The Snowball

The Snowball Plot Summary

Introduction

In the heart of Omaha, Nebraska, a young boy with an unusual fascination for numbers and calculations began a journey that would transform him into one of the greatest investors of all time. Warren Buffett's story is not merely about accumulating vast wealth—though his net worth has indeed reached astronomical heights—but rather about the patient application of wisdom, discipline, and ethical principles in business and life. His remarkable ability to make complex financial concepts accessible through homespun analogies has earned him the nickname "The Oracle of Omaha," while his extraordinary investment returns have created a legion of followers who study his methods with religious devotion. What makes Buffett's story so compelling is the contrast between his immense wealth and his unpretentious lifestyle, between his financial genius and his human vulnerabilities. Through his experiences, we discover timeless lessons about the power of compound interest—not just in money, but in knowledge and relationships. We learn how rational thinking can triumph over market hysteria, how integrity can coexist with ambition, and perhaps most importantly, how the true measure of success lies not in what you accumulate, but in the wisdom you share and the lives you touch. Buffett's journey reveals that the most valuable form of wealth may be the ability to think clearly about what truly matters in life.

Chapter 1: Early Years: The Making of a Value Investor

Warren Edward Buffett was born in Omaha, Nebraska on August 30, 1930, during the early years of the Great Depression. This timing would prove significant, as the economic hardship of the era shaped his lifelong relationship with money. Even as a young child, Warren displayed an extraordinary fascination with numbers and calculation. While other children played typical games, he counted license plates, memorized population statistics, and meticulously tracked the coins in his piggy bank. His bedroom resembled a miniature business headquarters, with stacks of coins he would count and recount with remarkable concentration. By age six, Buffett had launched his first business venture, selling packs of chewing gum door-to-door in his neighborhood. When a customer once asked to buy just a single stick of Juicy Fruit, young Warren refused, stating firmly: "We don't break up packs of gum." This early demonstration of principle over immediate profit foreshadowed his later investment philosophy. His entrepreneurial activities expanded rapidly—delivering newspapers, selling used golf balls, and installing pinball machines in local barbershops. By the time he was thirteen, Buffett was earning more than many adults, filing his first tax return and deducting his bicycle as a business expense. The Buffett household provided a unique environment for Warren's developing mind. His father Howard, a stockbroker and later congressman, filled their home with discussions of business and politics. Though emotionally distant, Howard instilled in his son a sense of integrity and independent thinking that would become hallmarks of Warren's character. From his father's library, Warren devoured books on business and investing, developing what he later called his "bathtub memory"—absorbing useful information while letting unpleasant memories drain away. At age eleven, Buffett made his first stock market investment, purchasing three shares of Cities Service Preferred for himself and his sister. When the stock initially dropped, then recovered slightly, he sold for a small profit—only to watch it soar afterward. This experience taught him three crucial lessons: don't fixate on what you paid for a stock, don't rush to take small profits, and be careful when investing other people's money. These principles would guide his investment philosophy for decades to come. The intellectual foundation for Buffett's investment approach was laid when he discovered Benjamin Graham's book "The Intelligent Investor" at age 19. For Buffett, it was an epiphany—like "seeing the light." Graham's rational, mathematical approach to valuing stocks contradicted the prevailing Wall Street wisdom that the market operated through mystical forces. Instead, Graham demonstrated that stocks represented ownership in actual businesses with calculable values. After graduating from the University of Nebraska, Buffett applied to Harvard Business School but was rejected after a brief interview. This rejection, which he would later call "the pivotal episode" of his life, led him to Columbia University where he discovered that Benjamin Graham himself taught finance. Studying under Graham, Buffett absorbed three fundamental principles that would shape his investment philosophy: first, that a stock represents ownership in a business; second, that investors should always maintain a margin of safety; and third, that market fluctuations should be viewed as opportunities rather than dictators of value. Graham's approach was to find "cigar butts"—companies trading below their liquidation value that might offer one last "puff" of profit. Buffett excelled in Graham's class, earning the only A+ the professor had ever awarded, and later worked for Graham's investment firm in New York before returning to Omaha to start his own investment partnership in 1956 with $105,000 from family and friends.

Chapter 2: Building Berkshire Hathaway: From Textile Mill to Conglomerate

In 1962, Warren Buffett began purchasing shares in a struggling New England textile manufacturer called Berkshire Hathaway. The company was selling below its working capital, making it a classic Graham-style "cigar butt" investment. Initially, Buffett had no intention of taking control of the business—he simply saw an undervalued stock. However, after a disagreement with Berkshire's management over the price of a stock buyback, Buffett's competitive instincts took over. He accumulated enough shares to gain control of the company in 1965 and promptly fired the manager who had angered him. This emotional decision to acquire Berkshire would later be described by Buffett himself as his biggest investment mistake, yet it would ironically become the vehicle for his greatest successes. The textile business continued to struggle against foreign competition despite Buffett's efforts to improve operations. Rather than pouring good money after bad, Buffett began using Berkshire's cash flow to acquire other businesses with better economics. His first significant move was purchasing National Indemnity, an insurance company, for $8.6 million in 1967. This acquisition proved transformative, as Buffett recognized that insurance companies generated "float"—money collected as premiums that could be invested before paying out claims. This float essentially functioned as interest-free loans that Buffett could deploy into other investments, creating a powerful engine for Berkshire's growth. Throughout the 1970s and 1980s, Berkshire continued acquiring businesses across diverse industries. See's Candies, purchased in 1972, marked a significant departure from Buffett's Graham-influenced approach. Instead of buying solely based on cheap assets, he paid a premium for a quality business with strong branding and customer loyalty. This shift reflected the growing influence of Charlie Munger, who had become Buffett's intellectual partner and encouraged him to evolve beyond Graham's strict value formulas toward "wonderful companies at fair prices." Other notable acquisitions included Nebraska Furniture Mart, purchased from Rose Blumkin (known as "Mrs. B") in 1983 based on a handshake deal, and GEICO insurance, which Berkshire gradually acquired before taking full ownership in 1996. By the mid-1980s, Buffett finally closed Berkshire's original textile operations, acknowledging that the business could not generate adequate returns despite years of effort. This decision demonstrated his willingness to face reality and abandon sentimental attachments when the economics demanded it. In his annual letter to shareholders, he explained that loyalty to employees did not justify investing shareholders' money in a perpetually unprofitable enterprise—a difficult but principled stance that reflected his fiduciary responsibility. Buffett's approach to managing Berkshire's growing collection of businesses was as unconventional as it was effective. Unlike typical conglomerates that centralized operations and imposed corporate bureaucracy, Buffett practiced extreme decentralization. He gave acquired companies remarkable autonomy, focusing instead on capital allocation—deciding where Berkshire's profits would be reinvested for maximum return. This hands-off management style attracted business owners who had built successful enterprises but worried about what would happen to their companies and employees after they sold. Buffett offered a permanent home where their corporate cultures would be preserved, making Berkshire an attractive buyer for family businesses in particular. By the early 2000s, Berkshire had transformed into a massive conglomerate with operations spanning insurance, utilities, manufacturing, retail, and transportation. The company's market value had grown from about $18 million when Buffett took control to hundreds of billions of dollars, generating one of the greatest long-term investment records in history. Through this remarkable transformation, Buffett demonstrated his ability to evolve as an investor and business leader while maintaining his core principles of focusing on intrinsic value, thinking long-term, and operating with uncompromising integrity.

Chapter 3: Investment Philosophy: Margin of Safety and Moats

At the heart of Warren Buffett's investment philosophy lies the concept of margin of safety—a principle he inherited from Benjamin Graham but developed into a multidimensional approach. For Buffett, margin of safety means never risking permanent loss of capital, which he achieves through deep understanding of businesses rather than mere statistical cheapness. This principle guides all his investment decisions, from purchasing individual stocks to acquiring entire companies. As he famously stated: "Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1." While seemingly simplistic, this focus on capital preservation has been fundamental to his long-term success. Buffett's approach begins with staying within what he calls his "circle of competence"—investing only in businesses he thoroughly understands. "Risk comes from not knowing what you're doing," he often says. This self-awareness has led him to avoid technology stocks for most of his career, despite their spectacular growth. At the 1999 Sun Valley conference, while tech executives proclaimed a "new paradigm," Buffett gave a now-famous speech warning about market overvaluation. Though ridiculed at the time, his caution proved prescient when the dot-com bubble burst months later. This willingness to appear outdated rather than chase trends exemplifies the intellectual independence that has protected him from countless market manias. Unlike many investors who define risk as price volatility, Buffett sees risk as the possibility of permanent capital impairment. This perspective allows him to remain calm during market panics and even view them as opportunities. During the 2008 financial crisis, when others were selling in fear, Buffett invested billions in companies like Goldman Sachs and General Electric, securing favorable terms that included both downside protection and significant upside potential. His famous advice to "be fearful when others are greedy and greedy when others are fearful" captures this contrarian approach that has served him well throughout market cycles. Perhaps Buffett's most significant contribution to investment thinking is his concept of economic moats—sustainable competitive advantages that protect businesses from competition. He prizes companies with pricing power, strong brands, network effects, or regulatory advantages that can sustain profitability over decades. Coca-Cola exemplifies this approach—when Buffett invested $1.3 billion in the company in 1988, he wasn't merely buying a beverage manufacturer but a business with the world's most recognized brand and unparalleled global distribution system. This emphasis on quality over mere cheapness represents Buffett's most significant evolution beyond Graham's teachings and reflects Charlie Munger's influence on his thinking. Buffett's margin of safety extends beyond individual investments to Berkshire's entire corporate structure. He maintains an enormous cash reserve—sometimes criticized as excessive—to ensure the company can weather any economic storm and capitalize on opportunities when others cannot. He avoids debt, famously saying: "When you combine ignorance and leverage, you get some pretty interesting results." This conservative financial posture has allowed Berkshire to thrive during crises that devastated more leveraged competitors and to act as a source of capital and stability during market turmoil. The margin of safety concept also extends to Buffett's valuation methods. Rather than precise calculations, he uses conservative estimates and multiple approaches to determine intrinsic value. As he explains: "It is better to be approximately right than precisely wrong." This humility about the limits of forecasting has helped him avoid the overconfidence that plagues many investors. By focusing on businesses with predictable economics and requiring a substantial discount to intrinsic value, Buffett creates a double layer of protection—quality businesses purchased at attractive prices—that has produced his remarkable long-term record while minimizing permanent losses.

Chapter 4: Leadership Style: Decentralization and Trust

Warren Buffett's leadership style stands in stark contrast to conventional corporate America. From his modest office in Omaha—far from Wall Street's power centers—he has built one of the world's largest companies while maintaining an ethical framework that has become as much a part of his legacy as his investment returns. Central to his approach is radical decentralization. Unlike most CEOs who micromanage their divisions, Buffett gives the managers of Berkshire's subsidiary companies extraordinary autonomy. "We delegate almost to the point of abdication," he explains. This approach stems from his recognition that talented managers perform best when trusted to run their own operations. When acquiring companies, Buffett often tells owners: "I'm not going to tell you how to run your business. The only thing I ask is that you run it for another 20 or 50 years." This hands-off style has made Berkshire an attractive home for family businesses whose owners care deeply about their companies' futures. Buffett's headquarters staff in Omaha numbers fewer than 30 people, despite overseeing a conglomerate with hundreds of thousands of employees worldwide. This lean operation reflects his belief that bureaucracy stifles innovation and that excessive coordination between subsidiaries creates more costs than benefits. Buffett's compensation practices similarly defy corporate norms. He has drawn the same modest salary for decades, deriving his wealth entirely from his Berkshire shares. He structures incentives for his managers based on factors they can control, rather than stock price movements or accounting metrics easily manipulated. When designing compensation plans, he asks: "If I owned 100% of this business, how would I pay the manager?" This owner's perspective eliminates the agency problems that plague many public companies, where executives can enrich themselves at shareholders' expense through complex compensation schemes that reward short-term results over sustainable value creation. Perhaps most distinctive is Buffett's emphasis on reputation and integrity. His famous quote—"It takes 20 years to build a reputation and five minutes to ruin it"—reflects his understanding that ethical lapses can destroy value far exceeding any short-term gain. When Salomon Brothers faced a Treasury bond scandal in 1991, Buffett stepped in as interim chairman and testified before Congress with a clear directive to employees: "Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless." This crisis revealed Buffett's moral leadership and his recognition that trust is the foundation of financial markets. Transparency characterizes Buffett's communication style. His annual letters to shareholders avoid corporate jargon in favor of clear, conversational explanations accessible to ordinary investors. He freely admits mistakes rather than burying them in footnotes, once writing: "I've made some dumb purchases, and the amount by which these have cost us is far greater than any improvement in earnings that might have been achieved through the purchase of better businesses." This candor builds trust with shareholders, who feel treated as partners rather than anonymous investors. Berkshire's annual meetings, which attract tens of thousands to Omaha, feature Buffett and Munger answering unscreened questions for hours—an exercise in transparency unmatched in corporate America. Buffett's leadership extends beyond Berkshire through his moral authority in the business world. He has consistently advocated for higher taxes on the wealthy, criticized excessive CEO compensation, and challenged corporate America's short-term focus. His 2002 campaign for expensing stock options faced fierce opposition from technology companies but eventually prevailed, improving accounting transparency nationwide. By using his platform to advocate for ethical business practices, Buffett has influenced corporate governance far beyond his own company, demonstrating that financial success and moral leadership can reinforce rather than contradict each other.

Chapter 5: Personal Life: Relationships and Unconventional Choices

Warren Buffett's personal life presents a study in contrasts—a man of extraordinary wealth who lives with remarkable simplicity, yet whose relationships reveal complex dimensions that defy easy categorization. For over five decades, he has resided in the same modest Omaha home he purchased in 1958 for $31,500, which he once jokingly called "the third best investment I ever made." Despite his billions, Buffett's daily routine reflects his Midwestern sensibilities. He drives his own car, eats at local restaurants where he's known simply as "Warren," and indulges in a diet famously heavy on hamburgers, Cherry Coke, and ice cream. This unpretentious lifestyle extends to his office at Berkshire Hathaway headquarters, where he works without a computer and makes decisions without the army of analysts and consultants typical of most CEOs. Buffett's relationship with his first wife Susan revealed both his dependence on emotional support and his unconventional approach to family life. When they married in 1952, Susan recognized his emotional vulnerability and worked to build his confidence. "I was a mess," Buffett later admitted. "She put me together." Their marriage took an unusual turn in 1977 when Susan moved to San Francisco to pursue her singing career while remaining married to Warren. With Susan's blessing, Astrid Menks began looking after Buffett in Omaha, creating what he described as a "triangular relationship" that continued until Susan's death in 2004. Two years later, Buffett married Astrid in a simple ceremony. This arrangement, while unorthodox, reflected Buffett's tendency to create stable systems that allowed him to focus single-mindedly on his work. As a father to his three children—Susie, Howard, and Peter—Buffett provided financial security and educational opportunities but was often emotionally distant. His daughter Susie explained: "He was upstairs reading all the time. That's what I remember about my dad: reading, reading, reading." Despite this emotional remoteness, Buffett instilled important values in his children, particularly regarding wealth and privilege. He famously declared his intention to give his children "enough money so they would feel they could do anything, but not so much that they could do nothing," a philosophy that shaped his approach to inheritance and philanthropy. All three Buffett children now lead foundations funded by their father but directed according to their own priorities and values. Buffett's closest intellectual relationship has been with Charlie Munger, his business partner since 1959. Their legendary partnership combines Buffett's detailed analysis with Munger's broad intellectual framework. Though temperamentally different—Buffett the folksy Midwesterner, Munger the acerbic intellectual—they share a passion for continuous learning and ethical business practices. "Charlie and I are alike in believing that you don't need to carry an idea to its logical extreme," Buffett once explained. "You only have to carry it to the point that works." This intellectual partnership has been crucial to Berkshire's success, with Munger pushing Buffett beyond Graham's strict value formulas toward considering the qualitative aspects of businesses. In his later years, Buffett has devoted more attention to relationships, particularly mentoring younger investors and business leaders. He regularly hosts student groups at Berkshire headquarters and teaches them about business and ethics. His friendship with Bill Gates, which began in 1991, represents another important relationship that transcended business. Despite their different backgrounds and industries, they formed a deep bond based on shared intellectual curiosity and a love of bridge. This friendship eventually led to Buffett's decision to donate the majority of his fortune to the Bill & Melinda Gates Foundation, a historic philanthropic commitment that reflected his trust in Gates's ability to effectively deploy vast resources for global good. Buffett's personal evolution also includes his growing comfort with public attention. Once painfully shy—he took a Dale Carnegie course to overcome his fear of public speaking—he has transformed into a media-savvy communicator whose annual meetings draw tens of thousands. This willingness to share his thoughts has made him not just a successful investor but a beloved public figure whose homespun wisdom transcends finance and offers insights into living a meaningful life regardless of wealth or status.

Chapter 6: Crisis Management: Turning Challenges into Opportunities

Throughout his career, Warren Buffett has faced numerous crises that tested his principles, judgment, and leadership. His responses during these challenging periods reveal as much about his character as his successes during bull markets. Perhaps the most dramatic example came in 1991 when Salomon Brothers, in which Berkshire held a significant stake, became embroiled in a Treasury bond trading scandal. The investment bank had submitted false bids in government securities auctions, and worse, senior management had delayed reporting the misconduct to authorities. With Salomon facing potential criminal charges and the loss of its critical Treasury dealer license—essentially a death sentence for the firm—Buffett stepped in as interim chairman. His response was swift and decisive. Within hours of taking control, Buffett implemented a policy of complete transparency, instructing employees to cooperate fully with investigators and disclose everything. Breaking with Wall Street's traditional stonewalling approach to regulatory problems, he personally testified before Congress, taking responsibility for cleaning up the mess and implementing reforms. His famous directive to employees—"Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless"—established a new ethical standard that helped save the company. This crisis revealed Buffett's moral leadership and his recognition that trust is the foundation of financial markets. The 2008 financial crisis provided another showcase for Buffett's crisis management skills, though this time as an opportunistic provider of capital rather than a firefighter. As credit markets froze and panic spread, Buffett extended lifelines to companies like Goldman Sachs and General Electric, investing $8 billion on favorable terms that included high-yielding preferred stock and warrants. These investments not only generated substantial returns for Berkshire but also provided a crucial vote of confidence in the financial system when it was most needed. Buffett's willingness to invest during the darkest moments of the crisis reflected his famous advice to "be fearful when others are greedy and greedy when others are fearful." Even Berkshire itself has faced challenges under Buffett's leadership. In the late 1990s, as technology stocks soared to unprecedented valuations, Berkshire's performance lagged the broader market. Critics suggested Buffett had lost his touch, failing to understand the "new economy." Refusing to abandon his principles, Buffett avoided technology investments he couldn't understand, a stance that proved prescient when the bubble burst in 2000-2002. During this period of criticism, Buffett maintained his characteristic equanimity, neither defending himself aggressively nor changing his approach to chase performance. This steadfastness during periods of doubt has been a hallmark of his leadership style. Buffett's approach to crisis management extends to Berkshire's corporate structure and financial strategy. He maintains an enormous cash reserve—sometimes criticized as excessive—to ensure the company can weather any economic storm and capitalize on opportunities when others cannot. This financial fortress allowed Berkshire to thrive during crises that devastated more leveraged competitors. As he explained in his 2010 letter to shareholders: "We will never become dependent on the kindness of strangers. Too-big-to-fail is not a fallback position at Berkshire." This conservative financial posture reflects Buffett's first rule of investing: never lose money. Throughout these crises, Buffett has displayed a remarkable ability to maintain emotional equilibrium under extreme pressure. His capacity to think clearly when others panic, combined with his unwavering ethical compass, allows him to navigate situations that would overwhelm most executives. This temperament—perhaps his greatest asset—enables him to see opportunities where others see only threats. The financial crisis of 2008, for example, created buying opportunities that Buffett compared to "shooting fish in a barrel." By maintaining liquidity and courage when both were in short supply, he transformed potential disaster into substantial profit for Berkshire shareholders. Buffett's crisis management approach offers valuable lessons beyond investing: the importance of preparation before crises hit, the value of transparency when problems emerge, the necessity of swift and decisive action, and the advantage of maintaining emotional stability under pressure. These principles have application far beyond finance, demonstrating why Buffett's wisdom has resonance even for those with no interest in stock markets or business management.

Chapter 7: Philanthropy: Giving with Purpose and Pragmatism

Warren Buffett's approach to philanthropy, like his investing, reflects both careful calculation and profound moral conviction. For most of his career, Buffett accumulated wealth with little public giving, leading some critics to question his charitable intentions. His explanation was simple: he believed he could grow money more effectively than most foundations, and would ultimately create more societal benefit by compounding his capital before giving it away. This strategy dramatically reversed in 2006 when Buffett announced his intention to donate 85% of his Berkshire Hathaway shares—then worth approximately $37 billion—to five foundations. The majority went to the Bill & Melinda Gates Foundation, with smaller portions directed to foundations established by his children and late wife. Buffett's decision to channel most of his wealth through the Gates Foundation rather than creating his own philanthropic empire revealed his pragmatic approach. He recognized that Bill and Melinda Gates had already built an effective organization addressing global health and poverty. "Why should I hire a whole new team to do mediocre philanthropy when Bill and Melinda are doing sensational philanthropy?" he reasoned. This willingness to delegate philanthropic decisions mirrored his business approach at Berkshire, where he consistently placed talented people in charge and gave them autonomy. It also reflected his lifelong emphasis on efficiency and his aversion to bureaucracy. The structure of Buffett's giving included several innovative elements. He committed to annual distributions of shares rather than making a single enormous donation, ensuring that substantial resources would be deployed toward current problems rather than preserved indefinitely. He also required that each year's contribution be spent within the following year, accelerating the foundation's impact. These conditions reflected his skepticism about perpetual foundations, which he feared might become bureaucratic and drift from their founders' intentions over time. As he explained, "I wanted to give it to people who were young, energetic, and had the same goals I did." Perhaps Buffett's most significant philanthropic contribution has been his partnership with Bill Gates in creating the Giving Pledge in 2010. This initiative encourages billionaires to commit at least half their wealth to charitable causes. By leveraging his moral authority and friendship with Gates, Buffett has helped secure pledges from over 200 wealthy individuals across 25 countries, potentially redirecting hundreds of billions of dollars toward philanthropy. The Giving Pledge represents a form of philanthropic multiplier effect—using Buffett's influence to increase total societal giving far beyond his personal capacity. Unlike many philanthropists who attach their names to buildings and institutions, Buffett has consistently avoided what he calls "monument building." His foundations operate with minimal staff and focus on addressing immediate human suffering rather than creating perpetual institutions. This approach reflects his belief that "the most precious asset is time," and that society's resources should be deployed to solve today's problems rather than preserved indefinitely. When asked about his philanthropic legacy, Buffett has said he hopes to be remembered for giving away things that were of no real value to him but enormous value to others. Buffett's philanthropic philosophy extends to his views on inheritance. "A very rich person should leave his kids enough to do anything but not enough to do nothing," he famously stated. His children received relatively modest inheritances by billionaire standards but substantial resources for their foundations, allowing them to pursue their own charitable interests. Howard focuses on global food security and conflict mitigation; Susie on early childhood education and human rights; and Peter on social justice and community building. This balance aims to provide opportunity without removing the motivation to contribute productively to society. In his philanthropic decisions, as in his business career, Buffett has emphasized rational analysis over emotional impulse. He approaches giving with the same disciplined thinking that characterized his investing—seeking maximum impact per dollar and focusing on areas where his contribution can make a meaningful difference. Yet beneath this analytical approach lies a profound moral commitment to addressing inequality and human suffering. As he explained when announcing his giving plans: "There's no reason why future generations of little Buffetts should command society's resources just because they came from the right womb. Where's the justice in that?"

Summary

Warren Buffett's extraordinary journey from a number-obsessed Omaha boy to one of history's most successful investors and philanthropists embodies the power of compounding—not just of money, but of knowledge, relationships, and principles. His greatest contribution may not be his investment record or even his philanthropic billions, but rather the transparent way he has shared his thinking process throughout his career. Through his annual letters, public speeches, and teaching moments, Buffett has democratized financial wisdom, showing that successful investing requires not genius but rather patience, discipline, and emotional control in the face of market extremes. The essence of Buffett's legacy lies in his demonstration that enduring success comes from aligning one's actions with fundamental principles rather than chasing short-term gains. His life offers valuable lessons that transcend investing: the importance of finding your own circle of competence and operating within it; the power of associating with people who are better than yourself; and the wisdom of measuring success not by wealth accumulated but by the love received from those who know you best. For business leaders, his example shows that integrity and long-term thinking can coexist with exceptional financial performance. For individuals, his life demonstrates that true wealth comes not from what you consume but from developing your talents in service of something larger than yourself.

About Author

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Alice Schroeder

Ms. Schroeder was born in Texas, and she earned an undergraduate degree and her MBA at the University of Texas at Austin before moving east to work in finance. She is a former CPA and lives in Connecticut with her husband. Alice Schroeder was a noted insurance industry analyst and writer who was a managing director at Morgan Stanley. She first met Warren Buffett when she published research on Berkshire Hathaway; her grasp of the subject and insight so impressed him that he offered her access to his files and to himself. Their friendship and mutual respect make her ideally positioned to write the The Snowball.

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