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Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking
Soldier of 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
systematically avoiding failure,seeking asymmetries with favorable risk-reward ratios, andaligning 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.
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 the best risk-takers like Warren Buffett don't fight--they position.
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
systematically avoiding failure,seeking asymmetries with favorable risk-reward ratios, andaligning 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.
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 the best risk-takers like Warren Buffett don't fight--they position.
132 pages, Kindle Edition
Published October 16, 2025
36 people are currently reading
67 people want to read
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Displaying 1 - 4 of 4 reviews
February 27, 2026
I did not like this book, I couldn’t even finish it. The two big issues on it are how repetitive it is, and how much the material is stretched. On repetition, the author will repeat phrases and sentences multiple times, or make small tweaks but still repeat things. A lot of the book feels like fluff, not a coherent story.
The other major problem is trying to connect Sun Tzu with Buffett. If you squint, you can kind of see it, but it’s not at all a helpful analysis in understanding either the Art of War or Buffett. A lot of passages are forced into connecting which wasn’t a pleasant reading experience. The constant repetition to try and really highlight connections also don’t help.
The other major problem is trying to connect Sun Tzu with Buffett. If you squint, you can kind of see it, but it’s not at all a helpful analysis in understanding either the Art of War or Buffett. A lot of passages are forced into connecting which wasn’t a pleasant reading experience. The constant repetition to try and really highlight connections also don’t help.
November 3, 2025
This book is awesome! I thought I had read everything there was to read about Warren Buffett and every square inch of his life had been covered but “Soldier of Fortune” offers a completely original take.
February 17, 2026
For me <3 stars means I typically wouldn’t recommend this book. But this particular book is kind of a deep cut. I don’t think you’re gunna find it at your library. I bought it online, and only because I listen to the author’s podcast (weekly, which I really enjoy). And he talked this book up for the better part of a year! So I was somewhat pot-committed, ya know?
And if you’ve ever heard of this book (why else would you be reading this review), then you’re probably in the same boat! Well let me save you $18+tax… There must be 10,000 books about warren buffett. And in most ways, this book is just a repeat of all those books. It has the advantage of being recently written, so you get into some more modern conversations about buffett and his investments. But overall, nothing special here.
Negativity aside… this book does in fact bring a unique twist to the buffett story. Toby has apparently spent his entire life re-reading The Art of War. A legendary classic old text, written 430 BC. That’s pretty cool. The best parts of this book are certainly the parts where Toby explains Sun Tzu’s philosophy and shares some cool quotes. So I’ll give the author credit for a unique spin, but it wasn’t enough.
The very worst part of this book, is that it is weirdly repetitive… Like, literally, the exact same sentences, quotes, stories and facts are used over and over. Doesn’t make any sense. It gives the feel of an AI written book (sorry). It’s like… instead of a skillful editor helping to condense the message of the book, somebody decided it need to be 30% longer and just copy and pasted a bunch of stuff over and over? That made it painful and confusing to read. MULTIPLE times I found myself scratching my head thinking… didn’t I just read this?!? Really bizarre.
If you’re still with me – here’s your payoff. The entire theme of the book:
First, Sun Tzu’s philosophy: A master general is always prepared, his people follow and trust him, he knows the landscape, he knows the whether, he knows the enemy, and he only engages in battles he has a certainty of winning.
Second, (and -duh - obviously), that’s also how buffett approaches investing. He only bets on a sure thing. He only swings at the fat pitch. He is endlessly studied and can read the economy and the market and recognize opportunities when they present themselves.
Done. Nice reminder. Nothing special.
As I mentioned, the book does deliver on some cool quotes. I’ll share some here, so that hopefully I can remember them later and drop them in a like strategic planning meeting at work or something.
ST - If you know the enemy and you know yourself, you need not fear the result of a hundred battles
TC – Before seeking to win, make yourself impossible to defeat. Survival comes before victory.
TC – With a risk of ruin present, avoiding ruin is more important than winning.
AR – “Memento Mori” = Remember, you will die.
ST – Many calculations lead to victory, and few calculations lead to defeat.
TC - Humans are determinists in a probabilistic world. The future is unpredictable.
NB (paraphrased) – When playing blackjack, it is wise to stop at 20.
And if you’ve ever heard of this book (why else would you be reading this review), then you’re probably in the same boat! Well let me save you $18+tax… There must be 10,000 books about warren buffett. And in most ways, this book is just a repeat of all those books. It has the advantage of being recently written, so you get into some more modern conversations about buffett and his investments. But overall, nothing special here.
Negativity aside… this book does in fact bring a unique twist to the buffett story. Toby has apparently spent his entire life re-reading The Art of War. A legendary classic old text, written 430 BC. That’s pretty cool. The best parts of this book are certainly the parts where Toby explains Sun Tzu’s philosophy and shares some cool quotes. So I’ll give the author credit for a unique spin, but it wasn’t enough.
The very worst part of this book, is that it is weirdly repetitive… Like, literally, the exact same sentences, quotes, stories and facts are used over and over. Doesn’t make any sense. It gives the feel of an AI written book (sorry). It’s like… instead of a skillful editor helping to condense the message of the book, somebody decided it need to be 30% longer and just copy and pasted a bunch of stuff over and over? That made it painful and confusing to read. MULTIPLE times I found myself scratching my head thinking… didn’t I just read this?!? Really bizarre.
If you’re still with me – here’s your payoff. The entire theme of the book:
First, Sun Tzu’s philosophy: A master general is always prepared, his people follow and trust him, he knows the landscape, he knows the whether, he knows the enemy, and he only engages in battles he has a certainty of winning.
Second, (and -duh - obviously), that’s also how buffett approaches investing. He only bets on a sure thing. He only swings at the fat pitch. He is endlessly studied and can read the economy and the market and recognize opportunities when they present themselves.
Done. Nice reminder. Nothing special.
As I mentioned, the book does deliver on some cool quotes. I’ll share some here, so that hopefully I can remember them later and drop them in a like strategic planning meeting at work or something.
ST - If you know the enemy and you know yourself, you need not fear the result of a hundred battles
TC – Before seeking to win, make yourself impossible to defeat. Survival comes before victory.
TC – With a risk of ruin present, avoiding ruin is more important than winning.
AR – “Memento Mori” = Remember, you will die.
ST – Many calculations lead to victory, and few calculations lead to defeat.
TC - Humans are determinists in a probabilistic world. The future is unpredictable.
NB (paraphrased) – When playing blackjack, it is wise to stop at 20.
April 1, 2026
A short and sweet book that narrates paralelisms between Sun Tzu mililtary strategy and Warrent Buffet´s style to invest and manage Berkshire Hathaway.
I like how it ties from past to current Warren Buffet´s life in Berkshire Hathaway with good detail of examples.
I like how it ties from past to current Warren Buffet´s life in Berkshire Hathaway with good detail of examples.
Displaying 1 - 4 of 4 reviews