Soldier of Fortune

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 listeners 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.