10 Books Recommended by Warren Buffett
Last Updated: By TRUiC Team
The most successful entrepreneurs invest heavily in both their businesses and themselves. Constant learning is essential to long-term success not just once, but over the course of a lifetime.
Set aside time each day or week to read, and choose high-quality books. Startup books and works on innovation and success are good places to begin. You’ll maximize your time — and consistently improve your expertise.
Perhaps no founder has established the success that can come with lifelong reading as much as Warren Buffet. The immensely successful investor has constantly read his entire life, poring over business reports, books, and other works. In this guide, we take a look at some of the books recommended by the mogul himself.
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Business Books Warren Buffett Recommends
Below are some of Warren Buffett’s personal must-reads on business, startups, innovation, and success.
Also Recommended: Check out our list of the best startup books.
1. ‘Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger’ Edited by Peter D. Kaufman
Charles Munger is the lesser-known partner in Berkshire Hathaway. He’s long been Warren Buffett’s right-hand man, currently serving as vice president at Berkshire. Buffett obviously values Munger’s investing and business knowledge.
“Poor Charlie’s Almanack” is a collection of speeches and essays by Munger. There’s not one theme to all of them, but rather all types of business advice throughout the collection.
One favorite is the essay “The Psychology of Human Misjudgement,” which discusses cognitive traps that investors fall for. It’s not just applicable to investing, however. All entrepreneurs can benefit from learning to recognize and counter the misjudgment tendency.
Peter D. Kaufman assembled and edited the collection. It’s all Munger’s advice (and some of his humor), though.
2. ‘The Intelligent Investor’ by Benjamin Graham
Warren Buffett has praised Benjamin Graham’s “The Intelligent Investor” as a must-read on multiple occasions. He placed it among his top three investments of all time — immediately after two marriage licenses.
Specifically, Buffett has said chapter eight changed his investing approach. He immediately began valuing low stock prices rather than high ones and credits this revelation as a large reason for his success.
Every chapter in the book has helpful lessons on investing and is worth reading, although you may want to pay special attention to chapter eight.
3. ‘How to Win Friends & Influence People’ by Dale Carnegie
Dale Carnegie penned multiple classics that have helped people climb the ladder of success. One of Buffett’s favorites is “How to Win Friends & Influence People.”
The book has wide relevance to investors, business owners, startup founders, and the population at large. It lists practical ways to increase how much people like you, convince others, and change others’ thinking.
Buffett once commented that his office doesn’t display his University of Nebraska or Columbia University degrees. His certificate from Dale Carnegie’s course is on the wall, though; this book is the course in brief.
Buffett is just one of 15 million people who have purchased “How to Win Friends & Influence People.” If you’re not among 15 million, this should be the next book on your must-read list.
4. ‘One Thousand Ways to Make $1,000’ by F.C. Minaker
“One Thousand Ways to Make $1,000” is exactly what the title says — from 1936. Some of F.C. Minaker’s ideas for earning money are antiquated: goat dairying, making motor-driven chairs, renting billiards tables. There still are useful ideas, though, and the business principles discussed are timeless.
Buffett picked up a copy of Minaker’s book around age seven, finding the book at the local library. He memorized it by age 11 and declared he’d be a millionaire by age 35. He beat that prophecy by three years.
Reading this book is what convinced Buffett of compound interest, and he’s made that the central focus of his investing strategy throughout his adult life.
You’ll likely have a hard time finding this book, as it’s long been out of print. It’s a humorous and also informative read if you do locate a copy.
5. ‘The Outsiders’ by William N. Thorndike, Jr.
“The Outsiders” is an investing book on business leadership. The book examines eight CEOs who beat the S&P 500 by twenty times during their career, and who each had unconventional practices.
You won’t know the names of all the mentioned CEOs, but you’re familiar with their companies. Berkshire Hathaway (yes, Buffett is one), General Cinema, The Washington Post Company, Ralston Purina, Teledyne, and others are well-known names.
Each of the CEOs mentioned is a case study in business leadership. They avoided trendy management fads and also disregarded Wall Street’s prioritization of reported earnings. These CEOs instead prioritized cash flow, growing their respective companies.
These CEOs ran some of the largest companies in the world, but cash flow is a measure that transcends business sizes. Small business owners can likewise pursue growth through cash flow.
Looking for more book recommendations? We asked startup founders to share their favorite books on entrepreneurship, and here's what they said.
6. ‘Business Adventures: Twelve Classic Tales from the World of Wall Street’ by John Brooks
When a much younger Bill Gates asked Buffett for a book recommendation back in 1991, “Business Adventures” was Buffett’s immediate suggestion.
“Business Adventures” contains a seemingly outdated collection of New Yorker articles dating back to the 1960s. Skim the sections on Xerox machine specs from 60 years ago, but read the business principles in detail. The principles are timeless and still have direct relevance to businesses today.
Both Gates and Buffett have since recommended the book, although you’ll find locating a copy difficult since the book has so long been out of print. It’s unclear whether Buffett himself even has a hard copy anymore — Gates never returned the copy that Buffett lent him.
7. ‘The Science of Hitting’ by Ted Williams and John Underwood
“The Science of Hitting” is a decidedly different “business book,” only earning the designation because a great businessman recommends it.
Legendary hitter Ted Williams uses anecdotes from baseball, detailed illustrations, and coaching tips to help players improve their at-bats. There are few more definitive works on how to hit a baseball.
Buffet draws a metaphor for business/ from this book. Just as hitting requires waiting for the perfect pitch, sometimes the most important thing in business is likewise waiting for the perfect opportunity.
That’s the entire lesson in one sentence. If you need something for summer reading between innings, pick up “The Science of Hitting” to flush out the metaphor more fully.
8. ‘Shoe Dog’ by Phil Knight
Phil Knight had a recent business school degree, a $50 loan from his father, and a vision. That $50 paid for a run of shoes, which Knight sold from his car’s trunk. He grossed $8,000 in the company’s first year. Nike’s sales now reach over $35 billion annually.
“Shoe Dog” is the story of Phil Knight, Nike’s founder. Its story begins when Knight traveled throughout Asia and ultimately decided not to take a corporate job. The ups and downs along the way are followed, with special attention given to Knight’s marketing and business acumen.
Buffett not only recommends “Shoe Dog” because of what can be learned by reading the book but also because it’s simply a good story. Knight — a master in marketing — can tell an entertaining tale.
9. ‘40 Chances: Finding Hope in a Hungry World’ by Howard G. Buffett
In 2006, Buffett announced that he’d give the bulk of his fortune away through philanthropic efforts. Buffett assigned this task to his son, Howard G. Buffett.
Howard Buffett allocated 40 years to accomplish this goal. “40 Chances” explains how Howard has thus far approached giving away the family fortune.
The book includes important lessons, such as the importance of planning, how to assess risks, and the value of mistakes. Hearing these ideas from Buffett’s son provides an interesting perspective, and it’s fun to read about business practices within the context of philanthropy.
10. ‘Limping on Water’ by Phil Beuth and K.C. Schulberg
“Limping on Water” chronicles Phil Beuth’s career at ABC-TV/Capital Cities. The company grew to be one of the preeminent media companies throughout the country.
While detailing his own career, Beuth shows how Tom Murphy and Dan Burke led the company. The book is really a study of their joint leadership, which Warren Buffett describes as the best managerial duo that he and Charlie Munger have seen. Murphy and Burke excelled both in what they accomplished and in how they accomplished it.
