was flabbergasted. Later, when people asked Warren what he thought caused the Great Man to refuse his prize student, Warren usually turned to a nonserious, joking response.

He worked there from to But meanwhile, other things were taking place in the life of Warren Buffett. Once he met Susan during the summer of , Warren began going out with her.

And he bored Susan to death. His conversations with women usually involved minute trivia, idiotic brain-teasers, or conundrums of one kind or another. As time passed, when he came in the front door, she started going out the back door.

Warren ended up talking to her father, wooing her through him, as it were. The young man was a fair hand with a ukulele. And so these two made beautiful music together, while Susan slipped out the back door and made beautiful music with a fellow named Milton Brown, a Union Pacific mail handler.

The music finally won the day. And she eventually began going out with him again. Then, to her shock, she discovered that he really did have a sense of humor under that exterior of trivia and off-putting brain-teasers.

They were married in April at Dundee Presbyterian Church. But [her father] became very pro-me. It was two against one. On the way to the car Warren noticed a Cadillac parked at the curb of a company headquarters. He got inside the building and talked to the company president while his nineteen-year-old bride waited in the car, fuming.

After all, he just had to talk business with a man he knew was at the top of the heap, at least in one company. Yet it was hardly the be-all and end-all of his existence. The newly married Buffetts moved into an inexpensive three-room apartment in Omaha that was in no way the household Susan had envisioned when she agreed to marry him.

Although Warren worked hard at Buffett-Falk, he had other dreams, and he continued to invent little things that might get him into a position that would be better for him than his stint at Buffett-Falk. But all that, of course, would take time. What he still wanted, of course, was to work for Ben Graham in New York. Graham had been adamant in his refusal, but Warren thought he had a way of convincing Graham of his worth. I tried to suggest ideas. Aunt Alice was his first customer. They sold automobile insurance by direct mail, usually to government employees.

But Benjamin Graham was chairman of the company, and, for Warren, that was reason enough to invest in it. Indeed, it was a good stock for his aunt to download. Within two years it doubled in value. But Aunt Alice was not his only customer. He sold to anyone who would download.

And in his hunt he uncovered little jewels of stocks that were unwanted by a public that had never heard of them but that were solid investments going begging.

All these were trading at three times their earnings or less. Warren Buffett was right in grasping these fine little treasures. Even when he managed to sell one of those favorite stocks, his commission was smaller than those of the other brokers in the office—because the stock was usually trading for less!

That made his customers chalk him up as a novice. Meanwhile, his marriage was thriving. On July 30, , a daughter, Susan, was born. The Buffetts were still living in the confines of their tiny stuffy apartment, but somehow wife Susan managed to cope. Warren kept up his correspondence with Benjamin Graham, sending him tout sheets for stocks he had found in his researches, and discussing Wall Street gyrations with him.

Somehow it might pay off, Warren thought. At least he hoped so. A born moneymaker like Warren Buffett could not keep his hands off a new business venture when it suddenly presented itself to him.

And so he bought into a Texaco gasoline station and downloadd some acres of real estate to go along with the farmland he already owned. Neither venture worked out, though. Warren sadly closed the curtain on them and turned elsewhere for his next move. In fact, Warren knew he was ineffective in front of a crowd, in spite of the fact that he was excellent in a chair with people all around him—smaller numbers of them, at least.

He invested in a public speaking course run by one of the most famous names in public speaking history, Dale Carnegie. The Carnegie class helped him smooth his speech patterns and taught him how to organize his thoughts before plunging in with an essay of some kind.

He finally managed a process where he could come up with a theme, develop it point by point almost instantaneously in his head, and speak to those points in order as he stood there. What those ongoing education students wanted more than anything else were tips on the stock market —specifically, what stock was going to go up and up and up.

It got to be amusing to watch the members of his class ask questions about a certain company with a kind of throwaway jauntiness—especially when Warren knew exactly what they wanted to know about the stock. download it? Pass it up? He figured he had come by the information about the companies the hard way and it was going to remain in his head and in his head alone, where no one else could get at it—until after he acted on the stock.

Not only did Warren tell his class not to ask anyone else about stocks, but he warned them not to take any advice others might give them on a stock—especially if the others were brokers. The fact was that brokers were usually wrong; they would be touting a stock by the time it had already become popular and was ready to slow down, hit a plateau, or even go zooming down instead of up.

But the moderate Republican cut him down: Roman Hruska was nominated instead. It was a bad year for Howard but a good year for Warren.

Shortly after Howard lost the nomination, Warren got a telephone call from New York. It was Benjamin Graham. He offered Warren a job with Graham-Newman. The office was not in the Wall Street area. It was located on Forty-second Street, right across the way from Grand Central Station, where Warren arrived each morning on the train. The money was good; the stock market was thriving; everything should have been hunky-dory.

And yet there was restraint in the air. All was not completely well in the world of money. The Street was still in the command of men who had gone through the debacle. The market was at and the old men remembered what had happened when it got high before.

They were scared. Graham had been there. He could feel the angst in the air.

Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor, 2nd Edition

The good thing about mutuals was that the good investments neutralized the bad ones so that the result was usually always some kind of a plus. But the all-important search for good companies to download stock in persisted, and Graham had not changed his ideas one bit since his days of teaching at Columbia. Warren knew how to please Graham. Net working capital was the total of current assets such as cash, inventory, and receivables, not including plant and equipment, after deducting all liabilities.

Warren deduced that trading the stock for beans and simultaneously selling beans on the commodities market—where the price had soared—would produce a huge profit. The profits were good and my only expense was subway tokens. He was way ahead of his peers, as usual. Graham was reluctant, unconvinced that it would work out. Warren bought it for his own account, and it turned out fine for him.

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Another time, an obscure insurance stock known as Home Protective was offered by a Philadelphia broker at 15 a share. There was nothing written up about the company.

Warren went to the state insurance office, in Harrisburg, and dug up the facts. Home Protective was a steal. Yet Jerry Newman, a far less pleasant man than Graham, rejected it.

Warren bought it for his own account. Home Protective went up to 70 soon afterward. Warren had been right again. Working with Graham was a different thing from taking classes from him, Warren discovered. It was not to be.

Everybody liked him. Everybody admired him [and] enjoyed being around him…but nobody got close. He wanted to invest in stocks and make money grow. To Warren, it seemed that the two partners were really sitting on the money rather than getting it ready to invest and work for them. I was getting excited all the time. I was a wonderful customer for the brokerages. Trouble was, everyone else was, too. His whole life changed.

He began writing for the financial journals, along with preparing lectures for the classroom. His personal life became a checkered thing. He had always had a roving eye, and mistresses were all a part of his general schema. Now, in Beverly Hills, he lived with his wife and his French mistress. He spent lavishly, declaring that anyone who died with more than a million dollars in his possession was a damned fool.

It was time for Warren too to decide what to do with the rest of his life. While working for Graham-Newman, he had invested on his own, and had actually done better than the company. He now had a kitty to work with—and he wanted to do something big with it. Anyone who knew Warren could have guessed what he was going to do next. He had made the same move many times before in his life. He packed up his family and moved back to Omaha.

The Warren Buffetts arrived there on May 1, , and rented a house to live in temporarily while Warren shopped around for a place to download. The rented house was on Underwood Avenue, not far from the Buffett grocery store. He pooled money from friends and relatives and founded a thing called Buffett Associates, Ltd. Peterson, Jr. Monen, Jr. All I want to do is hand in a scorecard when I come off the golf course.

He would be receiving 25 percent of all the profits above 6 percent annually, with deficits carried forward. The partnership got off to the kind of start Warren Buffett preferred to any other kind: a quiet one, one in which he was not bothered by nervous shareholders, one that he had complete control over, and one that he knew would work out in the long run even if there were short periods of losses.

But his early success was not quite so quiet as he had hoped it to be. Buffett recalled the meeting clearly. In the end, his trust in Buffett proved out. Dodge had sensed from the beginning that Warren Buffett was a brilliant analyst. In addition, he happened to be a lucky man when it counted most. Davis had heard about him from a patient, a New York investment advisor. He wanted to see what kind of man he would be putting in charge of his money. His first impressions were bad—very bad.

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He talked too fast for a normal person. Most fast-talkers were using their rapid speech to cover up deficiencies in their arguments, Davis knew, and he was immediately wary. Back To School: Read excerpts and full transcripts of business lectures from the legendary Mr. Warren Buffett, including the most interesting things Buffett had to say, as well as things you have never heard him say anywhere else!

Addressing topics ranging from "Keys to Investment Success," to "Keys to Avoiding Trouble and Leading a Happy Life," this book is a must-read for business-minde Read excerpts and full transcripts of business lectures from the legendary Mr. Addressing topics ranging from "Keys to Investment Success," to "Keys to Avoiding Trouble and Leading a Happy Life," this book is a must-read for business-minded people, young and old.

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Graham had been there. Warren Buffett, the man, seemed to expand in Omaha.

No use repeating what the other already knew. He was watching the patrons as they brought out their credit cards to pay their checks. Very effective. In the process he became a pretty good golfer.

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