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I believe this is the most authentic summary of Warren Buffett and has a lot of his life lessons captured in great detail.
Studying his life teaches us so many lessons. Instead of getting this knowledge late in my 40s and 50s, I choose to read all these great books in my 20s. Warren Buffett is currently the fourth richest man in the world and has been there in the list of richest men for a very very long time.
Despite the fact that people claim stocks are risky, all his wealth is invested in stocks, except for the emergency funds which is in the treasury. In fact, even if he loses all the money today, he is going to become rich the very next day.
This is because of the skillset and the reputation he has gained over the years. But he never does that. Because he is smart. So he basically runs an insurance company where he gets premiums paid by customers upfront and use that money to buy companies. And the historic return of Berkshire Hathaway is proof that long-term approach and conservative investing wins—anytime and every time.
The stock price of Berkshire Hathaway has grown at an annualized rate of He not only made sure the company survives but also made it one of the best-performing stocks in the last 50 years—with a guarantee!
When he was very young, he made a bet with his friends that he will be a millionaire by 30 and he did become one. Why was he so sure about it? Because he understood the power of compounding, conversation investing, and its impact in the long run. This book was awarded many times by several magazines and news agencies. Usually, when buying a company, he makes sure he reads all the historic annual reports and all the relevant data to understands the competitive position.
He usually visualizes where this company will be in the next years. If you buy something to hold forever, then you can be called an investor.
You can Google the list of fortune richest men and check their average holding periods. They definitely have a lot of money diversified in different investments but they did it AFTER becoming rich, not while creating wealth. This is something vast majority of people miss out on understanding.
Buffett has this philosophy of sacrificing a little for a lot later and that has played a major role in making him wealthy. Now a lot of people complain that he is too old to enjoy his wealth. But the reality is this:. Imagine an year kid in your neighborhood having 2 lakh rupees as savings today. This is kind of similar to me because when I was in college, I was also making a lot more than my teachers.
My teacher was shocked when she saw my bank statement that I had to provide for some documentation. The result is in front of us. He is 90 right now and eats like a kid. While average people in their 50s start developing serious diseases that force them to avoid eating all of these. He was able to choose a career of his choice. Leave any company or start his own any time and become even richer.
When I tell my friends to become rich slowly through stocks, they imagine themselves being years old and having a lot of money but no energy to spend.
So they choose to spend now instead of getting rich slowly. The result is now in front of them. However, all successful people think in terms of decades.
Warren Buffett took admission to Columbia Business School with an intention to meet Benjamin Graham and learn how he handled money.
He had already read all the books written by Benjamin Graham. You cannot describe these methods as a learning task; it was his pleasure to implement that hard-earned knowledge which he gradually did. The results were evident, the path he chose was his guiding light. Inch by inch Warren became and still is among the richest persons in the world. Warren Buffett emboldens every person, by believing — that everyone has the capacity of becoming a multi-billionaire.
Despite his current financial situation, he prefers a humble way of life. Annually he receives around , dollars, income suitable for an average middle-class person. Warren lives in the house he bought in for 31, dollars located in Omaha, Nebraska. People often see him wearing an old gray suit, rather than an expensive brand. He has a freedom to do what he finds appropriate.
Buffett continues to increase its wealth 2. Find your path to prosperity. As the years passed, Warren without stopping continued to keep getting richer and richer; alongside with his trusted partners and fellow investors.
In the 80s Buffett shifted from a millionaire to a multi-millionaire and ultimately reaching a billionaire status by Buffett is not a greedy man; he made every person around him wildly rich by using the same philosophy he applied for himself at the stock market. It is not easy to find the right answer on what techniques to use if a person wishes to become a millionaire.
Probably, the best way to resolve this mystery is to look at one of Buffett photographs, the one in which he proudly holds his favorite toy — the change maker.
Like this summary? The Snowball is undoubtedly an unconventional work capable of resolving mysteries linked to investment and finances. Your Comment:. Read Online Download. Hagstrom by Robert G. Add a review Your Rating: Your Comment:. Far from You by Lisa Schroeder.
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