What is *Warren Buffett's Ground Rules* by Jeremy C. Miller about?

*Warren Buffett's Ground Rules* analyzes Buffett’s investment strategies and philosophies during his 1956–1970 partnership years, using his original investor letters. Jeremy C. Miller distills principles like value investing, long-term compounding, and incentive alignment, emphasizing Buffett’s focus on intrinsic value, rational decision-making, and risk management through a margin of safety.

Who should read *Warren Buffett's Ground Rules*?

This book is ideal for investors seeking timeless strategies from Buffett’s early career, finance students studying value investing, and professionals interested in aligning incentives with stakeholders. It’s also valuable for readers exploring compounding, risk mitigation, or historical financial analysis.

What are the key investment principles in *Warren Buffett's Ground Rules*?

Key principles include: - **Value Investing**: Buying undervalued assets below intrinsic value. - **Margin of Safety**: Minimizing risk by purchasing at significant discounts. - **Long-Term Compounding**: Holding investments to maximize growth. - **Incentive Alignment**: Structuring compensation to prioritize partner returns over fees.

How does *Warren Buffett's Ground Rules* explain the concept of "Generals"?

“Generals” refer to undervalued stocks Buffett targeted for long-term appreciation. These were businesses priced well below intrinsic value, often overlooked by the market. Buffett concentrated his portfolio in a few Generals, holding them for years to benefit from compounding and eventual market recognition.

What are the most impactful quotes from *Warren Buffett's Ground Rules*?

Notable quotes and their meanings: - **“If I was running $1 million, I’d be fully invested”**: Confidence in identifying value opportunities. - **“The availability of a quotation… should be an asset”**: Viewing market prices as tools, not distractions. - **“We do not want to get active merely for the sake of being active”**: Patience over impulsive trading.

How does *Warren Buffett's Ground Rules* address risk management?

Buffett prioritized **capital preservation** through rigorous analysis, diversification limits, and avoiding speculative trends. His “margin of safety” approach meant buying assets at prices with built-in downside protection, ensuring sustainable returns even if projections faltered.

How does Jeremy C. Miller organize Buffett’s partnership letters in the book?

Miller categorizes the letters thematically, extracting concepts like incentive structures, compounding, and market psychology. He contextualizes Buffett’s strategies within historical market conditions, making complex ideas accessible through clear frameworks and annotated commentary.

What criticisms exist about *Warren Buffett's Ground Rules*?

Some note the book focuses narrowly on Buffett’s early career, excluding his later Berkshire Hathaway strategies. Others highlight challenges in replicating his methods in modern markets dominated by high-frequency trading and globalized assets.

バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法

世界最大の投資家によるパートナーシップ・レターから学ぶ知恵の言葉

ジェレミー・C・ミラー

4.04(1600 Reviews)

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の概要

ウォーレン・バフェットが億万長者になる前、彼は自身の投資の秘訣を明かす手紙を書いていました。10万5,000ドルを1億ドルへと変えた「グラウンド・ルール」をご覧ください。チャーリー・マンガーが、複利による資産形成の魔法をほとんど「宗教的」であるとまで呼んだ、極めて強力な戦略です。

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第1章

The Oracle of Omaha's Early Blueprint

What if you could travel back in time to see Warren Buffett before he became a household name? Before Berkshire Hathaway became his vehicle for amassing billions? In 1956, a 25-year-old Buffett declined his mentor Benjamin Graham's offer to join his investment firm and instead returned to Omaha to start his own investment partnership with just seven investors - mostly family members and friends. Before accepting their money, he gathered them at the Omaha Club and presented his Ground Rules - the foundation for what would become one of the greatest investment track records in history. These principles would help him compound partners' capital at nearly 24% annually after fees, consistently beat the market, and never have a down year. Bill Gates calls these partnership letters "the most important investment documents ever written," while hedge fund legend Seth Klarman considers them essential reading for every serious investor. Through these letters, Buffett laid out timeless guidance that still shapes investment thinking today, decades before he became the "Oracle of Omaha."

第2章

The Bedrock Philosophy: Mr. Market and the Business-Minded Investor

Warren Buffett's investment approach begins with a crucial distinction between investors and speculators. While markets can behave irrationally in the short term, over the long run they price securities according to their underlying business value. This insight separates true investors, who buy businesses based on sound analysis, from speculators who merely "play" the markets. Buffett's philosophy was deeply shaped by his mentor Benjamin Graham, who transformed securities analysis from a "dark art" into a profession. After being rejected by Harvard, Buffett discovered Graham was teaching at Columbia and became his star pupil. From Graham, Buffett inherited the powerful concept of "Mr. Market" - a manic-depressive character who offers to buy or sell stakes in his business daily. Sometimes euphoric and demanding high prices, sometimes depressed and offering bargains, Mr. Market's daily price quotes should never dictate our view of intrinsic value. "When you own a stock, you own a business," Buffett emphasized repeatedly. While short-term prices fluctuate with Mr. Market's moods (the "voting machine"), long-term returns reflect business fundamentals (the "weighing machine"). This perspective grounds investors in reality when markets become frenzied. Buffett dismisses market timing as futile, quoting Graham: "Speculation is neither illegal, immoral nor fattening (financially)." Many Wall Street professionals make predictions despite this reality, following what Buffett derisively calls Lord Keynes's advice: "If you can't forecast well, forecast often." Instead of trying to predict short-term movements, investors should focus on understanding businesses they might own. While market timing is impossible, significant market declines are inevitable. Even portfolios of extremely cheap stocks will likely fall during general market downturns. Investors must prepare emotionally for 20-30% drops, understanding they're inconsequential to long-term results. Those who forget about their portfolios during downturns often outperform active traders who sell from fear. Through Buffett's teachings and Graham's Mr. Market allegory, we learn that short-term price fluctuations stem from market psychology, while long-term results depend on business fundamentals and purchase prices. Market downturns shouldn't concern patient investors who understand that market quotes provide opportunities to buy when others are fearful.

聴きながら、すべての言葉を目で追えます

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の一語一語が音声に合わせてリアルタイムでハイライトされ、自然に読み進められます。

第3章

The Eighth Wonder of the World: Compounding's Remarkable Power

"Compound interest is the eighth wonder of the world," Einstein allegedly said, and Buffett built his investment philosophy around this principle. An investment program is essentially a compounding program - continuously reinvesting gains so they generate their own returns. The ultimate results depend on two factors: the annual average rate of gain and time. Buffett illustrates compounding's power with amusing historical examples: Columbus's voyage ($30,000 invested at 4% would be worth $2 trillion by 1962), the Mona Lisa (purchased for $20,000, which at 6% would have grown to $1 quadrillion by 1964), and Manhattan's purchase ($24 that could have been worth billions at 6-7%). These stories emphasize that seemingly small differences in return rates produce enormous differences over time. For modern investors, even a 1-2% difference in annual returns due to fees or taxes can cut final results by half over decades. While the market historically returned around 7%, the average American investor has achieved only 2% returns, highlighting the cost of poor investment practices. Buffett estimated the market would compound between 5-8% annually over long periods, with the S&P 500 actually delivering about 7% since 1950 (10% with dividends). Today, with near-zero bond yields, 5-6% returns seem reasonable. The critical lesson is that even small decrements in returns dramatically reduce long-term results. True investors take the long view, seeing stocks as ownership claims on businesses, avoiding unnecessary costs, and harnessing compound interest's power at the highest sustainable rate. The Manhattan Indians example further illustrates this point. Had they invested their $24 payment at just 6.5% annually, they'd have $42 billion today - and at 7%, a staggering $205 billion. Through these entertaining examples, Buffett emphasizes how small percentage differences in returns create enormous disparities over time. His tables showing the compounding of $100,000 at various rates demonstrate this "Methuselah Technique" - the combination of long time horizons and higher compound rates.

第4章

Measuring Success: The Importance of Clear Benchmarks

Buffett established rigorous standards for measuring investment performance, emphasizing relative results rather than absolute returns. He set an ambitious goal for the Partnership: to beat the Dow by an average of 10 percentage points per year. This target would yield approximately 15-17% annual returns, producing remarkable long-term results - $100,000 growing to $405,000 in 10 years and $1.6 million in 20 years. He consistently emphasized relative performance over absolute returns, explaining that he would consider a year when they declined 15% while the market fell 30% superior to one where both advanced 20%. His golf analogy clarified this perspective: "The important thing is to be beating par; a four on a par three hole is not as good as a five on a par five hole." Investors should not expect consistent performance from any investment style-everything has its seasons. Buffett warned partners to expect potential market underperformance by as much as 10% in bad years while aiming for up to 25% outperformance when "everything clicks." Given this variability, he insisted on measuring results over at least three years, preferably five, with flat market periods providing the clearest assessment. Throughout his partnership letters, Buffett emphasized establishing clear performance standards before investing rather than rationalizing results afterward. He consistently used the Dow-Jones Industrial Average as his benchmark, believing it reasonably reflected most investors' market experience. Buffett stressed that while his measurement policy guaranteed objective evaluation, it didn't guarantee good results. He promised partners he would never change yardsticks if performance lagged, noting that many investment managers avoided precise performance measurement entirely. No matter how others in the market changed their measurement standards-whether measuring too frequently or too rarely-Buffett teaches us to maintain consistent yardsticks. While modern performance measurement has become overly complicated with terms like alpha, beta, and Sharpe ratios, Buffett's approach remains refreshingly straightforward: establish clear metrics beforehand and stick to them.

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

毎日の新しい気づきを10万件以上のレッスンから
言葉をハイライトして音声と同期
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第5章

Aligning Interests: The Perfect Partnership Structure

Buffett's partnership structure brilliantly aligned his interests with those of his investors. As he stated in 1961, "The new partnership will represent my entire investment operation in marketable securities, so that my results will have to be directly proportional to yours, subject to the advantage I obtain if we do better than 6%." This elegant structure ensured that Buffett's financial success was completely tied to his investors' outcomes. When consolidated into Buffett Partnership, Ltd. (BPL), all partners adopted universal terms: Buffett took 25% of gains beyond a 6% annual return threshold (roughly market average), ensuring he earned nothing unless outperforming the market. He implemented a "high-water mark" requiring recovery of any deficiencies before resuming fees. Partners could receive monthly distributions of 0.5% or reinvest them, accommodating both income-seekers and growth-focused investors. Unlike today's asset managers who charge fixed percentage fees regardless of performance, Buffett charged no management fee. Modern funds typically charge 0.25-2% of assets annually, incentivizing asset gathering over performance. This creates a conflict when managers benefit from larger funds even when size hinders returns. Buffett's performance-only compensation aligned his interests with his partners. Buffett only earned fees on returns exceeding 6%, unlike today's "2 and 20" hedge fund model where managers take 20% of all profits regardless of market performance. This meant Buffett only got paid for outperforming what a "do-nothing" investor would achieve, creating true alignment with his partners' interests during a time when the market averaged 5-7% returns. Unlike fund managers with minimal personal investment who can simply close underperforming funds, Buffett and his family were BPL's largest investors. This ensured he focused equally on risk and reward, as poor performance would hurt him more than anyone else. His structure eliminated the "heads they win, tails we lose" dynamic common in investment management. BPL allowed additions or redemptions only once annually, encouraging long-term thinking. However, partners could borrow up to 20% of their capital or pre-fund additions at 6% interest. This balanced structure provided emergency liquidity while preventing short-term thinking, and spread new investments throughout the year rather than concentrating them in January.

第6章

The Generals: Finding Value in Undervalued Securities

Buffett's investment approach during the Partnership years defied simple categorization. Rather than limiting himself to a single style, he employed multiple strategies based on where he found value. The Generals - a highly secretive, concentrated portfolio of undervalued common stocks - produced the majority of the Partnership's gains. Initially focusing on tiny, obscure companies trading below liquidation value (similar to Graham's approach), Buffett typically committed 5-10% of assets to five or six major positions, with smaller investments in another 10-15 companies. Buffett expanded his "Generals" approach by creating two subcategories: "Generals-Private Owner" (his original approach) and "Generals-Relatively Undervalued" (larger companies trading at discounts to peers). The latter category carried more risk since control acquisition wasn't possible, so Buffett often hedged these positions by shorting more expensive peer companies. In his seminal 1984 speech "The Super Investors of Graham-and-Doddsville," Buffett demolished efficient market theory by highlighting how improbable it was that so many successful investors came from the same intellectual tradition. These investors all focused on buying businesses, not stocks, exploiting the gap between market price and intrinsic value. Unlike other investment strategies whose excess returns get arbitraged away once widely known, value investing has remained effective despite being "out" for 50 years. Graham's approach, born from his devastating losses in the 1929 crash, focused on buying securities below their liquidation value - companies worth more "dead than alive." These "net-nets" provided substantial margins of safety, with the liquidation value of current assets minus all liabilities exceeding the market price. Buffett embraced this approach, sometimes finding companies with negative implied business values. The Graham-style approach of jumping from cheap stock to cheap stock produced excellent results for Buffett. Looking back after twelve years, he noted this category maintained the best percentage of profitable transactions with total profits exceeding losses by fifty times or more. These weren't necessarily good businesses, but they were purchased at such bargain prices that portfolio returns were virtually guaranteed. As his assets grew and thinking evolved, Buffett moved toward a broader definition of value, increasingly looking at business quality to determine how sustainable and valuable earnings might be. This shift was exemplified by investments like American Express, where Buffett loaded up after a scandal when he realized the company would survive with its brand and business fundamentals intact.

聴きながら、すべての言葉を目で追えます

第7章

Workouts: Profiting from Corporate Actions

Buffett's third investment category, "Workouts," represented a sophisticated approach to merger arbitrage - betting on whether announced transactions would actually close. In merger arbitrage, Buffett capitalized on the spread between a company's current trading price and its announced acquisition price, which reflected both deal risk and time value of money. Unlike traditional arbitrageurs who spread investments across fifty or more deals to minimize risk, BPL typically concentrated on just ten to fifteen carefully selected situations at a time, allowing for deeper analysis and larger positions in the most promising opportunities. This concentrated approach produced spectacular long-term results - Buffett estimated a 20% average annual unleveraged return over 65 years. However, this concentration also created more volatility in year-to-year performance, as evidenced by 1967's disappointing 0.89% return when several major deals encountered unexpected complications. Workouts served as a crucial performance counterweight to Generals, as their success was largely independent of market movements. For example, during the 1962 market crash, when the Dow fell 27%, BPL's workout positions helped maintain stability by generating positive returns. Buffett typically allocated 30-40% of assets to Workouts, but demonstrated remarkable flexibility in adjusting this allocation based on market conditions. During rising markets, he would increase the Workout allocation to protect against potential market corrections, while shifting toward Generals during falling markets when valuations became more attractive. This strategic adjustment helped insulate BPL's overall performance during market downturns. Analyzing the period from 1962-1964, Buffett provided detailed evidence of how category mix significantly impacted results: Workouts saved 1962's performance during severe market weakness, delivering a 13% return while the broader market plunged. In 1963, one exceptional Workout in American Express boosted returns significantly, while Workouts actually dragged on 1964's performance during a strong market year when Generals outperformed. Buffett's approach to Workouts was methodical and disciplined. He never acted on rumors or speculation about potential deals - instead waiting until developments were publicly announced. His analysis focused primarily on the risk of deals falling through rather than general market behavior, examining factors such as regulatory approval likelihood, financing conditions, and shareholder support. This careful approach helped him avoid many of the pitfalls that trapped less disciplined arbitrageurs. The Workout strategy served multiple purposes in Buffett's portfolio. Beyond generating attractive absolute returns, it provided crucial diversification benefits that helped protect overall results during market downturns. Workouts gave Buffett productive outlets when the broader market was overvalued, allowing him to maintain returns without compromising his value principles. As Charlie Munger humorously noted, "Okay, at least it will keep you out of bars" - highlighting how the strategy provided a valuable alternative to sitting idle during overvalued markets or making compromised investments.

第8章

Controls: Unlocking Value Through Active Ownership

Buffett approached control investments not from a desire for activity, but as a necessary means to optimize capital when passive investing wouldn't suffice. His first control investment was Sanborn Map Company in 1959, where he acquired 20% of this sleepy company and effectively controlled another 20%, confronting a board of directors who prioritized their comfort over shareholder value. The transition from General investments to Controls often occurred naturally - when a stock languished long enough that BPL accumulated a majority position. This approach required Buffett to become confrontational, similar to today's activist investors. At Sanborn, he threatened the board with a proxy fight; at Dempster Mill, he fired the CEO and liquidated parts of the business; at early Berkshire, he redirected focus from textiles to insurance and banking. When controlling a business, Buffett concentrated heavily, sometimes allocating 35% of the Partnership to a single position. Without reliable market prices for these controlled companies, Buffett performed his own valuations based primarily on earnings power and asset values, with particular emphasis on assets when they overshadowed earnings potential. For Buffett's "cigar butt" control investments that often earned little or were losing money, he employed Graham's method of adjusting balance sheet asset values to uncover their true worth. Graham's rule was that liabilities are real but asset values must be questioned, with specific discounts applied: 100% for cash, 80% for receivables, 67% for inventory, and just 15% for fixed assets. The Dempster Mill investment represents a perfect case study in Buffett's asset conversion approach. Buffett began buying the stock in 1956 after spotting it in Moody's Manual - a tiny manufacturing company whose stock had fallen 75% in the previous year and was trading at a fraction of its net working capital and book value. After joining the board and continuing purchases for five years, Buffett acquired control in August 1961, owning 70% at an average price of $28/share - roughly a 50% discount to working capital and 66% discount to book value.

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

毎日の新しい気づきを10万件以上のレッスンから
言葉をハイライトして音声と同期
ライブラリを保存して、どの端末からでも利用

第9章

True Conservatism: Independence and Concentration

Buffett challenges the conventional wisdom about investing by distinguishing between what's truly conservative versus what's merely conventional. He argues that conservatism in investing comes from correct facts and sound reasoning - not from following the crowd. Social proof, our instinct to follow others, can be helpful in many situations but becomes "the muse of the investing underworld" because it kills chances for outperformance. For Buffett, conservatism stems solely from rationality - if it's rational, it's conservative, regardless of whether it's conventional. He finds no comfort in having many people agree with him or in following expert opinions. The only circumstance where anyone should invest is when the important facts are fully understood and the course of action is obvious - otherwise, pass. While ideally Buffett would find fifty different opportunities with strong probabilities of 15% gains versus the Dow, reality doesn't work that way. He emphasized that finding truly attractive investment situations requires extremely hard work and they're rare. Buffett argues that diversification benefits largely run their course after 6-8 uncorrelated businesses are added to a portfolio. Additional stocks reduce risk by ever-decreasing amounts while significantly reducing expected returns. In 1965, he amended the Ground Rules to allow up to 40% of BPL's net worth in a single security when conditions were right - combining extremely high probability of correct reasoning with very low probability of change in underlying value. He later advised students: "If you can identify six wonderful businesses, that is all the diversification you need... Very few people have gotten rich on their seventh best idea." Buffett offered a quantifiable way to evaluate investment conservatism: performance in declining markets. When examining BPL's performance during the Dow's three down years, his partnership was cumulatively up 45% while the Dow fell 20% and other managers declined between 9% and 24%. The fact that Buffett never had a down year during the Partnership era puts him in rare company with other great investors. When evaluating new investments, Buffett recommends comparing them to the best of what you already own. This prevents diluting returns with too many mediocre holdings. He dismisses complex mathematical tools like "equity cost of capital" and "capital asset pricing model" as unnecessarily complicated approaches to a simple question: what's the minimum expected return needed from a new idea?

第10章

The Partnership's End: Integrity Over Opportunity

In 1957, Jerry Tsai launched a new style of investing that marked the beginning of the "Go-Go" era. Despite Buffett's consistent market warnings throughout the late 1950s and 1960s, stocks continued rising faster than business fundamentals warranted. By 1966, Buffett took action by refusing new partners, and in 1967, he dramatically reduced BPL's performance goals from 10% to just 9% absolute return. Ironically, 1968 produced his best results ever-a 58.8% gain generating $40 million in profits. Yet Buffett had simply run out of suitable ideas as the market continued its speculative climb, leading him to announce the Partnership's liquidation in May 1969. Conglomerates like Litton, Teledyne and ITT emerged in the 1960s by exploiting the newly popular price/earnings (PE) ratio and naive investors. These companies discovered they could acquire businesses with low PE ratios while maintaining their own higher multiples, creating the illusion of earnings growth. Through questionable accounting methods and hybrid securities that didn't count as outstanding shares, conglomerates reported inflated earnings from acquisitions. While both Buffett and Tsai emerged from the 1960s approximately $30 million wealthier, their paths diverged dramatically. Tsai's wealth came from selling his fund, while Buffett's came from his share of partnership capital-having reinvested most of his performance fees alongside his partners. Despite receiving offers, Buffett chose to close rather than sell his partnership, maintaining alignment with his investors. He made money with them, not from them. Buffett's emotional intelligence shines through his unwavering commitment to his investment principles during the go-go years. Rather than chasing trends when opportunities dried up, he demonstrated remarkable rationality by maintaining his standards. His filter was simple but unwavering: he needed to understand an investment and it needed to be priced right - otherwise, he passed. This discipline served him well, as he ultimately closed the Partnership rather than compromising his standards during the market mania. When closing the Partnership, Buffett took the unusual step of recommending Bill Ruane to partners who wished to remain in equities. Despite the personal risk of recommending another manager (a "heads you win, tails I lose" situation), Buffett felt morally obligated to guide his partners rather than leaving them to "the most persuasive salesman." The Partnership's end marked just the beginning of Buffett's journey. Taking the helm as Berkshire's chairman and CEO in 1970, he evolved to a "higher form" with permanent capital and the ability to move it tax-free between operating companies, while maintaining the Partnership mentality. Berkshire's Owners' Manual explicitly frames the corporation as a partnership, with shareholders as owner-partners and the company as a conduit through which they own assets.

★★★★★

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』を最後まで読み終えました

100万人以上の学習者に愛用されています

“23日間、毎日使い続けています。今では日課の一部です。”

jayallen

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の主要テーマ

value investing principles
compound interest power
market psychology management
intrinsic value analysis
investment performance benchmarking

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の名言

"When you own a stock, you own a business," Buffett emphasized repeatedly.
"Speculation is neither illegal, immoral nor fattening (financially)."
"Compound interest is the eighth wonder of the world," Einstein allegedly said.
Investors should not expect consistent performance from any investment style-everything has its seasons.
If you can't forecast well, forecast often.

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の登場人物

Warren BuffettFounder of the Buffett Partnership and investor
Jeremy C. MillerAuthor and investment analyst
Mr. MarketAllegorical character representing market mania

著者について

ジェレミー・C・ミラー（Jeremy C. Miller）は、金融アナリスト、ブランディング・ストラテジストであり、『バフェットの投資原則：世界最高の投資家がパートナーシップ書簡で語った知恵』の著者です。

経験豊富な投資の専門家であるミラーは、J.P.モルガン・アセット・マネジメントのエグゼクティブ・ディレクター兼リサーチ・アナリストを務めており、野村證券やバーティカル・リサーチ・パートナーズなどの企業における数十年の経験を活かしています。彼の著書は、1956年から1970年にかけてのウォーレン・バフェットのパートナーシップ書簡を綿密に分析することで、バフェットの初期の投資哲学を抽出し、バリュー投資とリスク管理に関する実践的な洞察を提供しています。

また、ミラーはデータ駆動型の戦略を通じて企業が永続的なブランドを構築するのを支援するコンサルティング会社、スティッキー・ブランディング（Sticky Branding）の創設者でもあり、金融や起業家精神に関する基調講演者としても頻繁に活動しています。彼は、MOIグローバルの「Meet-the-Author」シリーズのような独占的なフォーラムで自身の研究を発表しており、歴史的背景と現代の市場への応用を融合させています。

『バフェットの投資原則』は、ドイツ語やフランス語を含む多言語に翻訳されており、複雑な金融原則を初心者から熟練の投資家まで理解しやすく解説しているとして高く評価されています。

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@Chloe, Solo founder, LA

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@Raaaaaachelw

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@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

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201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

BeFreedがウェブ上でどのように話題になっているかをもっと見る

コロンビア大学卒業生がサンフランシスコで開発

LOVED BY

1,000,000+ curious minds.

4.7

avg rating

1M+ learners

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

BeFreedがウェブ上でどのように話題になっているかをもっと見る

今すぐ学習の旅を始めよう

第7章

バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法

概要『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』の概要

1冊の本。さまざまな聴き方。

The Oracle of Omaha's Early Blueprint

The Bedrock Philosophy: Mr. Market and the Business-Minded Investor

聴きながら、すべての言葉を目で追えます

The Eighth Wonder of the World: Compounding's Remarkable Power

Measuring Success: The Importance of Clear Benchmarks

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

Aligning Interests: The Perfect Partnership Structure

The Generals: Finding Value in Undervalued Securities

聴きながら、すべての言葉を目で追えます

Workouts: Profiting from Corporate Actions

Controls: Unlocking Value Through Active Ownership

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

True Conservatism: Independence and Concentration

The Partnership's End: Integrity Over Opportunity

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』を最後まで読み終えました

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』の主要テーマ

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』の名言

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』の登場人物

著者について

バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法の要約をダウンロード

他のユーザーのお気に入り

この本に関するよくある質問

What is Warren Buffett's Ground Rules by Jeremy C. Miller about?

Who should read Warren Buffett's Ground Rules?

What are the key investment principles in Warren Buffett's Ground Rules?

How does Warren Buffett's Ground Rules explain the concept of "Generals"?

もっと見る

1,000,000+ curious minds.

1,000,000+ curious minds.

1冊の本。さまざまな聴き方。

The Oracle of Omaha's Early Blueprint

The Bedrock Philosophy: Mr. Market and the Business-Minded Investor

聴きながら、すべての言葉を目で追えます

The Eighth Wonder of the World: Compounding's Remarkable Power

Measuring Success: The Importance of Clear Benchmarks

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

Aligning Interests: The Perfect Partnership Structure

The Generals: Finding Value in Undervalued Securities

聴きながら、すべての言葉を目で追えます

Workouts: Profiting from Corporate Actions

Controls: Unlocking Value Through Active Ownership

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

True Conservatism: Independence and Concentration

The Partnership's End: Integrity Over Opportunity

『バフェットの法則 不透明なマーケットで勝ち続ける投資の思考法』を最後まで読み終えました

他のユーザーのお気に入り

もっと見る

バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の概要

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』を最後まで読み終えました

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の主要テーマ

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の名言

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』の登場人物

バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法の要約をダウンロード

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』をもっと深く楽しむ

『バフェットの法則　不透明なマーケットで勝ち続ける投資の思考法』を最後まで読み終えました