{"id":1420,"date":"2021-07-27T23:58:00","date_gmt":"2021-07-27T15:58:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=1420"},"modified":"2025-06-17T09:22:11","modified_gmt":"2025-06-17T01:22:11","slug":"warren-buffetts-ground-rules","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/","title":{"rendered":"The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules&#8221;"},"content":{"rendered":"\n<p>I remember that when I first saw this book, there was no Chinese translation. I spent a whole day reading the English version, thinking that someone should translate it into Chinese. As I hoped, two years later, the Chinese version came out.<\/p>\n\n\n\n<p><strong>Note<\/strong>: For an introduction to partner company, please see my post of &#8220;A brief discussion on partnership&#8221;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#The_reason_I_recommend_this_book\" >The reason I recommend this book<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#Concise_and_easy_to_read\" >Concise and easy to read<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#Topics_included\" >Topics included<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#The_basic_concept_of_investment\" >The basic concept of investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#Investment_Strategy\" >Investment Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#Psychological_bias\" >Psychological bias<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"The_reason_I_recommend_this_book\"><\/span><strong>The reason I recommend this book<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&#8220;<a href=\"https:\/\/www.amazon.com\/Warren-Buffetts-Ground-Rules-Partnership\/dp\/0062415565\" target=\"_blank\" rel=\"noreferrer noopener\">The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules&#8221;<\/a>&#8221; is a book on stock investing that I recommend to many of my friends from time to time. I recommend this book for three main reasons.:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is one of the few books that has been endorsed by Buffett himself and mainly describes Buffett&#8217;s &#8220;earliest investment career&#8221;. I always think that for most book writers or film directors, their personal first work usually has an irreplaceable status, and it is usually the most worthy of study. Because most of the most primitive works can be used to generalize most of their later career works, the central idea of \u200b\u200ba person&#8217;s life is difficult to change. And this book fully presents the earliest stage of Buffett&#8217;s investment career and is worthy of in-depth study by everyone.<\/li>\n\n\n\n<li>The earliest period of Buffett&#8217;s investment career (i.e. Buffett Partnership) described in the book is most suitable for all retail investors to imitate . Why? Because Buffett at this stage is no different from you and me. His main investment targets are buying shares of listed companies on the open market. Especially after he bid farewell to his partner&#8217;s investment career and established Berkshire. After Berkshire Hathaway (ticker:s: BRK.A and BRK.B), the main investment method has been completed through mergers and acquisitions, which is a typical institutional investor investment method. Only about one-third of Hathaway&#8217;s investment portfolio is stocks of publicly listed companies. In contrast, this institutional investor investment method is not suitable for ordinary retail investors; Interested readers can refer to another article in my blog &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/19\/the-advantages-of-retail-investors\/\">The advantages of retail investors<\/a>&#8220;.<\/li>\n\n\n\n<li>The author has collected many original documents related to Buffett\u2019s early investment career, including how the partnership works? How is the profit distributed? The main stock selection goals and investment methods, as well as the annual shareholder letter to the partner investors, etc. By studying these original investment documents of Buffett\u2019s early days, readers can get a good understanding of the most primitive way of thinking of the most successful contemporary investor before he became famous, his daily activities, and what kind of corporate information he collected? The criteria for filtering investment targets and his logical derivation process. For retail investors, these are very rare and extremely precious public experience.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Concise_and_easy_to_read\"><\/span><strong>Concise and easy to read<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This book is very thin, simple to the point, and easy to read. After sorting out by the author, the following are the key points of Buffett Partnership\u2019s investment period (excerpted from the author\u2019s catalog). These key points are to become a successful long-term investor. <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Topics_included\"><\/span><strong>Topics included<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Clear basic concepts:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_basic_concept_of_investment\"><\/span>The basic concept of investment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Predicting the future: As Buffett\u2019s phrase &#8220;predict the market, that is what God is doing.&#8221; What should happen is more important than when it happened.<\/p>\n\n\n\n<p>The power of compound interest: This is the greatest benefit of long-term investment. The power of compound interest can only be realized by reinvesting the profit from the investment for a long time. Investing in high-quality stocks can grow with the company and enjoy the benefits of long-term growth compound interest.<\/p>\n\n\n\n<p>Index funds: This point is repeated every year by Buffett. The average person is suitable for the investment method of index funds, which can obtain market-induced long-term returns, and can reduce risks and investment time.<\/p>\n\n\n\n<p>Let the fund manager&#8217;s interests be consistent with yours: Only when your fund manager is required to invest most of his net worth in the same fund, will he have the motive to seek the best reward and effectiveness for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_Strategy\"><\/span>Investment Strategy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Identify value stocks with undervalued stock prices: The investment strategy that Buffett implemented in the early stage is, in general, the cigar butt philosophy of his mentor Graham. That is to try to find companies whose value has been underestimated in the market and buy them when they are low-end.<\/p>\n\n\n\n<p>Arbitrage: Buffett has long understood that arbitrage is a kind of investment operation that makes a profit without losing money, such as using companies to be merged to carry out arbitrage.<\/p>\n\n\n\n<p>Holding investment: Due to the increasing success of investment, the book uses Dempster as an example to illustrate how Buffett used to buy a large number of stocks to control the board of directors of companies and intervene in the operations of some companies.<\/p>\n\n\n\n<p>How to measure the cumulative effect: We must measure the cumulative effect of investment in 3-5 years, and don\u2019t focus on short-term and immediate benefits.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"98\" height=\"150\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/09\/bu-1600x1200-1.jpg\" alt=\"The Chronicle of Buffett Partners \" class=\"wp-image-14075\"\/><figcaption class=\"wp-element-caption\">credit: amazon.com<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Psychological_bias\"><\/span>Psychological bias<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The traditional approach is not necessarily sound: following the crowd and seeking approval from peers is not feasible in investment. Investors should allow the opposite, independent thinking and judgment, to succeed.<\/p>\n\n\n\n<p>Don&#8217;t just focus on tax avoidance: Investors should put the search for rewards first; not just because they consider how to avoid tax, they don&#8217;t see the woods for the trees. The highest after-tax income should be the final goal.<\/p>\n\n\n\n<p>Is the more funds the better return rate? <a href=\"https:\/\/finance.yahoo.com\/news\/warren-buffett-shares-earn-whopping-102900347.html\" target=\"_blank\" rel=\"noopener\">Buffett said: \u201cI think I could make you 50% a year on $1 million. No, I know I could. I guarantee that.&#8221;<\/a> For the reason, please refer to my &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/19\/the-advantages-of-retail-investors\/\">The advantages of retail investors<\/a>&#8221;  The description of this article.<\/p>\n\n\n\n<p>Why can&#8217;t active investment be operated for a long time? Don&#8217;t dance with the crowd. Investing in momentum or chasing the hot stocks in the market will eventually make you fail.<\/p>\n\n\n\n<p>Isn&#8217;t the stock the best investment? In the later stages of the partnership relationship, Buffett saw that the market was clearly overvalued (3 years later, the market really collapsed). With his investment method, he really couldn\u2019t find a stock that fits his investment criteria, so he resolutely decided to end the partnership investment company in 1969.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9d402b81-75c9-41fa-9a2d-6be1252e074e\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\">Primer&#8217;s book to know Buffett-&#8220;Warren Buffett: Investor and Entrepreneur&#8221;<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/07\/14\/discussion-on-partnership\/\" target=\"_blank\" rel=\"noreferrer noopener\">A brief discussion on partnership<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/\">The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/17\/possibility-of-long-term\/\">Possibility of long-term holdings, Deep dive on Buffett&#8217;s case<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/20\/long-term-investment\/\">How Buffett Structures His Long-Term Investment Portfolio<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/09\/buffetts-acquisition-criteria\/\">Buffett&#8217;s Acquisition Criteria<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/07\/buffett-deserves-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Buffett deserves further study?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/07\/buffett-investment-idea\/\">What helps Buffett to get his investment idea?<\/a>&#8220;<\/li>\n\n\n\n<li> &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/17\/why-i-prefer-growth-stocks-instead-of-value-stocks\/\">Why I prefer growth stocks instead of value stocks?<\/a>&#8221; <\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/23\/value-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\">The past and present of value investing<\/a>&#8220;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/07\/cigar-butt-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;Problems with Cigar Butt Investment<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/27\/portfolio-rebalancing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is portfolio rebalancing unreasonable<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Efficient market<\/a>&#8220;<\/li>\n\n\n\n<li> &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/08\/18\/why-concentrated-investment\/\">Why concentrated Investment?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/04\/u-should-invest-etfs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why most investors should invest ETFs tracking broad market?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/02\/08\/etfs-tracking-us-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">US issued ETFs tracking US market is your best bet<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/21\/why-long-term-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why long-term investment is better?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/investors-should-pay-attention-to-the-annualized-rate-of-return-irr-how-to-calculate\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investors should care annualized rate of return (IRR), calculate with free IRR Calculator<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/06\/any-reason-to-buy-mutual-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">Any strong reason to buy mutual fund?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/20\/thinking-outsourced\/\" target=\"_blank\" rel=\"noreferrer noopener\">Thinking cannot be outsourced<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/\">The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/22\/berkshire-shareholder-letter\/\">Buffett&#8217;s 2025 Berkshire Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/25\/2024-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2024 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/26\/2023-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2023 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/05\/2024-berkshire-shareholders-meeting-transcript-and-video\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/09\/shareholders-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/\">Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/26\/buffetts-first-tv-interview\/\">Buffett&#8217;s first TV interview<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/17\/buffett-squawk-box\/\">Full transcript of Buffett&#8217;s interview with CNBC&#8217;s Squawk Box<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/17\/outsiders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Outsiders, one of the greatest investment books for managment team<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/\">Dear Shareholder<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Warren Buffett&#8217;s Ground Rules, I remember that when I first saw this book, there was no Chinese translation of this book. I spent a whole day reading the English version, thinking that someone should translate it into Chinese. <\/p>\n","protected":false},"author":1,"featured_media":14075,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11],"tags":[48,49],"class_list":["post-1420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-books","category-buffett","tag-brk-a","tag-brk-b"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/1420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=1420"}],"version-history":[{"count":30,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/1420\/revisions"}],"predecessor-version":[{"id":37055,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/1420\/revisions\/37055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/14075"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=1420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=1420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=1420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}