Warren Buffett Speaks, Second Edition: Wit And Wisdom From The World'S Greatest Investor

When Warren Buffett Speaks. . . people listen.
"If people want to improve their investing skills, it has to help to study how the Master does it. This short book outlines Buffett's philosophy and techniques." —Peter S. Lynch, Fidelity Investments
"Common sense with a deft irony . . ." —John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing
"It was Warren Buffett's thoughts and philosophy that first captivated investors. Janet Lowe has done us all a great service by collecting and arranging Warren Buffett's wit and wisdom in an easy-to-read and enjoyable book." —Robert G. Hagstrom, Portfolio Manager, Legg Mason Growth Trust mutual fund, and author, The Warren Buffett Way, Second Edition
"A must-read. Buffett's wit and wisdom is a roadmap for anyone looking to succeed in business, investing, and life." —Steve Halpern, Editor, www.thestockadvisors.com

Janet Lowe is the author of the bestselling Bill Gates Speaks and Jack Welch Speaks. Her articles have appeared in such publications as Newsweek, the Christian Science Monitor, the Los Angeles Times, and the San Francisco Chronicle.

Acknowledgments.
Introduction.
About Life.
Omaha? Omawhere? Omawhat?
Live How You Want To Live.
Eat What You Want To Eat.
Have A Hobby.
Be Passionate.
Aim High.
Aim Well.
Focus On Your Goals.
Keep Life In Perspective.
Be Honest.
Tell The Whole Truth, Please.
Letter To The Wall Street Journal.
Cultivate Good Character.
Believe In Yourself.
But Don't Get Too Stuck On Yourself.
Dodge The Hype.
Share Your Wisdom.
Disregard Old Age.
ALSO:
Attention Investors: Warren Buffett Is Crossing The Street.
Nice Guys Finish First—Sometimes.
Choose Your Heroes Well.
Rose Blumkin, Matriarch Of The Nebraska Furniture Mart.
About Friends.
Know What Friendship Is.
Go To Bat For Your Pals.
Guiding Governor Schwarzenegger.
Build Lifelong Friendships.
ALSO:
Charlie Munger.
About Family.
Don't Spoil Your Kids.
The Buffett Children.
Work Things Out With Your Wife.
Be Kind To Your Mother.
ALSO:
What Others Say About Warren Buffett.
Buffett's.
The Controversial Susan T.
Buffett Foundation.
What Leila Buffett Had To Say About Her Son.
What The Critics Say.
About Work.
Work For The Fun Of It.
Start Early.
Work Where You Want To Work.
Work With Good People.
Give A Pat On The Back.
Be Loyal To Your Partners.
Guard Your Time.
Know When To Quit.
About Running A Business.
Communicate Well.
Know When To Say No.
Set An Example.
Take Care Of Shareholders.
Hire Well, Manage Little.
Put A Premium On Experience.
Be Smart About Allocating Capital.
Be Brave.
Use Crossover Skills.
The Mighty Machine Called Berkshire Hathaway.
ALSO:
The Berkshire Hathaway Annual Meeting.
Goodbye To A Good Idea.
The Salomon Scandal.
Berkshire Hathaway Online.
About Investing.
Have A Philosophy.
Recognize The Enemy: Inflation.
Experience Epiphany.
Never Mind What The Professors Say.
Meet Mr. Market—Your Servant, Not Your Guide.
Ignore Mr. Market's Moods.
Listen For Opportunity's Call.
Know The Difference Between Price And Value.
Seek Intrinsic Value.
Expect To Be Out Of Step.
Earnings, Earnings, Earnings.
Look Forward, Not Back.
Avoid Risk.
Don't Gamble.
Watch For Unusual Circumstances.
Don't Be Surprised By Circumstances.
Avoid Excessive Debt.
Look For Screaming Bargains.
Arbitrage When Possible.
Be Patient.
Think For Yourself.
Have The Right Tools.
Be Wary Of Wall Street.
Only Buy Securities That You Understand.
An Old Dog Prowls New Markets.
PetroChina.
An Expanding Circle Of Competence.
Buy Reading Glasses.
Become An Investigative Reporter.
Keep It Simple.
Think Big.
Know What You're Looking For.
Don't Sweat The Math.
Admire Frugality.
Set Realistic Goals.
Face Facts.
Expect Change.
Be Capable Of Change.
Admit Your Mistakes.
No Thumb Sucking.
Join AA (Airlines Anonymous).
Learn From Your Mistakes.
Buy Storybook Stocks.
Seek Excellent Companies.
Stick With Quality.
Junk Bonds.
Appreciate Franchise Value.
Respect Pricing Power.
Find A Company With Cheap Float (Then Try To Not Misplace The Company).
Learn To Like Monopoly.
Find Managers Who Think Like Owners.
Management Is Important, But A Good
Company Is More Important.
Avoid The Institutional Imperative (The Tendency For Corporations To Act Like Lemmings).
Favor Companies That Repurchase Their Own Stock.
Don't Worry About Diversification.
Invest For The Long Term.
To Sum Up.
And When You've Become Wealthy By Following In The Footsteps Of Buffett, Pay Your Dues To Society.
Investing Is One Way Of Contributing To The Public Well-Being.
When Rewards Are Disproportionate.
Pay Your Taxes And Don't Complain.
Give As Generously As You Receive.
Thoughts On Charitable Giving.
Will Buffett's Gift Affect The Company?
The Last Word.
ALSO:
Benjamin Graham.
The Used-Cigar-Butt School Of Investing.
He Tells Them, But They Don't Listen.
Baby Berkshire Shares.
What Does The Bill And Melinda Gates Foundation Do?
CHARTS:
Berkshire Hathaway Book Value Vs. The S&P 500.
Berkshire Hathaway Share Price.
Time Line.
Endnotes.
Permissions.