Monday, April 30, 2012

Gems from Warren Buffett by Mark Gavagan (ARC)

Hmm... where to begin? Well, for one, I'm a huge fan of Warren Buffett. I don't know why, I guess it's because he seems like a nice person. Well, after reading this book, I'm an even bigger fan! Gems from Warren Buffett: Wit and Wisdom from 34 years of letters to Shareholders is simply of book of quotes from his letters.

The book is quite short but that's ok. The material is very funny. I really wish that my IB textbook was this funny, I would even more gladly look forward to reading it again and again (and again and again for exams). No wait, I take that back, I wish for the shareholder reports to be this interesting instead (I can still enjoy reading my textbook, I haven't learnt how to do that for shareholder's reports.

So, without further ado, here are some of my favourite quotes:

"Purchase -price accounting adjustments are ignored for reasons we have explained at length in previous reports and which, as an act of mercy, we won't repeat. (We'll be glad to send masochists the earlier explanations, however)." (1995 letter)

"You can live a full and rewarding life without every thinging of Goodwill and its amortization. But students of investment and management should understand the nuances of the subject." (1983 letter)

And finally,

"Were I to die tomorrow, ... Berkshire's earnings would increase by $1 million annually, since Charlie would immediately sell our corporate jet, The Indefensible (ignoring my wish that it be buried with me)." (1990 letter)

I should also mention that 20% of sales (not profits, that's an important difference) will go to a charity that Mr Buffett personally supports :D

Disclaimer: I got this book free from NetGalley in exchange for a free and honest review.

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