Alice Schroeder

The Snowball is the authoritative biography of one of the world’s greatest investors of all time. It’s an insightful and engaging journey that provides a comprehensive and intimate look at not only Buffett's financial acumen but also his personal journey and the principles that have guided him throughout his life. It’s filled with personal anecdotes, business strategies, and the evolution of Berkshire Hathaway. Schroeder explores his relationships, his philanthropy, and the values that show more have shaped his decision-making, but also doesn't shy away from discussing moments of vulnerability or mistakes. Her holistic approach provides readers with a well-rounded understanding of Warren Buffett as a person, beyond his role as a financial genius. It truly is a fascinating read. show less

Warren Buffett and his investment corporation Berkshire Hathaway are the stuff of legends. He grew an investment portfolio from just over $100,000 into a $100+ billion enterprise over several decades. He invested primarily in businesses that were undervalued when he bought them but rose in value in the years after he bought them. His investments routinely outperformed the market, often by double-digit percentages. He lived in a humble house in Omaha, Nebraska, and eschewed many of the show more trappings of wealth. Like a preacher, he was well-known for his short sayings of homespun wisdom. Schroeder’s book seeks to provide first-hand accounts of his life before the original source material is no more. At 800+ pages (or 38 hours), she provides plenty of primary material that will excite readers and biographers for generations to come.

Buffett’s passion was making money. It was not feeling proud about money or having greed, but rather, it centered on maximizing the value of an investment. This, to him, was an intellectual obsession, much as other academic obsessions can grip noteworthy scientists and inventors. Otherwise, he sought to root for the little guy. Under the persuasion of his wife Susie, he switched early in life from the Republican party to become a Democrat. He bequeathed most of his great fortune primarily with the Gates Foundation for anonymous use instead of endowing educational buildings and institutions with his name on them.

As with most people who make a lot of money, controversy accompanied him. One business ran into trouble with the SEC in the 1980s, and another ran afoul of the SEC in the late 2000s. Seemingly (and Schroeder presents detailed evidence to support this contention), Buffett remained unaware of the wrongdoings until it came up in investigations. He was generally generous with his family, but he believed that their worth should be built around what they did and not who their ancestors were. Schroeder does ding him on being unnecessarily mean to some of his adopted grandchildren. (Perhaps that has resolved after the book was published.) Different readers might reach different conclusions, but Schroeder’s evidence persuaded me that Buffett was – and still is – an upstanding individual.

This biography fills the need for documentation of Buffett’s life while he was still alive. Although it is nearly 15 years old now, it still serves as the best repository of facts and primary accounts about his life. Schroeder seems to have had good access to the inner workings of Berkshire Hathaway and the Buffett family. Although a friend, her objectivity as a biographer seems no more in jeopardy than that of most biographers. Other business writers might attack this or that matter in his legacy, but her comprehensive view of the man will likely never be paralleled or surpassed. This book will likely remain the seminal work on Buffett’s legacy written while he is alive. Business audiences and admirers alike will benefit from learning his principles in the context of his life story. Thanks to Schroeder, we have a nuanced account of what it looked like. show less

This is a massive tome that l bought some years ago but never got to reading until lock-down. But glad I did. I was very familiar with Buffett's investment philosophy, but not how it evolved from the extreme 'cigar butt' value strategy of Ben Graham to the more eclectic definition of value of Charlie Munger. Indeed, along with his father Howard, they emerge as two of the major influences on his life.
From an early age, Buffett was exfremely hard working, even at the expense of family life, show more but not interested in the ostentation of wealth. As with his bridge playing obsession, it is more an intellectual exercise. Among the many anecdotes, he is quoted as saying he had never met a trophy wife who did not look more like the booby prize! He was socially gauche from an early age, struggling to impress girls. In later life he became more confident, moving in the top social circle, and becoming a companion of Kay Graham of the Washington Post. But his dress sense did not improve!
There are surprising details about his early delinquent behaviour, involving shoplifting and slot machine business scams.
Despite the avuncular imagine Buffett had problems dealing with emotional issues; the relationship with his wife, her illness, and the death of his father. Most surprising was his attitude to his two adopted grandchildren. He announced to the family that he did not recognise them as his family, and excluded them from family endowments.
In the latter years a reluctant meeting with Bill Gates leads to a very close friendship, probably closer than with his two sons.
Despjte the occasional clunky American prose, Alice Schroeder emerges a worthy Boswell to Buffett's Johnson. Thoroughly recommended to anyone interested in what lies behind the mask of public figures and public affairs. show less

Warren Buffett, after a career spanning more than 50 years, has justly earned his nickname "the Oracle of Omaha." His ultrasuccessful career as an investor, coupled with his famous inexpensive tastes, have added layers of myth to his legend. Alice Schroeder, a former analyst at Morgan Stanley, offers an extensive look at Buffett and his life, with his significant assistance, in "The Snowball: Warren Buffet and the Business of Life."

Although not an autobiography, there are extensive passages show more throughout the book (printed in italics) of Buffett's firsthand reminiscences, evidently taken from personal interviews with Schroeder. This gives parts of the book the feel of an intimate memoir, replicating Buffett's distinctive speaking style and offering insight into both his self-image and his particular way of analyzing situations. It also shows the depth of cooperation that Schroeder received in researching and writing this biography.

Despite the book's length, those hoping to figure out the unique source of Buffett's success will likely be disappointed. In some extent, Buffett rises to become the world's richest man because of his narrowly focused desire to accumulate wealth, which Schroeder hypothesizes is the main scorecard that motivates Buffett. Neither this trait, nor Buffett's unique "bathtub brain," can adequately explain his success beyond so many others.

If Buffett's business attributes -- singular focus, dedication to long hours of hard work and research, skill in valuating companies -- seem to be shared by many others who have been successful in business over the years, his moral compass is completely unique. Schroeder is much more successful detailing Buffett's peculiar habits in developing relationships with family and a few close friends over the years. Indeed, Buffett's behavior is often bizarre by any standard, combining his professional acumen with emotional avoidance, obliviousness to social propriety (including his famous refusal to eat anything he does not want to), his generosity of spirit with his occasional miserly approach to family finances. In these recurring details, Schroeder's book finds emotional root and depth and offers a glimpse into how Buffett's finely honed moral compass has evolved, and perhaps softened, throughout his lifetime.

If anything, though, Buffett's consistency -- in business, in his approach to family, in his personality, in his ethics, in his routine -- is more impressive than his personal growth. Part of the reason that he still lives in the same house in Omaha is that although his lifestyle has changed (he can fly anywhere he wishes on a private jet, he counts the rich and powerful as his friends), his conception of life has not. While his financial resources are larger, his approach to investing and business is the same.

In the end, the book's strengths outweigh its weaknesses, particularly the involvement of Buffett himself in the process. Schroeder has a good ear for writing and a knack for retelling anecdotes and stories in an engaging manner. She also handles the specific business concepts and issues with aplomb. show less