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(originally published by Booz & Company)


Delay Can Pay

Buffett isn’t procrastinating. And although he has written that “lethargy bordering on sloth remains the cornerstone of our investment style,” he certainly isn’t lazy. He works all the time, reading financial statements and reports, preparing for his next big trade. But although Buffett is constantly working, he is not constantly buying and selling. He does not respond to everything he sees. Instead, he delays his reactions as much as possible. His short-term discount rate is low. He is focused on the long haul.

— Frank Partnoy

Reprinted by arrangement with PublicAffairs (, a member of the Perseus Books Group. Copyright © 2012.

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This Reviewer

  1. Justin Pettit is vice president, strategic advisory, with IHS Consulting, and a former partner of Booz & Company, specializing in corporate finance and shareholder value. He is the coauthor, with Gerald Adolph, of Merge Ahead: Mastering the Five Enduring Trends of Artful M&A (McGraw-Hill, 2009) and author of Strategic Corporate Finance: Applications in Valuation and Capital Structure (Wiley, 2007).

This Excerpt

  1. Wait: The Art and Science of Delay (Public Affairs, 2012) by Frank Partnoy
  2. Frank Partnoy is the George E. Barrett Professor of Law and Finance and co-director of the Center for Corporate and Securities Law at the University of San Diego School of Law. A leading expert on the complexities of modern finance and financial market regulation, he is the author of several books, including F.I.A.S.C.O.: Blood in the Water on Wall Street (W.W Norton, 1997), Infectious Greed: How Deceit and Risk Corrupted the Financial Markets (Times Books, 2003), and The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals (Public Affairs, 2009).


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