Business Adventures notes

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Like many others, I became aware of John Brooks’ Business Adventures after the recent WSJ essay by Bill Gates wherein Gates said the book was his favorite of the business genre and that it was Warren Buffett’s recommendation to him in 1991 when he asked Buffett for his best business read (the story goes that Buffett mailed Gates his personal copy and Gates has kept it to this day). I’m in the middle of chapter three (about the U.S. federal income tax) but wanted to share a few notes from the first chapter, “The Fluctuation: The Little Crash in ’62” [chapter two is a 50-page entry about the failed Ford Edsel, a rather quick, enjoyable and informative read]. Continue reading