Recently I have come across a great book named "Even Buffett Isn’t Perfect" that talks about Warren Buffett. What makes this book differentiates from the others is that it is not simply a love letter of Warren but an objective analysis of what contributes to Warren’s success. Below are the some of the key points I got from this book:

1. Buffett loves insurance business. By sterring Berkshire into the insurance business, Buffett was able to get his hands on tremendous amount of float.
2. Buffett puts lots of focuses on the good-quality management that he sees it will create long-term value.
3. Buffett relies heavily on a discounted cash flow (DCF) analysis to find stocks and companies that can be purchased for less than intrinsic value. In other words, Buffett doesn’t buy cheap stock, he buys stock cheap.
4. The key here is how to accurately calculate the intrinsic value.
5. Diversification lowers your risk but it also locks you in the market rate of return. In Buffett’s mind, he believes if you know what  you are doing and really understand how to evaluate business, you just needs to hold dozen stocks to be sufficient diversification.
6. From studies, value stocks beat growth stocks (ie. high price multiple like P/E) over the long term, but that growth stocks are a better bet for investors with shorter horizons. It also shows that small cap stocks do better than large-cap stocks over the long term.
7. Buffett is a buyer of companies than a buyer of stocks.
8. Buffett actively petitioned against efforts to eliminate personal taxes on dividends, even though dividends are paid to shareholders only after corporations have paid their own taxes. In other words, the situation results in double taxation. However, lower tax rates could benefit everyone by stimulating economic growth means better job opportunities. Author believes taxing the investment class at higher rates is likely to do more harm than good.