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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Snowball summary
Alice Schroeder
Warren Buffett and the Business of Life
32 mins
Brief summary
The Snowball by Alice Schroeder chronicles the life of Warren Buffett, from his childhood, through to his successful career in investment. It offers insights into his investment strategies and personal life.
Table of Contents
The Snowball
Summary of 14 key ideas
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Key idea 1 of 14
As a child, Warren Buffett found comfort and joy in statistics and numbers.
Warren Buffett was born in Omaha, Nebraska, on August 20, 1930 – a mere ten months after Black Tuesday, the stock market crash that sent the country plummeting into the Great Depression.
His father, Howard, was a well-liked stockbroker who managed to sell reliable securities and bonds during this bleak period. As a result, unlike many other families, the Buffetts were able to bounce back from the crash and live comfortably during the 1930s.
However, this didn’t mean things were easy for the young Warren.
His mother, Leila, was an overbearing parent, quick to fly into a rage, an unfortunate tendency that resulted in her needlessly shaming and blaming her children.
Stuck at home with this abrasive and unpredictable parent, Warren was eager to find an escape. More often than not, his older sister Doris was the target of their mother’s rage, but Warren also sought ways to avoid his mother’s temper, and he found it in numbers, odds and percentages.
One of the reasons he loved school was that it got him away from home and taught him more about mathematics.
After his first-grade classes let out, Warren and his friend Russ would sit on Russ’s front porch and note down the license plates of passing cars. Their parents thought this was so they could calculate the frequencies of each letter and number appearing on the plates, but in reality, the boys secretly believed their notes could help the police catch bank robbers, as the street was the only possible getaway route from the local bank.
Sometimes he was able to get away from home by spending time at his dad’s office on the weekends, where he happily wrote the numbers of stock prices on the office’s big chalkboard.
The young Warren’s interest in numbers, probabilities and statistics was noticed and encouraged by other family members. At the age of eight, Warren received a book on baseball statistics from his grandfather, a gift that delighted Warren. He devoted hours on end to memorizing every page.
He received another gift from his beloved aunt Alice: a book on the complex card game bridge, which sparked a lifelong obsession.
With these wonderful books, Warren could sit happily in his room, away from his erratic mother, and spend time in the company of more comforting and reliable companions: numbers.
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What is The Snowball about?
"By age eleven he’d saved up $120, which was a whole lot of money in 1941. He used that money to make his first investment. He bought six shares of the company Cities Service Preferred – three for him and three for his sister Doris."
The Snowball (2008) offers a revealing look at the life and times of one of modern America’s most fascinating men: Warren Buffett. Find out how this shy and awkward man earned his first million dollars and how following a few fundamental rules enabled him to become the world’s wealthiest man.
This is a Blinkist staff pick
“Warren Buffet is one of those people who seems to have a magic touch. It’s almost as if he’s aware of certain universal secrets that nobody else is privy to! I love learning more about what made him so successful (he memorized textbooks?!) and trying to figure out what makes him tick.” – Ben S., Head of Audio at Blinkist
The Snowball Review
The Snowball (2008) by Alice Schroeder is a captivating biography of Warren Buffett, one of the greatest investors of all time. Here's why this book is worth reading:
- Full of insightful anecdotes and behind-the-scenes stories, it provides a comprehensive understanding of Buffett's life and investment philosophy.
- It offers valuable lessons on business, finance, and life, making it a great resource for aspiring entrepreneurs and investors.
- The book explores Buffett's unique mindset and reveals his unconventional strategies, making it an intriguing and thought-provoking read for anyone interested in wealth creation.
Best quote from The Snowball
As a 15-year-old, Warren actually bought a 40 acre farm, splitting the profits with the farms tenant.
—Alice Schroeder
Who should read The Snowball?
- Investors
- Philanthropists
- Anyone looking for an inspiring story
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The Snowball FAQs
What is the main message of The Snowball?
The main message of The Snowball is that success in life and business requires a combination of hard work, dedication, and smart decision-making.
How long does it take to read The Snowball?
The reading time for The Snowball varies depending on the reader, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is The Snowball a good book? Is it worth reading?
The Snowball is a compelling read for anyone interested in Warren Buffett's life and investment strategies. It offers valuable insights and lessons in a concise format.
Who is the author of The Snowball?
The author of The Snowball is Alice Schroeder.
What to read after The Snowball?
If you're wondering what to read next after The Snowball, here are some recommendations we suggest:
- Why “A” Students Work for “C” Students and “B” Students Work for the Government by Robert T. Kiyosaki
- Common Stocks and Uncommon Profits and Other Writings by Philip A. Fischer
- The Warren Buffett Way by Robert G. Hagstrom
- The Intelligent Investor by Benjamin Graham and comments by Jason Zweig
- Buffett by Roger Lowenstein
- The Education of a Value Investor by Guy Spier
- Second Chance by Robert T. Kiyosaki
- Rich AF by Vivian Tu
- Read People Like a Book by Patrick King
- Poor Charlie's Almanack by Peter D. Kaufman