Warren Buffett recommended these no-nonsense books

I'm super grateful about all the learnings I got from Warren Buffett (and you can read about, where to learn directly from Buffet in my previous blog post: Free Resources to Learn from Warren Buffett). But who was Buffett inspired by? Where did he acquire his knowledge? I've added a list of books that Buffett has mentioned over time.

Fred Schwed: Where Are the Customers' Yachts? 

This is truly one of my favorite books because the point is so awesome, and it’s packed with humor. The title refers to a person visiting New York asking bankers and brokers where their customers yachts are at. I wonder if this (accurate) Warren Buffett quote was inspired by this book:

“Wall Street is the only place that people drive to in a Rolls Royce to take advice from people who ride the subway.”

 

John Kenneth Galbraith: The Great Crash 

recommended by Warren Buffett at the 2020 Berkshire Hathaway Shareholder meeting. You can find the book as physical copy, audio book and ebook. I listened to the audiobook which was not the best medium for a book like this because of the complex and rather old-fashioned language but is incredible valuable information to understand how the market (and the world) collapsed in the 1930’s and how greedy behaviours led to the crash.

Paul Volcker: Keeping At It: The Quest for Sound Money and Good Government 

was also recommended at the 2020 annual Berkshire Hathaway shareholder meeting. The biography of the former chairman of the American federal reserve gives great insight to the decisions during one of the greatest recessions in recent history.

Philip Fisher: Common Stocks and Uncommon Profits. 

Warren Buffett called Fisher's Common stocks and uncommon profits a "very, very good book" and it really is. An absolute must-read book and you'll want a physical copy (I look up different topics in the book all the time).

John Burr Williams: The Theory of Investment Value. 

Mary Buffett, ex-wife of Warren Buffett’s son, learned a lot from the oracle of Omaha and she has published several books on the investment strategies she learned, when she was a Buffett family member. Mary Buffett has mentioned that John Burr Williams was someone Warren was inspired by.

Benjamin Graham: The Intelligent Investor 

is the book that changed Warren Buffett's life. Buffett has shared that he started reading investing books at the age of 11, but it wasn’t until he read this value investor bible, that everything fell into place and he found his niche. This book is a difficult read but a must-read for value investors. I read the edition with commentary from the financial journalist Jason Zweig, which made it easier to digest and with references to recent events (rather than the 1930’s crash).

Dale Carnegie: How to Win Friends & Influence People. 

Though Buffett has never mentioned any of Dale Carnegie's books, I wanted to bring this influential person into the mix. Can you believe, that when Buffett was younger, he had trouble speaking and especially with public speaking? It took some courage and a few years for him to finally attend a course developed by Dale Carnegie, but it changed his life forever. Though Dale Carnegie is long gone his courses live on - and his wisdom in book form as well and if you're not able to attend a course you can acquire the knowledge by reading.“That $100 course gave me the most important degree I have. It’s certainly had the biggest impact in terms of my subsequent success”