Tap Dancing to Work: Warren Buffett on Practically Everything | By Carol Loomis

BOOK REVIEW

By Cam R

Title: Tap Dancing to Work: Warren Buffett on Practically Everything

Author: Carol Loomis

Warren Buffett really needs no introduction. In any case, I was browsing the list of newly released books and picked up this book as the cover design grabbed me. It shows a genuinely happy Buffett in a casual polo against a nice blue sky. A refreshing change from the ubiquitous suit and tie he is wearing on most occasions.

I didn’t harbour much expectation for it to contain anything new about trading though, since the book already says, it’s Warren Buffett on ‘Practically Everything’. Everything could be anything. Who knows if he'll be talking about the weather. Anyway, let's read on and find out.

Packaging - 4/5 (Hardcover)

A compact hardcover, slightly larger than B5 size. Paper is thick and of relatively good quality. It feels strangely light in terms of its weight in my hands though. I did kept getting the feeling the pages might fall out if I flatten the book too strongly, though hopefully it won't. I love the cover packaging – clever title, appropriate picture, very well designed. This is really me nitpicking, but I am used to seeing recent hardcover business books having that tiny braided cloth strip at the top edge that lines over the binding. Pretty odd it is not present in this book, especially one I suspect is expected to sell well.

Writing Style - 3/5

The book is like an archive of most of the previous articles in Fortune magazine on Buffett, with the majority from Carol Loomis supplemented by a few other Fortune writers. There is new material in the form of a new commentary by Loomis at the introduction of most of the articles though. The writing style is very much like a feature report, just imagine you are reading Fortune magazine and you will get the sense of the style here.

Trading Methods (Specifics) - 2/5

I was hoping that this book would be a fun and pleasant read, but I was quite disappointed after finishing it. For one, the title held the promise that there would be some new commentary by Buffett himself, or at least, a compilation of some of his own musings or comments. Instead, the book should really be titled “A Compilation of Previously Published Fortune Articles on Warren Buffett”.  There were some articles I found interesting, such as the one where Buffett talks about inheritances, as well as the really sincere piece that Bill Gates penned.

Trading Management (Soft Skills) - 3/5

As expected, there is nothing trading related. However, there are some nuggets of wisdom buried throughout the book in relation to pursuing a passion or career. Below is one I liked, and which if you stretch your imagination a little, can no doubt be applied to managing yourself in your trading journey.

“How I got here is pretty simple in my case. It’s not IQ, I’m sure you’ll be glad to hear. The big thing is rationality. I always look at IQ and talent as representing the horsepower of the motor, but that the output – the efficiency with which the motor works – depends on rationality. A lot of people start out with 400-horsepower motors but only get a hundred horsepower of output. It’s way better to have a 200-horsepower motor and get it all into output.

Why do smart people do things that interfere with getting the outcome they’re entitled to? It gets into the habits and character and temperament, and behaving in a rational manner. Not getting in your own way. As I said, everybody here has the ability to do anything I do and much beyond. Some of you will, and some of you won’t. For the ones who won’t, it will be because you get in your own way, not because the world doesn't allow you.

So I have one little suggestion for you: Pick out the person you admire the most, and then write down why you admire them. You’re not to name yourself in this. And then put down the person that, frankly, you can stand the least, and write down the qualities that turn you off in that person. The qualities of the one you admire are traits that you, with a little practice, can make your own, and that, if practised, will become habit-forming.

The chains of habit are too light to be felt until they are too heavy to be broken. At my age, I can’t change any of my habits. I'm stuck. But you will have the habits 20 years from now that you decide to put into practice today. So I suggest that you look at the behaviour that you admire in others and make those your own habits, and look at what you really find reprehensible in others and decide that those are things you are not going to do. If you do that, you’ll find that you convert all of your horsepower into output.”  

Sage like words of wisdom, it should be a mandatory exercise in schools actually.

Trading Psychology (Mindset) - 2/5

It’s probably more of a general mindset in being happy in whatever you have chosen to do.
The saying “Success is getting what you want, and Happiness is wanting what you get” is really apt here.

Longevity - 2/5

I don’t envision myself reading this book again, but it is probably a good book for people who are interested in the various articles that Fortune magazine has published previously on Buffett, since they are more or less conveniently all in one place.

Value - 2/5

To be honest, I don’t really see much value in buying this book. If you are a follower of Buffett’s comings and goings, most of the material would in all aspects be familiar.

Things to Watch Out For -

Anyone looking for new commentary by Buffett himself should really look elsewhere.

Overall - 2/5

For anyone looking for any market insights by Buffett, this is not the book for you. But for any Buffett fans, this may be a book you might want to have, since it’s a convenient one-stop access to most of the articles about him (and some by him) over the years.

Score Recap:

Packaging - 4/5

Writing Style - 3/5

Trading Methods (Specifics) - 2/5

Trading Management (Soft Skills) - 3/5

Trading Psychology (Mindset) - 2/5

Longevity -2/5

Value - 2/5

Overall - 2/5

Where to Buy:

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