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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 July 10, 2020

                      How to Reinvent Yourself and Change Your Life

                      How to Reinvent Yourself and Change Your Life

                      There will always be times in your life when you may need to learn how to reinvent yourself. This could come when you experience a big change, such as leaving your job, moving on from a relationship, transferring to a new home, or losing a loved one. If you are going through a major shift in your life, you may have to find new ways of thinking or doing things, or risk failing to reach your full potential.

                      “When something bad happens, you have three choices. You can let it define you, let it destroy you, or you can let it strengthen you.”

                      Many people who dared to leave their old unhappy lives enabled themselves to pursue their passions and find a renewed zest for living. You can also achieve the same if you take a leap of faith and make things happen for yourself.

                      To help you always be at your best wherever you may be in your life, here are some practical tips on how to reinvent yourself.

                      The Reinvention Checklist

                      Before embarking on a journey of self-reinvention, you need to make sure that you have everything that you need to make the trip bump-proof. These things include:

                      Resilience

                      Problems and obstacles are guaranteed to happen. Some of them will be difficult and may knock you off course; the important thing, however, is that you learn from these difficulties, never lose focus, and always get back up. This requires building resilience to get through the tough times.

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                      Support

                      Humans are social beings. Although it is important that you learn to rely on yourself when facing any challenge, it is also important to have a support team that you can lean on to give you a boost when things get too tough and to correct you when you’re making mistakes.

                      The key is to find the right balance between independence and dependence. Don’t be afraid to be vulnerable and share the difficulties you’re facing. When you open up, you’ll find the people who are really going to be there for you.

                      Self-Care

                      During the process of learning how to reinvent yourself, you will have to pull yourself away from your old comfort zones, habits, roles, and self-perceptions. This can be difficult and cause you to question your self-worth, so it’s important to engage in self-care to maintain a positive outlook and keep your mind and body healthy as you face the challenges that await you. Self-care can include:

                      • Participating in a hobby you enjoy
                      • Spending time with your support system
                      • Taking some time to walk in nature
                      • Practicing loving-kindness meditation

                      Find what works for you and what helps you feel like your true self as you seek a reinvented version of you.

                      How to Reinvent Yourself

                      Once you’re sure that you’re equipped with all the tools in the self-reinvention checklist, you can begin your journey of learning how to reinvent yourself.

                      1. Discover Your Strengths

                      This step provides valuable information on how you deal with certain situations. If you have this information, you will be able to manage difficulties more efficiently.

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                      To find out what your strengths are, you can ask your friends and colleagues for feedback, engage in self-reflection, or try these 10 Ways to Find Your Own Personal Strengths.

                      2. Plan

                      This step calls for a thorough assessment of your current emotional, psychological, and financial status so that you can develop plans that are realistic and practical.

                      It’s okay to have ambitious dreams, but your plans have to be realistic. Making use of SMART goals can help you plan your life better.

                      You can also consult your mentor or life coach for practical tips and advice.

                      Ultimately, you’ll want to create specific long-term and short-term goals that you can create milestones for. By doing this, you’ll lay out a specific roadmap to your reinvented self.

                      3. Try Things Out

                      Sometimes, we don’t know if solutions actually work until we try them out. This is why it is important to experiment whenever possible, especially if you’re dealing with a career change. You may need to simply experiment in order to find the things you like. This can be the same with hobbies. If you’re not sure what you would like doing, accept invitations from friends to join them in their favorite sport or take a class, like pottery or photography.

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                      By seeing what’s out there in any area of your life, you’ll have a better chance of finding the things you enjoy and the goals you want to create.

                      4. Manage Your Finances Well

                      Changes may require a bit of money. If you’re shifting to a new career, you may have to pay for training. If you’re going through a tough divorce or having a hard time dealing with the death of a loved one, you may have to pay for therapy. If you’re moving to a new home, you’ll definitely have to pay a whole lot of expenses.

                      All of these things are possible, but it will require a bit of money savviness as you learn how to reinvent yourself. If you have that cushion, you’ll feel more comfortable straying from your current path to try new things.

                      5. Muster Your Courage

                      Fears and self-doubt may arise when you encounter difficulties and setbacks. Sometimes, they may also come when you’re taking risks. You have to manage these negative emotions well and not allow them to discourage you. Tap into your courage and try doing at least one new thing each week to develop it.

                      Learn how to deal with your self-doubts to move forward in this article: How Self Doubt Keeps You Stuck (And How to Overcome It)

                      6. Use Your Support Group

                      As stated above, you need to build a strong support group before you even start the process of reinventing yourself. Your group will keep you from taking wrong turns and encourage you when you get too weighed down by problems. Don’t be afraid to call them, or even ask them out for coffee if you need to vent about the current difficulties you’re facing.

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                      7. Remind Yourself Every Day of Your Commitment

                      Write your goals on different-sized cards and scatter them at home and at work in places where you can easily see them. This way, you will constantly be reminded of where you want to be. Remember, writing down your goals helps them stick[1].

                      8. Accept Failure, Learn, and Resume Your Journey

                      Failing is normal, especially when we’re trying out something new. When you fail, simply recognize it, learn from it, and move on. Failure, in the end, is the best way to learn what does and doesn’t work, and you simply won’t be able to learn how to reinvent yourself if you don’t accept the inevitable failures that await you.

                      Final Thoughts

                      If you truly want to learn how to reinvent yourself and live the life you desire, take the advice above and start taking action. It will take time, patience, and plenty of effort to make the change you want happen, but it will be all worth it.

                      More Tips on How to Reinvent Yourself

                      Featured photo credit: Ashley Rich via unsplash.com

                      Reference

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