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Author: Jeremy Miller
ISBN/UPC (if available): 9781781255636
At the age of 26, Warren Buffett founded Buffett Partnership Limited, which lasted from 1956 to 1970. During this time he wrote 33 letters to his small but growing group of partners. These letters chronicle his thoughts, approaches and reflections in the period immediately prior to his Berkshire Hathaway tenure - one that saw an unprecedented record of investing success.
This early period was astonishing: in 1968 he beat the Dow by more than 50%. Because Buffett wanted to ensure that his partners understood his process, he wrote letters. In them, he sets out what he termed "ground rules" for investing that remain startlingly relevant today for every type of investor - from beginners to sophisticated pros.
Warren Buffett's Ground Rules brings together, for the first time, and with Buffett's permission, the key investment principles and teachings the letters reveal. Here you will find the basis for Buffett's contrarian diversification strategy, his almost religious celebration of compounding interest and his tactics for bettering market results by at least 10% annually.
Quoting extensively and directly from Buffett, equity research expert Jeremy Miller introduces us to the timeless advice the letters contain, demonstrating a set of highly effective investment strategies that continue to resonate today.
'These ground rules are the philosophy. If you are in tune with me, then let's go.' Warren Buffett, 2012
In the fourteen years between his time in New York with value-investing guru Benjamin Graham and his start as chairman of Berkshire Hathaway, Warren Buffett managed Buffett Partnership Limited. During that period - in which he experienced an unprecedented record of success, beating the Dow by more than 50 percent in 1968 - Buffett wrote thirty-three letters to his small but growing group of partners, sharing his thoughts, approaches and reflections: what he called his 'ground rules'.
Compiled for the first time - and with Buffett's permission - the letters spotlight his contrarian diversification strategy, his almost religious celebration of compounding interest, and his tactics for bettering market results by at least 10 percent annually. Together, they provide a framework to the craft of investing that had not existed before.
Jeremy Miller reveals how these letters offer us a rare insight into Buffett's mind and the accessible lessons in control and discipline - effective in all types of investing climates - that are the bedrock of his success. Warren Buffett's Ground Rule- paints a portrait of the sage as a young investor during a time when he developed the long-term value-oriented strategy that helped him build the foundation of his wealth - rules for success every investor needs today.
'Mr Miller has clone a superb job of researching and dissecting the operation of Buffett Partnership Ltd., and of explaining how Berkshire's culture has evolved from its BPL origin. If you are fascinated by investment theory and practice, you will enjoy this book.
== Warren Buffett
'Much more than a compilation of excerpts from Buffett's letters … Miller begins every chapter with an articulate and insightful synthesis, which helps the reader understand Buffett's key ground rules.'
== Robert Pozen, Senior Lecturer at MIT Sloan School of Management, former Chairman of MFS Investment Management
'An extraordinarily useful book for anyone who is interested in investing, or in Warren Buffett. Jeremy C. Miller has done a careful study of Buffett's early partnership letters and turned them into an easily accessible body of knowledge. In doing so, he has written an indispensable book.'
== Guy Spier, author of The Education of a Value Investor
'A wonderful collection of Buffett's early partnership letters and musings organized in a thoughtful, concise and entertaining format … offers valuable insight into the world of value investing.'
== Christopher Blake, managing director of Lazard Asset Management
CHAPTER 1: Orientation
CHAPTER 2: Compounding
CHAPTER 3: Market Indexing: The Do-Nothing Rationale.
CHAPTER 4: Measuring Up: The Do-Nothings Versus the Do-Something’s
CHAPTER 5: The Partnership: An Elegant Structure
CHAPTER 6: The Generals
CHAPTER 7: Workouts
CHAPTER 8: Controls
CHAPTER 9: Dempster Diving: The Asset Conversion Play
CHAPTER 10: Conservative Versus Conventional
CHAPTER 11: Taxes
CHAPTER 12: Size versus Performance
CHAPTER 13: Go-Go or No-Go
CHAPTER 14: Parting Wisdom
EPILOGUE: Toward a Higher Form
Appendix A: The Results of Buffett's Partnerships
Appendix B: The Results of Buffett's Partnerships versus Leading Trust and Mutual Funds
Appendix C: Sequoia Fund Performance
Appendix D: Dempster Mill
Appendix E: Buffett's Last Letter
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