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

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Using the letters Warren Buffett wrote to his partners between 1956 and 1970, a veteran financial advisor presents the renowned guru’s “ground rules” for investing—guidelines that remain startlingly relevant today.

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, his first professional investing partnership. Over the course of that time—a period in which he experienced an unprecedented record of success—Buffett wrote semiannual letters to his small but growing group of partners, sharing his thoughts, approaches, and reflections.

Compiled for the first time and with Buffett’s permission, the letters spotlight his contrarian diversification strategy, his almost religious celebration of compounding interest, his preference for conservative rather than conventional decision making, and his goal and tactics for bettering market results by at least 10% annually. Demonstrating Buffett’s intellectual rigor, they provide a framework to the craft of investing that had not existed before: Buffett built upon the quantitative contributions made by his famous teacher, Benjamin Graham, demonstrating how they could be applied and improved.

Jeremy Miller reveals how these letters offer us a rare look into Buffett’s mind and offer accessible lessons in control and discipline—effective in bull and bear markets alike, and in all types of investing climates—that are the bedrock of his success. Warren Buffett’s Ground Rules 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.

Praise For…


Mr. Miller has done 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.

This book is much more than a compilation of excerpts from Buffett’s letters, smartly organized by investment theme. Miller begins every chapter with an articulate and insightful synthesis, which helps the reader understand Buffett’s key ground rules on each theme.

An extraordinarily useful book for anyone who is interested in investing, or in Warren Buffett. Jeremy Miller has done a careful study of Warren Buffett’s early partnership letters, and turned them into an easily accessible body of knowledge. In doing so, he has written indispensable book.

Ground Rules is wonderful collection of Buffet’s early partnership letters and musings organized in a thoughtful, concise and entertaining format. Together with Miller’s commentary, the book offers valuable insight into the world of value investing.

Just when you thought you knew everything about the investing guru, [this] book provides unique insights
Product Details
ISBN: 9780062415561
ISBN-10: 0062415565
Publisher: HarperBusiness
Publication Date: April 26th, 2016
Pages: 352
Language: English