PART 5 The King of Wall Street
43.
Pharaoh | 44.
Rose | 45.
Call a tow truck | 46.
Crossing the Rubicon | 47.
White Night | 48.
Thumb sucking | 49.
Angry Gods | 50.
Lotto | 51.
Bear market whatever | 52.
chicken feed

PART 6 RESERVATION
53.
Genie of the Lamp | 54.
Semicolon | 55.
The Last K-Party | 56.
By the rich, for the rich | 57.
Wise Man | 58.
Oral cancer | 59.
Winter | 60.
Frozen Coke | 61.
Seventh Fire | 62.
Deposit certificate

Reviews
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Acknowledgements

“Life is like rolling a snowball.
The key is to find the ‘wet eyes’ and the ‘long, long hills.’
The passion and wisdom of a giant who has navigated the history of American capitalism head-on.

In June 2021, Warren Buffett announced that he was stepping down as trustee of the Bill & Melinda Gates Foundation.
He said on the day, “After announcing in 2006 that he would donate all of his Berkshire Hathaway stock, which is more than 99 percent of his net worth, to charity, we have now reached half of that goal by 2021.”
It was a bold decision on his part to not want things like having one's name on a building under the pretext of making a donation or for the foundation to be run carelessly after the donor's death.
Just by looking at this appearance, you can easily guess that he is a truly 'extraordinary person' with a different level of philosophy and rational thinking.

Warren Buffett's official biography, "Snowball," is a masterpiece that traces the life and times of one of the most fascinating figures of our time.
There have been many books written about Buffett, but he has never written a memoir.
There was also no book that comprehensively covered Warren Buffett's life and values, not just his investment methods.
The public was always watching his every move, but he was unwilling to tell his full story.
Because of his private life, which was so thoroughly shrouded in secrecy, people thought of him as someone who pursued a simple life that did not match his immense wealth.
But like everyone else, his life wasn't that simple.
When Alice Schroeder, the author of this book, discovered Buffett, she was already widely known in the industry for her extensive knowledge of finance, sharp analytical skills, and her witty and insightful writing.
Buffett was so impressed by the report she wrote about Berkshire Hathaway that he asked her, then a director at Morgan Stanley, to write his own story and gave her his full support.
Yet, he never interfered, and when his story differed from someone else's, he asked that it be written 'in a less flattering way.'
Buffett warned against the so-called "shoe button complex" (a term from the book that refers to pretending to be an expert in another field because one is knowledgeable in one field).
He clearly knew that everyone had a certain range of abilities that they could excel at, and he always drew a line between what was beyond his capabilities and what he could do well.
And he said this is one of the reasons why he has been successful for so many years.
It was thanks to his humble attitude that 《Snowball》 was able to be born.
This book could have been a billionaire's success story, but he didn't want to package himself.
The author, who didn't need to keep an eye on Buffett, used his analyst's unique analytical and observational skills to sharply identify Warren Buffett's strengths and weaknesses.
Buffett's controversial private life was not glossed over either.
The meticulous verification, extensive data collection, and thorough annotation of every single act, every single statement, and every single event unfolding around Buffett, who has been at the center of his time, have made this book more than just a biography of a single person; it is a saga that surveys the history of American capitalism.
Buffett's judgments and actions at critical junctures in American and global finance, including the post-war boom, the American Express crisis, the oil crisis, the prolonged recession in the United States, the Salomon Brothers crisis that nearly triggered the Great Depression, the bankruptcy of Long-Term Capital Management, the September 11 attacks, and the recent economic crisis stemming from subprime mortgage loans, provide vivid lessons for understanding modern capitalism.
Just as he warned of the internet bubble boom, he also warned against derivatives, calling them "financial weapons of mass destruction," and the fact that he managed the risks of derivatives at the insurance companies he ran clearly shows why we should listen to him.

20% average annual return for over 50 years!
Where did his extraordinary insight come from?

In an era where even five years of consistent investment performance is considered impressive, Warren Buffett has maintained his position at the top for over half a century, achieving returns of over 20%.
His wealth is unparalleled in that he did not inherit it but earned it entirely through his own efforts.
But these investment performances are just one adjective that sets him apart.
What made him not only "the world's richest man" but also "a respected sage"? What is it about him that earns him such acclaim as an investor and as a human being?
Born the son of a banker who lost his job during the Great Depression, Buffett began selling gum at the age of six to earn money, driven by a desire to become rich.
Then, at the age of eleven, he started investing in stocks and experienced all kinds of part-time jobs, including delivering newspapers, and learned the 'snowball' principle of modern capitalism, or the principle of 'compound interest', which states that 'if you start with a small amount of money and gradually increase it, eventually money will make more money.'

Welfare is like rolling a snowball down a hill.
If you start with a small lump and keep rolling the snowball, it will eventually become a really big snowball.
He says he first made a small snowball when he was 14 years old while delivering newspapers, and that he has been rolling it very carefully down a long hill ever since.
The incredible story of how he realized this principle early on and effectively utilized it to create enormous wealth is not only admirable in itself, but also provides a profound lesson.
Surprisingly, the lesson isn't about money.
Buffett's incredible focus and learning curve, which allows him to tirelessly absorb all available information at a terrifying pace; the complete trust of shareholders he earned by thoroughly pursuing 'honesty' in a stock market rife with fraud and trickery; his independent thinking that strictly follows his 'internal scoreboard' in a market swayed by cutting-edge financial engineering and rumors; and his incredible judgment that allows him to instantly find the best method when faced with complex problems.
Warren Buffett's life is a life filled with opportunities, yet fraught with pitfalls and pitfalls, and a source of inspiration for everyone in the world of investing and business, as well as countless others who aspire to succeed in life.

Katharine Graham and her two wives,
The never-before-seen true face of Warren Buffett

When the book was first published, the part that aroused the most curiosity was Warren's personal life.
Born into a family with a history of mental illness, his mother abused him and his older sister, and an aunt and a nephew committed suicide.
While he was working as a director of the Washington Post and was obsessed with Katharine Graham, who had the same complex, his wife Susie, whom he loved and cared for dearly, left him. After that, he lived with Astrid, whom Susie sent to him, and 'Susie became his official wife, and Astrid became his de facto wife who lives with him.'
Having unintentionally had two wives, he did not hide this fact from his family and friends, as befitting his personality of thoroughly pursuing 'honesty'.
He never gave up on something precious, whether it was money or a person, and he never let go of the love of his life, Suzy, even after breaking away from monogamy.
Likewise, he built a strong network of trustworthy, wise people and maintained lifelong friendships with them.
In terms of investment, we have shared a true sense of partnership with like-minded shareholders through a 'web of trust built seamlessly.'
This has created an organic structure where Berkshire Hathaway can freely move capital with its subsidiaries, which hold enormous amounts of cash, and has enabled it to function as a continuous system that creates wealth for shareholders as a compounding engine.
To him, shareholders were not just customers, but students who learned his 'investment philosophy' and 'life philosophy', and life companions.
He felt a sense of responsibility for their lives, even advising them on the best way to manage their investments when they were withdrawing their money.
This sense of responsibility led him to live a life of 'noblesse oblige'.
He participated in the campaign to repeal the estate tax, opposing policies "by the rich, for the rich" during the Bush administration.
He also criticized the reality that the world's richest people have lower income tax rates than their secretaries.
He recognized his exceptional ability to make money as an innate calling to accumulate vast wealth without squandering it and to distribute it efficiently to all sectors of society.
For him, his astronomical wealth was a depository, indicating that he had temporarily set aside resources that should have been used for society.
And in 2006, he opened the doors of his warehouse and gave back his wealth to society.

Through this book, readers will once again be able to experience his outstanding insight into reading economic trends.
Moreover, you will be able to glimpse the humble attitude and resonant values ​​of someone who has risen to the top of the world through his own intuition and vision.
It can be said to be a great biography.