Warren Buffett’s Management Secrets: Proven Tools for Personal and Business Success
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Buffett insiders help readers understand and emulate Warren Buffett’s success – his philosophy for managing career, money, business, life.
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Clear, concise insight into Buffett’s philosophy,
Mary’s clear writing style enables readers to get to grips with the philosophy of Mr Buffett with ease. The book features no stock analysis charts or anything that is too in depth, with each of Mary’s books the emphasis is clearly on the theory behind Warren’s success. This does not detract from the book, in fact it suits the style, each of the books can be read in a day, and are great for dipping in and refreshing the mind. Overall great little books full of wisdom, anybody wanting more in-depth technical analysis for stock or share investing will benefit from another, perhaps slightly academic, book alongside this one.
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|Bank on the tried and true,
Bank on the tried and true
I thought one of the most successful investors in history might have somehting interesting to say abut management and I was right.
It is broken down into five steps and thirty chapters.
Step One Pick the right business to work with
Chapter one How to find the kid of business that offers the greatest career opportunities
Brand names produce a produce that doesn’t have to change ,such as Coca Cola Some have a durable competitive advantage. ,
Chapter 2 Three quick tests for identifying the best company to work for.
1 Pre share earnings test. Check the last ten years to see if there is an upward trend This shows a competitive advantage.
2 the debt test
3 The gross margin test. interestingly he likes coca col with a gross margin of 60% whereas United Airlines have 17%
Some companies have profit margins that are too low but they can still be sustainable such as Walmart but many fail on that point because of the amount of investment that is need to make a profit such as airlines.
Delegation
His secret of delegation is to delegate almost to the point of abdication. They then treat the businesses as their own.
find the right manager for the job.
Work at a job you love.
Chapter 18 Speak ot the other persons wants and needs.
I wont go through every point the makes but they are all valid.
The first two are the most powerful that is find a buiness that is sustainable and testing it for its ability to make money.
He obviously buys a lot of companies which he doe snot run himself so he needs to delegate, find managers and get them to do jobs they love.
If also he speaks to their wants and needs a not his own that is very powerful indeed.
This is a short outstanding book and deserves a lot of rereading.
I like his idea of never giving a direct order but ask questions. that allows the other peons to come to the right conclusion without beig forced to carry out somehting they don’t want to do.
I cant recommend it highly enough.
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