Odds are that most of us will never step foot inside Warren Buffett's office or share a milkshake with the noted investor, but the next best thing is now within reach.
It's The Snowball: Warren Buffett and the Business of Life by Alice Schroeder (Bantam), who did both of these and more for the past five years. Schroeder, formally a managing director at Morgan Stanley and a keen financial analyst, spent more than 2,000 hours with Buffett once he annointed her his biographer. She observed his daily routine, his demeanor, his decision-making ability and his meeting style (he does not do meetings, strictly speaking--he prefers seeing people one on one). She also interviewed those closest to him to plumb the depths of his earliest years as well as just about everything else in his life.
This is an ambitious and detailed read, but even those without a business background will find some startling personal takeaways. One in particular, especially for anyone familiar with Dale Carnegie's still-popular principles, is the way in which Buffett was terribly wounded as a child by his mother's criticism. Instead of becoming this way himself as an adult, Buffett chose to stay positive and to praise the admirable traits in those around him. He does not criticize others either to their faces or behind their backs. This creates an atmosphere of comfort and safety. Knowing that Buffett is behind them 100%, people closest to him rise to their best behavior, outperforming even their own expectations. This was certainly the case with Schroeder, who, before this book, had never undertaken narrative biography (she'd come to Buffett's attention because of her analysis of Berkshire Hathaway).
At Reader's Digest, we recently interviewed Alice Schroeder about Warren Buffett for a new feature in our upcoming December issue called "Great Inspirations." (You'll soon find it in your mailbox or on your local newstand.) Schroeder was wonderfully articulate as she discussed how Buffett taught her, by example, to manage her own time better. Instead of frittering away the hours on a myriad of unfocused activities, Schroeder said that today she's much more disciplined and targeted in how she spends her time. (Check out the full piece to learn why she no longer goes hot-air ballooning!)
If you've been hesitant about picking this book up for fear that the financial details of Buffett's story will derail your reading pleasure (assuming that's not your thing)--not to worry. The personal bits, by me, are the best, and never again will the world's richest man be an enigma.