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10 Books Recommended By Warren Buffett

10 Books Recommended By Warren Buffett

Can you get rich if you read these 10 books? Maybe. We offer the list and a plan to read these books in the next 12 months.

Eighty-five-year-old Warren Buffett shows up in the top ten of many lists for wealth and power. His name comes to mind when the phrase “smart investor” enters in conversations around the globe. His January 2016 net worth as of this writing is $60.7 billion.

A voracious reader, Buffett is known for reading 650 to 1000 pages a day during his early investing years. What did he read then or more importantly, what does he advocate reading now? Many lists exist, but we offer here 1) A Curated List, 2) A Reading Plan, and (3) A Pep Talk. We hope all three help you to reach your investing goals.

We used three different lists that covered recent, but slightly different moments in time.

The first four books on our list were common among all three websites, and then we chose the rest from those that appeared on two of the three lists. If you simply want to go out and buy the books, here are the names and authors. If you want to see what you’re buying and read a little about each one, look below for book covers and a short explanation of each one.

The Curated List of 10 Books Recommended by Warren Buffett

Sound Bite Version…

  1. The Intelligent Investor (623 Pages) Benjamin Graham
  2. Business Adventures: Twelve Classic Tales from the World of Wall Street, (459 Pages) John Brooks
  3. The Outsiders, (250 Pages) William Thorndike, Jr.
  4. Common Stocks and Uncommon Profits, (292 Pages) Philip A. Fisher
  5. Where Are the Customers’ Yachts? (170 Pages) Fred Schwed, Jr.
  6. Essays in Persuasion (384 Pages) John Maynard Keynes
  7. Dream Big (264 Pages) Cristiane Correa
  8. Little Book of Common Sense Investing, (216 Pages) Jack Bogle
  9. The Most Important Things Illuminated (180 Pages) Howard Marks
  10. Stress Test: Reflections on Financial Crises (592 Pages) Timothy F. Geithner 

Title, Author, Quote, Number of Pages, Copyright, Year(s), Summary 

1. The Intelligent Investor Benjamin Graham

Intell Investor

    “By far the best book on investing ever written.” Warren Buffett

    623 Pages. Copyright 1973, updated material 2003

    SUMMARY: The preface to the Fourth Edition is by Warren Buffett. This is a book of which Warren Buffett once wrote,“Picking up that book was one of the luckiest moments in my life.” It is a classic book on value investing…

    2. Business Adventures: Twelve Classic Tales from the World of Wall Street, John Brooks

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    Business Adventures

       Business Adventures remains the best business book I’ve ever read.” – Bill Gates, The Wall Street Journal

      459 Pages. Copyright 1953. Updated 1969

      SUMMARY: Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. The Edsel, the rise of Xerox and corporate scandals fill this book. 

      3. The Outsiders, William Thorndike, Jr.

      The Outsiders

        “An outstanding book about CEOs who excelled at capital allocation.” – Warren Buffett

        250 Pages; Copyright 2012

        SUMMARY: Financial Times “Thorndike wants to give any manager or business owner the confidence to occasionally do things differently… to make the most of the cards they’re dealt and to delight their shareholders.” 

        4. Common Stocks and Uncommon Profits, Philip A. Fisher

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        Common Stocks _Uncommon Profits

          “I am an eager reader of whatever Phil has to say, and I recommend him to you.” – Warren Buffett

          292 Pages, Copyright 1957, 2003

          SUMMARY: Philip Fisher’s investment philosophy, first published almost 60 years ago stands the test of time. With updated material by the author’s son, this book will enable the reader to make intelligent investment commitments.

           5. Where Are the Customers’ Yachts? Fred Schwed, Jr.

          Where Are Custs Yachts

            “Schwed’s is the only financial book, out of the hundreds I’ve read, that will provoke you, teach you, and crack you up all at once. “ – Jason Zweig, Money Magazine.

            170 Pages, Copyright 1940, 1955, 1995, 2006

            SUMMARY: This book offers amusing observations about Wall Street along with stories about its financial players and the clients who bring them business. 

            6. Essays in Persuasion, John Maynard Keynes

            Essays in Persuasion

              “Essays in Persuasion is a remarkably prophetic volume covering a wide range of issues in political economy.”

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              384 Pages, Copyright 1940, 2009

              SUMMARY from back cover: Essays In Persuasion written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This great classic will surely attract a whole new generation of readers. 

              7. Dream Big, Cristiane Correa

              Dream Big
                264 Pages, Copyright 2013

                SUMMARY from Amazon: Dream Big presents a detailed behind-the-scenes portrait of the meteoric rise of these three businessmen, from the founding of Banco Garantia in the 1970s to the present day.”

                8. Little Book of Common Sense Investing, Jack Bogle

                Little Book of Common Sense Investing

                  “Most investors, both institutional and individual, will find that the best way to own common stocks is to find a fund that charges minimal fees.” – Warren Buffett

                  216 Pages, Copyright 2007

                  SUMMARY from Amazon: Over the course of his long career, Bogle – founder of the Vanguard Group and creator of the world’s first index mutual fund – has relied primarily on index investing to help Vanguard’s clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.” 

                  9. The Most Important Things Illuminated, Howard Marks

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                  The most important things

                    “This is that rarity, a useful book.” – Warren Buffett

                    180 Pages, Copyright 2011

                    SUMMARY by Andy Wallace: “Howard Marks, Chairman of Oaktree Capital Management, writes clearly and persuasively about the importance of risk avoidance when investing in stocks. He emphatically states his belief that risk avoidance by buying at a good value is the key to success. He then spends the rest of the book telling the reader the 18 most important things to consider when buying stocks. His discussion of investor psychology is worth the price of the book by itself.”

                    10. Stress Test: Reflections on Financial Crises, Timothy F. Geithner

                    Stress Test

                      “Sharply worded and candid memoir.” – Financial times

                      592 Pages, Copyright 2015

                      SUMMARY from Amazon: As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy.”

                      Reading Plan

                      We’ve included the number of pages here so you can pick which book you’ll read in each of the ten months ahead of you, with two months off. Divide the number of pages by the number of days in the month, and read that many pages every day. You can also listen to books on audible.com. We know some people that “read” a book a month will have an easier time by listening to the book.  You can also go back and read sections you really want to study. But listening is a great way to get through your lists.

                      Pep Talk

                      Keep reading. Read every day for which you’ve set a reading goal. Warren Buffett recommends reading books on investing so you will know what you’re doing. It’s your money, so you should know what your advisers are telling you. You will be a year older whether or not you read these books. Why not read them all? Happy reading (or listening).

                      Featured photo credit: https://www.flickr.com/photos/katerha/ via flickr.com

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                      Last Updated on January 15, 2021

                      7 Ways To Have More Confident Body Language

                      7 Ways To Have More Confident Body Language

                      The popular idiomatic saying that “actions speak louder than words” has been around for centuries, but even to this day, most people struggle with at least one area of nonverbal communication. Consequently, many of us aspire to have more confident body language but don’t have the knowledge and tools necessary to change what are largely unconscious behaviors.

                      Given that others’ perceptions of our competence and confidence are predominantly influenced by what we do with our faces and bodies, it’s important to develop greater self-awareness and consciously practice better posture, stance, eye contact, facial expressions, hand movements, and other aspects of body language.

                      Posture

                      First things first: how is your posture? Let’s start with a quick self-assessment of your body.

                      • Are your shoulders slumped over or rolled back in an upright posture?
                      • When you stand up, do you evenly distribute your weight or lean excessively to one side?
                      • Does your natural stance place your feet relatively shoulder-width apart or are your feet and legs close together in a closed-off position?
                      • When you sit, does your lower back protrude out in a slumped position or maintain a straight, spine-friendly posture in your seat?

                      All of these are important considerations to make when evaluating and improving your posture and stance, which will lead to more confident body language over time. If you routinely struggle with maintaining good posture, consider buying a posture trainer/corrector, consulting a chiropractor or physical therapist, stretching daily, and strengthening both your core and back muscles.

                      Facial Expressions

                      Are you prone to any of the following in personal or professional settings?

                      • Bruxism (tight, clenched jaw or grinding teeth)
                      • Frowning and/or furrowing brows
                      • Avoiding direct eye contact and/or staring at the ground

                      If you answered “yes” to any of these, then let’s start by examining various ways in which you can project confident body language through your facial expressions.

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                      1. Understand How Others Perceive Your Facial Expressions

                      A December 2020 study by UC Berkeley and Google researchers utilized a deep neural network to analyze facial expressions in six million YouTube clips representing people from over 140 countries. The study found that, despite socio-cultural differences, people around the world tended to use about 70% of the same facial expressions in response to different emotional stimuli and situations.[1]

                      The study’s researchers also published a fascinating interactive map to demonstrate how their machine learning technology assessed various facial expressions and determined subtle differences in emotional responses.

                      This study highlights the social importance of facial expressions because whether or not we’re consciously aware of them—by gazing into a mirror or your screen on a video conferencing platform—how we present our faces to others can have tremendous impacts on their perceptions of us, our confidence, and our emotional states. This awareness is the essential first step towards

                      2. Relax Your Face

                      New research on bruxism and facial tension found the stresses and anxieties of Covid-19 lockdowns led to considerable increases in orofacial pain, jaw-clenching, and teeth grinding, particularly among women.[2]

                      The National Institute of Dental and Craniofacial Research estimates that more than 10 million Americans alone have temporomandibular joint dysfunction (TMJ syndrome), and facial tension can lead to other complications such as insomnia, wrinkles, dry skin, and dark, puffy bags under your eyes.[3])

                      To avoid these unpleasant outcomes, start practicing progressive muscle relaxation techniques and taking breaks more frequently throughout the day to moderate facial tension.[4] You should also try out some biofeedback techniques to enhance your awareness of involuntary bodily processes like facial tension and achieve more confident body language as a result.[5]

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                      3. Improve Your Eye Contact

                      Did you know there’s an entire subfield of kinesic communication research dedicated to eye movements and behaviors called oculesics?[6] It refers to various communication behaviors including direct eye contact, averting one’s gaze, pupil dilation/constriction, and even frequency of blinking. All of these qualities can shape how other people perceive you, which means that eye contact is yet another area of nonverbal body language that we should be more mindful of in social interactions.

                      The ideal type (direct/indirect) and duration of eye contact depends on a variety of factors, such as cultural setting, differences in power/authority/age between the parties involved, and communication context. Research has shown that differences in the effects of eye contact are particularly prominent when comparing East Asian and Western European/North American cultures.[7]

                      To improve your eye contact with others, strive to maintain consistent contact for at least 3 to 4 seconds at a time, consciously consider where you’re looking while listening to someone else, and practice eye contact as much as possible (as strange as this may seem in the beginning, it’s the best way to improve).

                      3. Smile More

                      There are many benefits to smiling and laughing, and when it comes to working on more confident body language, this is an area that should be fun, low-stakes, and relatively stress-free.

                      Smiling is associated with the “happiness chemical” dopamine and the mood-stabilizing hormone, serotonin. Many empirical studies have shown that smiling generally leads to positive outcomes for the person smiling, and further research has shown that smiling can influence listeners’ perceptions of our confidence and trustworthiness as well.

                      4. Hand Gestures

                      Similar to facial expressions and posture, what you do with your hands while speaking or listening in a conversation can significantly influence others’ perceptions of you in positive or negative ways.

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                      It’s undoubtedly challenging to consciously account for all of your nonverbal signals while simultaneously trying to stay engaged with the verbal part of the discussion, but putting in the effort to develop more bodily awareness now will make it much easier to unconsciously project more confident body language later on.

                      5. Enhance Your Handshake

                      In the article, “An Anthropology of the Handshake,” University of Copenhagen social anthropology professor Bjarke Oxlund assessed the future of handshaking in wake of the Covid-19 pandemic:[8]

                      “Handshakes not only vary in function and meaning but do so according to social context, situation and scale. . . a public discussion should ensue on the advantages and disadvantages of holding on to the tradition of shaking hands as the conventional gesture of greeting and leave-taking in a variety of circumstances.”

                      It’s too early to determine some of the ways in which Covid-19 has permanently changed our social norms and professional etiquette standards, but it’s reasonable to assume that handshaking may retain its importance in American society even after this pandemic. To practice more confident body language in the meantime, the video on the science of the perfect handshake below explains what you need to know.

                      6. Complement Your Verbals With Hand Gestures

                      As you know by now, confident communication involves so much more than simply smiling more or sounding like you know what you’re talking about. What you do with your hands can be particularly influential in how others perceive you, whether you’re fidgeting with an object, clenching your fists, hiding your hands in your pockets, or calmly gesturing to emphasize important points you’re discussing.

                      Social psychology researchers have found that “iconic gestures”—hand movements that appear to be meaningfully related to the speaker’s verbal content—can have profound impacts on listeners’ information retention. In other words, people are more likely to engage with you and remember more of what you said when you speak with complementary hand gestures instead of just your voice.[9]

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                      Further research on hand gestures has shown that even your choice of the left or right hand for gesturing can influence your ability to clearly convey information to listeners, which supports the notion that more confident body language is readily achievable through greater self-awareness and deliberate nonverbal actions.[10]

                      Final Takeaways

                      Developing better posture, enhancing your facial expressiveness, and practicing hand gestures can vastly improve your communication with other people. At first, it will be challenging to consciously practice nonverbal behaviors that many of us are accustomed to performing daily without thinking about them.

                      If you ever feel discouraged, however, remember that there’s no downside to consistently putting in just a little more time and effort to increase your bodily awareness. With the tips and strategies above, you’ll be well on your way to embracing more confident body language and amplifying others’ perceptions of you in no time.

                      More Tips on How to Develop a Confident Body Language

                      Featured photo credit: Maria Lupan via unsplash.com

                      Reference

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