Read Paul’s review of Alice Schroeder’s “The Snowball:  Warren Buffett and the Business of Life” in today’s Wall Street Journal. Here is an excerpt:

While much of Mr. Buffett’s methods can’t be duplicated — genius is genius, after all — “The Snowball” usefully emphasizes a few core Buffett imperatives: taking a close look at an investment’s intrinsic value, making a brutal evaluation of its risks, and calculating a margin of safety. The book also underscores the importance of learning from failures. The Buffett-Munger approach is to “invert, always invert. Turn a situation or problem upside down. Look at it backward. What’s in it for the other guy? What happens if all our plans go wrong? Where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead.”

Here’s the link to the full article.