http://www.engineeringnews.co.za/article/secrets-from-america039s-039favourite-businessman039-2008-04-18

Secrets from America's 'favourite businessman'

Published 18 Apr 08
You know you're famous when your surname morphs into an ideology, and then still one that is bandied about among aspiring and experienced investors alike in hushed, revered tones.

Investment guru Warren Buffett's thought stream on investment is known as Buffettology.

The newest book providing insight into this is 'The Tao of Warren Buffett', published by Simon & Schuster, and written by his former daughter-in-law Mary Buffett, and David Clark.

The book is offered as a collection of "pithy and inspiring sayings from America's favorite businessman that reveal his secrets of success" - and who can resist advice that promises to make you rich?

Compared to other get-rich-like-I-did books (how many has Donald Trump already churned out?), this one is direct, to the point, and extremely simple - deceptively so.

Buffett's strategy, based on spotting the right stock, hard work, integrity, common sense and the patience to see an investment mature over a period of ten to thirty years, may be harder than it seems in paper, and will certainly prove to be hard work in a society increasingly pursuing a quick buck.

The Tao of Warren Buffett highlights the principles the once nerdy son of a grocery clerk follows when investing, all neatly numbered and illustrated by a quote from Buffett.

"You should invest like a Catholic marries - for life." Or, "Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway."

And then there is "If a business does well, the stock will follow", and "The stock market is a no-called strike game. You don't have to swing at everything - you can wait for your pitch. The problem when you're a money manager is that your fans keep on yelling 'Swing, you bum!'".

Then, of course, there is number 55, stating that there comes a time "when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of our mind if you keep on taking jobs that you don't like because you think that it will look good on your résumé. Isn't that a little like saving up sex for your old age?"

Throughout the book it is clear that Warren Buffett is not a fan of Wall Street, and neither of the analysts who frequent its corners.

Buffett and Clark explain that this is why he has chosen to remain in Omaha, far away from the bustle of the financial markets, which allows him to make decisions without the influence of the investor herd and those who attempt to steer them.

At 174 pages long the The Tao of Warren Buffett is a quick and easy read, even though it sometimes feel as the authors are repeating themselves. In the end Warren Buffett's advice could probably have been written down on a single page.

However, new and seasoned investors should find the book a handy, informative and entertaining guide.

* Review copy courtesy of Exclusive Books

Caption:
BUFFETTOLOGY
This is the newest book containing anecdotes on how investment guru Warren Buffet accumulated his billions - See TaoofWarrenBuffet.JPG - PIC BY DUANE