Some business books promise to reveal the secrets of success. Others come recommended by investing legend Warren Buffett and end up staying in a billionaire’s possession for decades. Microsoft co-founder Bill Gates has one such book, and there’s a funny catch. He still hasn’t returned Buffett’s personal copy.
Shortly after meeting Buffett in 1991, Gates asked the legendary investor to recommend his favorite business book. Buffett didn’t hesitate.
More Top Stocks Daily: Go behind Wall Street’s hottest headlines with Barchart’s Active Investor newsletter.
“It’s Business Adventures, by John Brooks,” Buffett said. “I’ll send you my copy.”
Gates had never heard of Brooks, but he took Buffett’s advice. More than two decades later, he still considered “Business Adventures” the best business book he had ever read. In a 2014 essay published on his GatesNotes blog, he admitted that Buffett’s copy was still in his possession.
Sponsored Content: The company behind the first FDA-cleared AI skin cancer device of its kind is now open to everyday investors. See How to Own a Stake.
The Business Lessons That Never Get Old
Published in 1969, “Business Adventures” collects 12 stories about corporate America, originally written by Brooks for The New Yorker. The book examines everything from Ford’s disastrous Edsel launch to Xerox’s (XRX) rise, showing how people, decisions, and missteps can shape a company’s future.
The technology may be dated, but some details are hard to forget. When Brooks profiled Xerox in 1966, its top-of-the-line copier weighed 650 pounds, cost $27,500, and required a full-time operator. It even came with a fire extinguisher because of its tendency to overheat.
Today’s offices have moved well beyond those bulky machines. Gates argued, however, that the fundamentals of business haven’t changed nearly as much as the equipment.
Why The Book Still Matters
Gates praised Brooks for exploring the people and decisions behind business success rather than offering simplistic formulas or a collection of easy rules.
That approach helps explain the book’s staying power. Technology changes; once-dominant companies lose ground, and new competitors emerge. Yet leadership, judgment, and human behavior continue to shape corporate fortunes.
Gates compared the book’s lasting value with Benjamin Graham’s “The Intelligent Investor,” the 1949 classic Buffett has called the best book on investing he has ever read.
Buffett’s Recommendation Found New Readers
Gates’ endorsement helped revive interest in “Business Adventures,” which had been out of print before its resurgence following his 2014 recommendation. The book was reissued, and a new generation of readers found interest in the lessons behind corporate successes and failures.
Buffett’s recommendation offered a glimpse into the friendship between two of the world’s best-known billionaires. Rather than suggesting a trendy management manual, he pointed Gates toward stories about business decisions, human nature, and the mistakes that can shape a company’s future.
As for the borrowed book, Gates ended his essay with a reminder that he still had Buffett’s copy. Apparently, even a billionaire’s lending policy has its limits.
On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
Ray Dalio Gave the U.S. 3 Years Before a Debt ‘Heart Attack.’ 19 Months Later, Here’s the Scorecard. Google Just Solved a Major Quantum Computing Problem. Here’s Why Investors Still Have a 10-Year Wait. Micron Just Rejected a Technology Its Biggest Rivals Are Chasing. Here’s Why. AMZN Stock: 3 Reasons Why Amazon Could Deliver Solid Growth in Q3