Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking
shows how Warren Buffett's investment method mirrors Sun Tzu's ancient strategy in
The Art of War
.
The book is a masterful synthesis of 2,500 years of risk-taking strategy, distilled into 13 practical laws.
It illustrates each ancient law using three little-known, but transformative deals Buffett used to achieve Sun Tzu's ideal of "victory without conflict". It shows how Buffett succeeded like the ancient strategist by:
systematically avoiding failure,
seeking asymmetries with favorable risk-reward ratios, and
aligning with favorable forces to find effortless victories.
The work combines real modern examples with ancient strategic insights to help readers understand how good risk-takers take calculated risks.
From the bronze age battlefield to the modern stock exchange, the victors are those who best master the ancient art of risk-taking.
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The book argues that Buffett embodies Sun Tzu's ideal of achieving "victory without conflict"-succeeding through superior positioning rather than aggressive confrontation. Like the ancient strategist, Buffett prioritizes avoiding defeat before seeking victory, emphasizing survival and risk management over aggressive returns.
Central themes include the primacy of character and integrity in business relationships, the importance of patience and long-term thinking, and the value of operating within one's "circle of competence." Carlisle argues that Buffett's greatest successes appear effortless precisely because they result from superior preparation, positioning, and an unwavering focus on avoiding catastrophic losses while capitalizing on inevitable opportunities.
Praise for Soldier of Fortune
"'Soldier of Fortune' is a brilliant synthesis, decoding the genius of Warren Buffett through ancient eyes. The book reveals that Buffett's unparalleled success comes not from following common Wall Street maxims, but rather from the profound, patient wisdom of a warrior-philosopher. This book is a revelation, an indispensable guide to the timeless art of strategic risk-taking."
-
Jim O'Shaughnessy,
Founder of
O'Shaughnessy Asset Management
, Author of
What Works on Wall Street
"The battle for investment survival will never know a greater field marshal than Warren Buffett. Wielding the weapons of capital allocation across nearly a century, the tactician deftly assessed and navigated risk, choosing important battles and altering course when necessary, all typically on advantaged terms. Tobias Carlisle brilliantly parallels the Buffett strategy to Sun Tsu's The Art of War, particularly regarding a deep appreciation of risk. This gem is a must read."
Christopher P. Bloomstran, CFA
,
Founder and Portfolio Manager, Semper Augustus Investments
"A brilliant book combining Buffett's greatest investments with Sun Tzu's timeless strategies. Essential reading for all investors."
Ian Cassel
, Founder and CIO, IFCM MicroCap and MicroCap Club
"Carlisle lifts the veil on ancient Eastern strategy to reveal a shocking simplicity: the best risk-takers like Warren Buffett don't fight--they position."
Jacob Taylor
, CIO of Family Officer and Author of "
The Rebel Allocator
"
"Soldier of Fortune distills compelling insights derived from the pivotal decisions by Buffett and Munger in the creation of Berkshire Hathaway."
Alex Morris
, Founder of TSOH Investment Research and Author of
"Buffett & Munger Unscripted"
"A timeless guide that shows how Buffett's greatest victories echo Sun Tzu's wisdom-success through strategy, not chance."
Stig Brodersen
, Host and CEO of
The Investor's Podcast