Gates’s and Buffett’s favorite business book is out of print

By Bill Gates

Not long after I first met Warren Buffett back in 1991, I asked him to recommend his favorite book about business. He didn’t miss a beat: “It’s ‘Business Adventures,’ by John Brooks, ” he said. “I’ll send you my copy.” I was intrigued: I had never heard of “Business Adventures” or John Brooks.

WSJ

Bill Gates re-reads a section of "Business Adventures," by John Brooks, which he says was lent to him by Warren Buffett in the early 1990s.

Today, more than two decades after Warren lent it to me — and more than four decades after it was first published — “Business Adventures” remains the best business book I’ve ever read. John Brooks is still my favorite business writer. (And Warren, if you’re reading this, I still have your copy.)

A skeptic might wonder how this out-of-print collection of New Yorker articles from the 1960s could have anything to say about business today. After all, in 1966, when Brooks profiled Xerox X -0.50% , the company’s top-of-the-line copier weighed 650 pounds, cost $27,500, required a full-time operator and came with a fire extinguisher because of its tendency to overheat. A lot has changed since then.

It’s certainly true that many of the particulars of business have changed. But the fundamentals have not. Brooks’s deeper insights about business are just as relevant today as they were back then. In terms of its longevity, “Business Adventures” stands alongside Benjamin Graham’s “The Intelligent Investor,” the 1949 book that Warren says is the best book on investing that he has ever read.

An expanded version of this book review appears at WSJ.com.