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

4.07  ·  Rating details ·  991 ratings  ·  77 reviews
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 mana
Hardcover, 352 pages
Published April 26th 2016 by Harper Business
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Andrew Absolutely This book is easy to read and doesn't require deep knowledge of financial systems.…moreAbsolutely This book is easy to read and doesn't require deep knowledge of financial systems.(less)

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Feb 22, 2018 rated it liked it  ·  review of another edition
Shelves: audiobook, business
American super-investor Warren Buffett wrote lengthy and explanatory letters to his investors throughout his career, starting in the late 1950s. The author of this book gathered snippets of these letters and brought them together in a topical format, with topics such as workouts, controls, taxes, and size vs performance. He provided an overall analysis for each topic, then included snippets from a number of investment letters on that topic covering in most cases multiple years. The author warns ...more
Aidan Heron
Sep 14, 2017 rated it liked it
Brilliant investment lessons and an opportunity to peak into Buffets operation before Berkshire. Great read for anyone considering a value investment approach.

The only reason for a reduced rating was a relatively large amounts of repetition between Millers extracted 'lessons' and the actual quotations of Buffet. Plus an inability to read full letters was sometimes a disadvantage.
Aug 18, 2017 rated it it was amazing  ·  review of another edition
Although there is some repetition - the author summarises the key points of each letter before the letter itself is presented - this is a great book. A wonderful way to immerse yourself in the Buffett wisdom.
João Diogo
Jun 05, 2020 rated it really liked it
Compilation of letters that Warren Buffet sent to partners during his Partnership at the early stage of his career, complemented by summaries and context provided by the author of the book. Brilliant content not only on an investment standpoint but also as a gauge to improve decision-making in several aspects of life. Accessible to non-savy financial readers as rarely dwelves into complex technical language. Chapters do tend to repeat themselves at some points as it analyses the same passages of ...more
Aug 20, 2018 rated it really liked it
I like this book. It’s got a genuine and honest feeling. There are several dozens of books on Warren Buffett. What makes this one special or needed? All other texts on Buffett’s methodology are based on how he has conducted his business at Berkshire Hathaway. However, before this Buffett managed money at Buffett Partnership Limited, with a different methodology and arguably with even better results. Investment analyst Jeremy Miller’s book is unique as it covers this first period by going through ...more
Seavmeng Hun
Dec 30, 2017 rated it really liked it
Shelves: 2017
A good starting point for those who are interested in finding out more about Buffett. This book refers to a lot of the BPL letter and groups them together for readers to easily digest the content. A lot of key takeaway for those who are new into the investment field, and a good reminders for those who are familiar with the topic.
Utkarsh Modi
Mar 10, 2018 rated it really liked it  ·  review of another edition
Book # 15: Warren Buffet's Ground Rules is a collection of semi annual letters by Buffet to his partners at BPL between 1956 to 1970 summarising the past performance, reiterating the firm's values, his interpretation and almost seminal understanding of the market behaviour keeping it very simple in what are famously referred to as Buffet's 7 Ground Rules on investing. Miller further analyses and provides context for each of these letters and how Buffet still managed to outdo the market be it in ...more
Library of
Jan 20, 2021 rated it it was amazing
In this book, financial analyst Jeremy Miller summarizes Warren Buffett’s letters to his partners in Buffett Partnership Ltd. (BPL). The letters were written during the 1950s and 1960s and were before the Berkshire Hathaway era. It was the time in Buffett’s career when he managed the least amount of capital and was able to use all the tools he learned from Benjamin Graham.

CRUSHED THE MARKET DURING 13 YEARS. Buffett started BPL in 1956 with $105k from family and friends. He was then 25 years old
Ivo Fernandes
Sep 18, 2018 rated it really liked it
Shelves: finance
This masterpiece depicts the genius of Warren Buffett, how he came from someone just interested in stock market, and willing to work to Benjamin Graham with no salary, just for the knowledge sake, to become the founder of one of the biggest companies on the stock market and even becoming one of the richest billionaires in the world.

I think everything comes down to the evaluation of performance, Buffett likes to compare himself with the "do nothing approach" that consists in just following the Do
Chris Esposo
Jan 09, 2019 rated it really liked it  ·  review of another edition
Insightful book into Buffett's thinking prior to his partnership with Munger in Berkshire Hathaway. During this time Buffett ran the Buffett Partnership Limited, as it's principal, and earned an average of 20-30% per annum on his fund, which was a spectacular performance, even during what came to be known as the "30 Glorious Years".

The structure of the book is to provide a preface to each of Buffett's letters to his shareholders during this time, breaking down the notes into snippets, and extend
Liam Polkinghorne
Jun 22, 2020 rated it it was amazing
Summarises the letters of the early Buffett Partnerships in the pre-Berkshire days by topic. This book, along with The Essays of Warren Buffett, which summarise the Berkshire annual reports by topic, are the only two investment books one would ever need. Highlights Buffett's evolution from focusing on cheap cigar butts to a more qualitative approach as opportunities evaporated over the years of the partnership, as a result of (among other things) the 'lack of an economic convulsion such as the d ...more
FlyingBulgarian Svetli H.
Aug 14, 2019 rated it really liked it
Disclaimer: as a rookie in this field, I didn’t know that the partnership years were only until 1969. Even though the author draws inspiration from letters written by Buffett to his partners, and has tried to make them accessible and relevant with his commentary, none the less the latest letters are dated from almost 50 years ago. This makes me wonder if the relevance isn’t quite the same anymore... the moment something is written it becomes dated I know, but none the less I did expect to see le ...more
Bryon Brandt
Jun 02, 2019 rated it it was amazing
Principles and Methods – While Principles will not change over time, Methods might.

Million Dollar Ideas Are of No Great Benefit to Thousand Dollar Bank Accounts.

Are you within your Circle of Competence?

Mathematically elegant but not very helpful tools.

These were not good businesses. They were Mean Reversion Trades.

Habit Patterns Continuing, Long After They Made Sense.

Without Character, you want someone to be Dumb, and Lazy.

Financial Analysts over 40 know too many things that are No Longer True.

Jul 22, 2018 rated it it was amazing
Truly great book, concise and coherent presentation of investment thinking and approaches. If you are looking into ideas for investing or explanation of how Buffet was exactly picking his choices, there is very little of that and this is not the book you are looking for. It explicitly states that apart from a couple of companies, he keeps his strategies hidden (which is understandable of course). But the author does a very good job of dwelling in Buffet's mind and exposing his way of thinking an ...more
Nov 12, 2017 rated it liked it
Shelves: non-fiction
Discusses Buffet's investment philosophy through the lens of his annual letter to his investors. I.e., pre-"get-rich-quick" investment advise grounded in careful analysis and rationalism. This is all decades old wisdom.

I can't judge to what extent it still holds, but I don't think he radically changed his positions, and he's still doing okay...

Interesting read, though got a bit repetitive.
Gracia Ratliff
Dec 05, 2018 rated it it was amazing  ·  review of another edition
Miller adds context, clarity and improved our understanding of Warren Buffet's remarkable character and mastery of investing.

Warren Buffet's insights into investing go beyond "how to" and are on the level.of wisdom. More importantly in the moment of Trump, Buffet's wisdom and insights are grounded in character and the best in American business. Reading this can make us richer in many levels.
Reid Culp
Dec 27, 2018 rated it it was amazing
A great resource for the workings of a young Warren Buffett. The book shows how vast the knowledge was that Warren Buffett had in the investment field at such a young age. Amazing how leading edge he was when he was running his partnership. He must have been one of only a few people running a partnership using the practices that Ben Graham taught him. Practices that Ben Graham learned over a lifetime. This book shows the brilliance of both men.
Mar 21, 2019 rated it it was ok
This book is supposed to synthesise and summarise Buffett's partnership years, mainly through the letters sent out to partners during that time. And Miller does summarise the main points fairly well. My problem was that he made the point pretty much in the chapter name then spent 20 or 30 pages repeating the same thing in a variety of ways. The latter chapters were a bit better, but I just don't think it was a well thought through book, just read the Buffett letters if you're interested. ...more
Apr 14, 2018 rated it liked it
Stresses upon the fundamentals of value investing
Insight into the thought process of Buffett and his evolution from cigar butt approach to finding quality compounders
Gives a good account of Buffett the person and his sense of responsibility to each individual shareholder during the partnership years ..
Alex Pal.
May 05, 2018 rated it it was amazing
What we learn about Warren Buffett's letter to his early partners -from the partnerships before he bought Berkshire.

Most books I hear them in audio formats, so I can exercise or commute at the same time. Very rarely, a book is so great that it worth to buy in a physical form, this is one of these books.
Kaustubh Chaharia
May 25, 2018 rated it liked it
Shelves: investing
Jeremy Miller has summarized and quoted Warren Buffett's partnership letters during his BPL years in a well categorized manner. This is an excellent book to read if one has a particular topic in mind, like an index. Although it is much useful, this is no substitute to the original letters by Buffett, which are full of insights - on not only investments, but also on Buffett and life in general. ...more
Kerry Jones
Jan 24, 2020 rated it it was amazing
Shelves: investing
I have consumed 17 investing books in the last year, attended workshops, taken classes, done much of my own investing and studying, most of it targeted around Buffett-style (or Graham-Dodd) investing. No where have I seen his thoughts so cleanly articulated, and given with context of when they are written. A must-read for any Buffett-acolyte.
Mar 02, 2020 rated it liked it
Rating: 3,5 stars

If you are looking for a practical guide, this is not the book for you.

However, Ground Rules offers a window into the mental framework needed to achieve great results in the investing world.

The addition of the author's thoughts and his dissection of Buffett's words prooved invaluable to be able to understand the 'World's Greatest Investor''s words.
Wizzy Mwendwa
Sep 27, 2017 rated it it was amazing  ·  review of another edition
Great Read.

This is a great reference book for investing. The breakdown of the various investment strategies employed by Warren Buffett makes it an indispensable read for value investors.
Eric Estrada
Jan 23, 2019 rated it it was amazing  ·  review of another edition
Investing mindset

Critical review of Buffet’s letters. It amazes me that this information is all public. The author walks the reader through the important concepts and makes it easier to get through the letters than reading them sequentially.
Jun 08, 2019 rated it it was amazing
A superb insight into some of the important foundations of Warren buffets initial investment process. There is a particularly high value of information within this book that I found extremely compelling that answered various questions I have had for a while. I highly recommend.
Feb 25, 2021 rated it liked it
Shelves: finance
Even though it's in the title, somehow I didn't realize this book only covers Buffett's letter from before his time at Berkshire. All good stuff here, but the first 2/3 wasn't as interesting as the last 1/3. ...more
Mark Zodda
Mar 04, 2021 rated it really liked it  ·  review of another edition
Excellent book on Warren Buffett's investment practices in his Buffett Partnership Limited days. Lots of lessons to be learned from how he approached investing back in the 1950s and 60s.Very worthwhile read. Highly recommended. ...more
Bold Batdorj
Apr 04, 2021 rated it it was amazing
1. be patient
2. compulsively measure and analyze
3. Find Generals and invest
4. More risk gives more rewards in well known markets
5. core principle and style of investment should remain

it is possible to make money on stock market with compulsively measure, patient and consistancy
Christian Salazar
Nov 21, 2017 rated it it was amazing
Amazing book on the BPL letter to LP’s...

Simply fascinating!!
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