Updated: Jan 20
"When I was a kid, I got all kinds of good things, I had the advantage of a home where people talked about interesting things, and I had intelligent parents and I went to decent schools. I don't think I could have been raised with a better pair of parents. That was enormously important. I didn't get money from my parents, and I really didn't want it. But I was born at the right time and place. I won the 'Ovarian Lottery.'" - Warren Buffett
The Snowball - Warren Buffett and the Business of Life - by Alice Schroeder is definitely a hefty read. It was interesting to learn about the life of Warren Buffett, but you need to have a bit of knowledge in investment to follow along. Alice Schroeder did a phenomenal job at explaining in laymen's terms, but I believe you need to have an interest in business and investment to read this book.
I always knew Warren Buffet was a genius and he was an incredible person. So just like everyone else, I always blindly admired him and worshipped him when I was growing up.
I came across his famous quote about "Ovarian Lottery" a while ago, and I always believed it to be true. I believed luck had something to do with his success. But after reading this book, think he was just him being humble. I think what really mattered was his dedication and hard work which ultimately brought him his fortune.
He never stopped thinking about business, and how to make money. He spent hours reading. He followed the world of politics intensely to recognize the impact it had on businesses. He focused on his circle of competence so he could only focus on money, business, and his own life.
As he said himself, "Intensity is the price of excellence."
There obviously isn't one perfect way to live a life. There are other ways to make money and live a happy and fulfilling life. However, if I had to take away one thing from this book, it is that you have to follow your Inner Scorecard. Do not be consumed by others and put the emphasis on what others think of you. Focus on your Inner Scorebcard.