Warren Buffett: The Snowball. A free book synopsis offer

Request your free copy on this link

In this summary you will learn:

• Who Warren Buffett is
• What his personal and business history is
• What his investment philosophy is
• How he became the world’s richest man

Why you should read The Snowball:

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.

Request your copy of the abstract here

Warren Buffett quotables from the new 2008 annual letter

The master is always good for a homespun phrase or two and as usual I've enjoyed reading his 2008 review letter (available on this link). Here are a few of the pearls that he's come up with this year.

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"This debilitating spiral has spurred our government to take massive action. In poker terms, the Treasury and the Fed have gone “all in.”"

"...our $58.5 billion of insurance “float” – money that doesn’t belong to us but that we hold and invest for our own benefit – cost us less than zero. In fact, we were paid $2.8 billion to hold our float during 2008. Charlie and I find this enjoyable."

"When investing, pessimism is your friend, euphoria the enemy."

"As we view GEICO’s current opportunities, Tony (Geico CEO) and I feel like two hungry mosquitoes in a nudist camp."

"At the moment, it is much better to be a financial cripple with a government guarantee than a Gibraltar without one."

"Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the symbols. Our advice: Beware of geeks bearing formulas."

"When I read the pages of “disclosure” in 10-Ks of companies that are entangled with these instruments (derivatives), all I end up knowing is that I don’t know what is going on in their portfolios (and then I reach for some aspirin)."

"The First Law of Corporate Survival for ambitious CEOs who pile on leverage and run large and unfathomable derivatives books: Modest incompetence simply won’t do; it’s mindboggling screw-ups that are required."

Freestuff to keep you amused

While I stretch out on a beach, here are four good links to freestuff to keep you occupied and busy reading and all that jazz. The first two are straight downloads with no catches. The third and fourth are on request basis for USA and Canada readers and if you get your free report Otto gets a small commish (so get yourself one, support IKN and get some free education at the same time).

• Download your free e-book of "The Real Warren Buffett" by clicking right here.

• Download your free five book compilation of "The Hitch Hikers Guide to the Galaxy" by Douglas Adams, one of my all-time favourite reads and totally recommended.
  

• Get your brochure "What is ISO-9000 and Why Should I Care?" (especially useful for mining industry readers) by clicking right here.

• Request your copy of "Enterprise Asset Management: Maximizing Return on Assets (RoA) and Emerging Trends", an Aberdeen Group report which surveyed more than 160 manufacturing executives to understand the strategies and business capabilities adopted to maximize Return on Assets and reduce risk from failure of critical assets (which is exactly what businesses need to know in recessionary times, so get wise to this and shine like the stars that you are at the office Monday morning, dudettes and dudes).

See you back here in a week!

Weekend Freestuff

Otto's got three great freebies to offer you today. The first one is a straight download with no catches. The second and third are on request basis for USA and Canada readers and if you get your free report I get a small commish (so get yourself one, support IKN and get smart at the same time, ok?).

• Download your free e-book of "The Real Warren Buffett" by clicking right here.

• Get your brochure "What is ISO-9000 and Why Should I Care?" (especially useful for mining industry readers) by clicking right here.

• Request your copy of "Enterprise Asset Management: Maximizing Return on Assets (RoA) and Emerging Trends", an Aberdeen Group report which surveyed more than 160 manufacturing executives to understand the strategies and business capabilities adopted to maximize Return on Assets and reduce risk from failure of critical assets (which is exactly what businesses need to know in recessionary times, so get wise to this and shine like the stars that you are at the office Monday morning, dudettes and dudes).