Warren Buffett Speaks

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.