Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor

This book is three parts history, one part universal truths, and one part modern application. When Warren Buffett returned home from New York after working with investment specialist Benjamin Graham, family and friends prevailed on him to invest money for them. Buffett set down some ground rules for such a partnership. Between 1956 and 1970, he wrote more than 30 letters to investment partners reinforcing and expanding on those ground rules, as well as discussing future partnership performance and commenting on the market environment. Investment analyst Miller devotes each chapter to a different single idea or theme. The chapters start with an essay commentary, which sets the context for each topic, with salient quotes from those letters. The applicable correspondence is then presented in a more complete form. Miller concludes most chapters with "Compounded Wisdom," suggesting modern applications. While aimed at every investor, the book can be read in its entirety or for guidance on specific ideas. Miller allows Buffett's integrity, philosophy, and intelligence to shine through while organizing the material in a readable manner.