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Two books Warren Buffett says you should read

Wiley

Warren Buffett calls this one priceless.

After you read Warren Buffett’s latest letter to shareholders, he’s got two other reading recommendations.

“Where Are the Customers’ Yachts?” by Fred Schwed. The rest of the title, which Buffett doesn’t mention is “Or A Good Hard Look at Wall Street.” In hisletter published Saturday, Buffett highlights a cartoon of Adam and Eve and sums up the book this way: “Its wisdom and humor are truly priceless.”

It’s also one of items that will be sold at this year’s Berkshire Hathaway Inc.BRK.A, -0.37% BRK.B, -0.22% shareholder meeting on May 2, he notes.

“The Little Book of Common Sense Investing” by John Bogle. Buffett says investors would be better off spending time with it than listening to investment managers.


His zinger does sound like Bogle: “Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship.”

Bogle, the man who founded Vanguard and is an evangelist for low-cost investing, recently joined a White House initiative that would require a fiduciary standard for stockbrokers who invest the retirement savings of millions of American, meaning their investment recommendations put your interests ahead of their own profit motives.

Buffett also promises those attending the annual meeting the chance to buy an updated compilation of his annual letters to Berkshire Hathaway investors as well as a book commemorating his 50 years at the helm.

Silvia Ascarelli