Warren Buffett's Ground Rules

Outline

Warren Buffett's Ground Rules (2016) draws on the letters Warren Buffett wrote to the partners of his investment partnership between 1956 and 1970, before he became famous through Berkshire Hathaway. Jeremy C. Miller organises these letters by theme to show the principles behind Buffett’s early success, including long-term compounding, measuring results against the market, careful risk management, and disciplined value investing. The book offers timeless lessons for anyone who wants to invest patiently and rationally.

• Buffett's early letters to his partners, written between 1956 and 1970, reveal the principles behind his success before Berkshire Hathaway made him famous.
• Long-term compounding is central to his approach, rewarding investors who stay patient instead of chasing quick gains.
• He judged his results by measuring them against the market, not by looking at returns in isolation.
• Careful risk management is treated as a core discipline, not an afterthought, in how he ran his investments.
• Disciplined value investing, practised patiently and rationally, is the thread that ties the whole book together.

Jeremy C. Miller is an American investment analyst with more than fifteen years of experience in equity sales and research at major financial firms. Warren Buffett’s Ground Rules, written with Buffett’s blessing, is his first book.