Buffett The Making Of An American Capitalist Epub Converter

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Buffett: The Making of an American Capitalist [ebook] by Roger Lowenstein (epub/mobi). June 21 2015. Biographies - Memoirs Business - Investing. The Essays of Warren Buffett: Lessons for Corporate America. Selected, Arranged, and Introduced. Includes Previously. The best managers think like owners in making business decisions. A cost of the short- term mentality of America's investment community.

Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists. The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback, revised and updated by the author. Starting from s Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists.

The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback, revised and updated by the author. Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura. Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett's' investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--and shows how it is a reflection of his inner self. I recently re-read this Buffett biography (first published in 1995 and now re-issued with a new Afterword, dated January 2008) and then read Alice Schroeder's The Snowball: Warren Buffett and the Business of Life.

Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If I recently re-read this Buffett biography (first published in 1995 and now re-issued with a new Afterword, dated January 2008) and then read Alice Schroeder's The Snowball: Warren Buffett and the Business of Life. Both are first-rate.

Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham. As does Schroeder but in somewhat greater detail, Lowenstein rigorously examines subjects that include: 1.

The development of Buffett's business philosophy 2. His most important business relationships over the years 3. His most important personal relationships over the years 4. His non-negotiable values 5. What Berkshire Hathaway accomplished under his leadership as CEO 6.

Buffett's insecurities 7. His views on philanthropy 8. His social awareness 9. His relationship with Melinda and Bill Gates 10. Why no one else has achieved comparable results by following Buffett's advice Warren Buffett is among the most effective CEOs in recent business history (at least since the conclusion of World War II) and there is certainly a great deal of value to be learned from his performance as both a leader and a manager.

Buffett The Making Of An American Capitalist Epub Converter

Although a business icon, he is also an exceptionally human being because of a unique combination of insecurities, hang-ups, fetishes, neuroses, etc. That various loved ones (notably wife Susie, daughter Susie, and companion Astrid) were able to manage with exquisite sensitivity. Like so many others, he cares more and more deeply than he is (generally) able to express. That said, one close associate and dear friend, Bill Ruane, suggested to Lowenstein after his book was published, 'I'm not sure if you captured how [begin italics] tough [end italics] Warren is.'

Perhaps no one can but credit Roger Lowenstein with providing in this volume a thorough, balanced, multi-dimensional, and insightful explanation of how an ordinary man in almost every other respect accomplished greater success in business than almost anyone else ever has.or ever will. Everyone is interested in a billionaire! How he did it? Where did his ideas come from? Was he worthy of it? One ends up forming an opinion on such people very easily.

Warren Buffet, unlike the Gates and the Jobs of the world, is however not that public a figure. His intelligence does not necessarily impact the common man's life so openly, and so frequently as it does for a few others. But having said that, reading about him has made me realise that not knowing about Buffet's ideologies, his ecce Everyone is interested in a billionaire!

How he did it? Where did his ideas come from? Was he worthy of it? One ends up forming an opinion on such people very easily.

Warren Buffet, unlike the Gates and the Jobs of the world, is however not that public a figure. His intelligence does not necessarily impact the common man's life so openly, and so frequently as it does for a few others. But having said that, reading about him has made me realise that not knowing about Buffet's ideologies, his eccentricities and his idiosyncracies, apart from the his genius in doing what he does with such clarity of mind, is like knowing everything about Da Vinci but for his Mona Lisa masterpiece.

Roger Lowenstein, in a brilliant manner, brings out the smartness that lay behind this young Omaha kid called Warren Buffet that eventually made him the second richest man in the world. Lowenstein, make note, has written this brilliant book without any interaction with Buffet himself who 'would not collaborate in any way, nether attempt to interfere with the project'. But maybe this handicap is what allows Lowenstein to dig deeper behind the rationales of Buffet's stock purchases, to understand his thought process and to portray to the reader the rise of the 'oracle of Omaha' across the decades in a backdrop of a volatile stock market wherein new theories came and went in a flash, that sticking to your belifs required courage and determination. Buffet has that in aplomb! A must read book (you will enjoy it more if you have ever traded in stocks yourselves) about a genius who comes probably just once a century. An excellent book.

I almost didn't read it as I've read a few Buffet books and usually find them quite tedious. Not this one! I loved Lowenstein's perspective as a long-time investor of Buffet's and a well regarded value investor/author himself. The result is an intimate but outside look at what made Buffet into the investor and man he is today.

Buffet is a mess of seeming contradictions, his obsession with accumulating money yet his refusal to spend any of it, his remarkable self confidence yet An excellent book. I almost didn't read it as I've read a few Buffet books and usually find them quite tedious. Discover Intensive Phonics Software. Not this one! I loved Lowenstein's perspective as a long-time investor of Buffet's and a well regarded value investor/author himself. The result is an intimate but outside look at what made Buffet into the investor and man he is today. Buffet is a mess of seeming contradictions, his obsession with accumulating money yet his refusal to spend any of it, his remarkable self confidence yet his apparent shyness, his analytical approach yet his refusal to use a computer or even a calculator to analyze investments ('if I don't understand the number in my head, then I won't understand it from a computer!'

), his outspoken criticisms of modern CEO behavior yet his numerous CEO friendships, his hatred of all things wallstreet yet his continual close relationship to it. This man contains a multitude! Lowenstein gets to the core of these contradictions in a revealing narrative of Buffet's formative years. We're let in on his distant yet highly principled congressman-father, his unfulfilled raging-mother, his intense desire to be rich from an early age, his love of numbers, his conservatism and loss-aversion, his unyielding resistance to change, his shy but outspoken style of showmanship (he honed this by taking classes), and probably most important in explaining his success, his disciplined adherence to the Graham-and-Dodd value principles (although applied in his own unique way). He comes across as incredibly intelligent and widely read on current affairs but able to distill things down to a deceptively simple narrative. His consistent valuation framework allows him to cut through the cacophony of Wall street chatter that leads to short term thinking, herd mentality, pie-in-the sky valuations, and eventually undersized returns. As a result he blows away the market for five decades, virtually every single year.

There has never been anyone with close to his record, nor will there be for many, many generations to come. One thing I realized is that Buffet has spent a LOT of time reading stacks of annual reports all alone in his study. Naija Boyz Black And Yellow Remix Download. This is where he put his 10,000 hours and where he derived the insight behind his decisions. He has a wide network and makes a lot of calls but these are usually performed after he has an idea. He also keeps a quiet clutter-free office (none of his staff even know what he's cooking up next) and cuccoons himself in with piles of raw information - no computers, bloomberg screens or endless meetings and calls typical for a money manager. It reminds one of the Flaubert advice, “be regular and orderly in your life so that you may be violent and original in your work.” His relationship with west-coast-based Charlie Munger seems to have provided the perfect sounding board for his ideas. Just enough of a wise outside council to give him the confidence to act aggressively without over-analyzing or diluting his ideas.

When things are cheap, Buffet acts quickly and aggressively (no investment committees here). He uses his numerical margin of safety in place of extensive discipline. A scan of the numbers, a quick call to Charlie, and Bam! $10 billion ready to go to action. Buffet's mantra. 'Be greedy when others are fearful and fearful when others are greedy.' Simple as that, really!

In summary, I highly recommend this book to anyone with an interest in investing. This is up there with the Intelligent Investor, the book that changed Buffet's own life when he read it in high school. I read the Snowball by A. Schroeder but wanted to see how this earlier Bio compared. Many of the details of his story are similar and dealt with in the same chronological order. Even though the Snowball gives a lot more personal almost intimate details about WB's life, there are some good different insights here too. The value principles resurface as expected.

In random order some of my takeaways are as follows. Have the purchase price so attractive that even a mediocre sale would do.

Put all yo I read the Snowball by A. Schroeder but wanted to see how this earlier Bio compared. Many of the details of his story are similar and dealt with in the same chronological order. Even though the Snowball gives a lot more personal almost intimate details about WB's life, there are some good different insights here too. The value principles resurface as expected. In random order some of my takeaways are as follows. Have the purchase price so attractive that even a mediocre sale would do.

Put all your eggs in a basket and watch that basket. Have the proper temperment set. Keep a margin of safety. Be detached from the daily market moves. Look at statistics not so much subjective analysis. Save your credit for that is better than money.

Stay rational, a horse than can count to 10 is a great horse but not a mathematician. Choose the right heroes. But there was also a few other insights that I haven't seen detailed anywhere else so far. Munger desperatly wanted yo get rich not to buy ferraries but for the independance. I had never heard about the mba student that tried to learn from him, Daniel Grossman, the tenis star in omaha. He was just overwhelmed.

The solomon case is much more detailed than in Alice Schroeders' book and I didn't t realise he respected and admired Gutfreund. I don't remember that it was that obvious in the Snowball. It's funny also to learn that Samuelson the nobel laureate on market efficiency theory, eventually bought a big stake in Berkshire just in case he was wrong lol. Finally I had no clue that B. Greenwald said he is not really a Graham and Dodder, but that he is more into speculating not investing. Book Review: Buffett The Making of An American Capitalist Roger Lowenstein This book was written back in 1995, so it is severely dated. It does, however, give us an idea of what Buffett was like at that time.

He may have changed since then. I used to be able to say I liked almost everything about Buffett. I would use the word “almost” because, since I don’t know him personally, there could have been something I did not like about him. In reading this book, I found out what that was. I am a Fundamenta Book Review: Buffett The Making of An American Capitalist Roger Lowenstein This book was written back in 1995, so it is severely dated. It does, however, give us an idea of what Buffett was like at that time. He may have changed since then.

I used to be able to say I liked almost everything about Buffett. I would use the word “almost” because, since I don’t know him personally, there could have been something I did not like about him.

In reading this book, I found out what that was. I am a Fundamental Christian. By that term, I mean I believe that the Bible is true in every word. I do agree that there are errors in my understanding of the Word.

But, God does not make mistakes and where there are translation errors God had a reason for that. I believe that life begins at the split second of conception and that no one, other than God, has the right to end that life, no matter what the reason. Buffet, as far as this book states, does not believe in God.

He is very afraid of dying. Now, I don’t want to die, but I know when I die I will be in heaven. Since Buffett does not have that to look forward to, he has reason to believe that when you die you cease to be. Buffett is also said to be a large supporter of Planned Parenthood. The book states that Buffett sees donating to Planned Parenthood as an investment in the well-being of the world. The book states that Buffett sees this as a way to prevent over population of the world.

If Planned Parenthood’s only ways of preventing over population was to provide sex education as well as to teach abstinence and, barring that, barrier methods to birth control, I would agree with him. However, I believe that God has a reason for every conception. Every life has meaning and every child should have a chance to make their mark on the world. All of that being said the book is great. Buffett the man has a great sense of business and a great success record. Companies call on him to bail them out when they are in a jam.

Buffett studies business models constantly and has an amazing head for business figures. Buffett sort of compares with Commodore Vanderbilt in that he took an approach to money that was hands-off. When Buffett’s children need to borrow money, he tells them to borrow it from a bank or he has them sign a promissory note and they pay prevailing interest rates, according to the book.

All-in-all, I think this is a good book, well worth reading and a great addition to my library. Book Review Policy My policy on book reviews is to give you my honest opinion of the book. From time to time publishers will give me a copy of their book for free for the purpose of me reading the book and writing a review. The publishers understand when they give me the book that I am under no obligation to write a positive review. If you will look at all my reviews, you will see that there have been occasions when I have written a negative review after having been given a book.

I often provide links to books on Amazon.com where you can purchase books and help support the continued operation of this blog. However, I strongly encourage you to check out your local library. Many libraries now offer electronic borrowing for free. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255 I purchased this book through Friends of the Library.

Contact your local library and find out what excellent deals they offer. I previously knew many small details about Warren Buffett and had a vague sense of his personality and investment strategies. From the first chapter, this book was captivating as it details key events throughout Buffett's entire life.

From his first 'businesses' delivering newspapers and arcade games, starting a family and trying to instill his values in his children and in more modern day times, having to take a more direct role in companies he invested in. Buffett's determination from a very y I previously knew many small details about Warren Buffett and had a vague sense of his personality and investment strategies. From the first chapter, this book was captivating as it details key events throughout Buffett's entire life.

From his first 'businesses' delivering newspapers and arcade games, starting a family and trying to instill his values in his children and in more modern day times, having to take a more direct role in companies he invested in. Buffett's determination from a very young age to some day (soon) be very rich as well as his innate ability to comprehend and retain numbers meant that he was able to do just that. I hear this is not the best book to learn about his life thus far, but it was a very enjoyable one. Reading this biography clarifies some of the traits that have contributed to Warren Buffett's astounding business success: his laser-like focus, his unusual capacity to perform math in his head, and his appreciation for true value as opposed to what I'll call 'bling appeal.' Insightful and meticulously researched, Lowenstein sheds light on the personality and thought process of one of the world's richest men, who started off in his in-laws' basement with little more than $800 and parlayed it int Reading this biography clarifies some of the traits that have contributed to Warren Buffett's astounding business success: his laser-like focus, his unusual capacity to perform math in his head, and his appreciation for true value as opposed to what I'll call 'bling appeal.' Insightful and meticulously researched, Lowenstein sheds light on the personality and thought process of one of the world's richest men, who started off in his in-laws' basement with little more than $800 and parlayed it into many billions. There were many unexpected aspects to Buffett's story.

Unlike many wealthy people, he is not obsessed with collecting glamorous possessions. This exchange is typical: 'He did ask Susie to upgrade his VW, explaining that it looked bad when he picked up visitors at the airport. But he didn't have the slightest interest in it. 'What kind of car?' I don't care what kind.' (She got him a wide-finned Cadillac.)' True, this was early in his career, but it is revealing of his attitude.

I also did not expect a man like this to have a healthy marriage, but Lowenstein confirms, he does, although he seems slightly distant from his children.I particularly enjoyed the section on his first major acquisition where Buffett and the indomitable, 4 foot 10 inch Mrs. B, an immigrant who created the largest furniture business in Omaha from nothing, hammered out a sixty million dollar deal. Upon closing Mrs. B stated, 'Mr.

Buffett, we're going to put our competitors through a meat grinder.' This was Buffett's ideal--a partner who was totally focused, competitive, and very shrewd. Lowenstein skillfully escorts the reader through many fascinating incidents, showing the human side of his subject, while helping one grasp his unique financial genius. (Reader's Services).

Warren Buffett might be the most enigmatic man of our time. While everyone knows that his past half century of investing has made him into the richest man in the world, nobody seems to know much about him beyond this.

The few anecdotes we sometimes hear- he still lives in the same modest house in Omaha, he doesn't drink anything stronger than coca-cola, he drives himself around in a very basic Lincoln- only pique our curiosity more. Roger Lowenstein is well known for writing extremely engaging an Warren Buffett might be the most enigmatic man of our time. While everyone knows that his past half century of investing has made him into the richest man in the world, nobody seems to know much about him beyond this. The few anecdotes we sometimes hear- he still lives in the same modest house in Omaha, he doesn't drink anything stronger than coca-cola, he drives himself around in a very basic Lincoln- only pique our curiosity more. Roger Lowenstein is well known for writing extremely engaging and thoroughly understandable books about business subjects (such as When Genius Failed). This book is no different.

He really does a great job of shedding some light on one of the most interesting men in american history- I was fascinated from cover to cover. The book was published in 1995, and with Warren still going strong today, there is obviously a 14 year gap that needs to be filled in. Lowenstein- how about a sequel???

Add one star to my rating if you generally enjoy business books and subtract one if you don't. I wish I could give this 3.5 stars. The first major biography of Warren Buffett. Written without active support by Buffett (he also didn't discourage anyone from working with Lowenstein). I felt Lowenstein's writing in When Genius Failed, the account of the failure of Long Term Capital Management, was stronger. In contrast to Snowball by Alice Schroeder, this book focused more on Buffett as the investor and major owner of Berkshire Hathaway. Charlie Munger's role and contributions are largely sid I wish I could give this 3.5 stars.

The first major biography of Warren Buffett. Written without active support by Buffett (he also didn't discourage anyone from working with Lowenstein). I felt Lowenstein's writing in When Genius Failed, the account of the failure of Long Term Capital Management, was stronger. In contrast to Snowball by Alice Schroeder, this book focused more on Buffett as the investor and major owner of Berkshire Hathaway. Charlie Munger's role and contributions are largely sidelined in this story. Too bad, since Munger had a significant role in the evolution of Buffett's thinking from pure Graham to a blend of Graham/Fisher/Munger/Buffett. Nonetheless, it does a good job of going into detail in places where Snowball doesn't (like the Salomon Brothers episode).

Aspects of his relationship with Susie Buffett were also left out (especially after she left for California). Definitely has more of a tilt of Buffett as an 'American capitalist' than Buffett as a person. The common thing between Bill Gates, Mark Zuckerberg, Richard Branson and Warren Buffett is their entrepreneurial mindset since their childhood. But Buffett is the only one, to my knowledge, who flourished at school and business and graduated from college with straight A's, unlike the others mentioned above.

The childhood of Buffett was tough and permeated many difficulties as he was born in the era that was hit by the great depression. However, this was the reason that made money always in the The common thing between Bill Gates, Mark Zuckerberg, Richard Branson and Warren Buffett is their entrepreneurial mindset since their childhood. But Buffett is the only one, to my knowledge, who flourished at school and business and graduated from college with straight A's, unlike the others mentioned above. The childhood of Buffett was tough and permeated many difficulties as he was born in the era that was hit by the great depression. However, this was the reason that made money always in the mind of Buffett. This propelled him to work hard at early age. His entrepreneurial genius showed when he started gaining profits by buying and selling stocks at the age of 11, a year later after his father took him to visit New York stock exchange.

He also worked for several newspaper companies delivering and collecting subscrption fees, and by the age of 14, he bought 40 acres of land for $1,200. At Columbia Business school, Buffett learnt a lot from his economist professor and later his mentor Benjamin Graham. The most valuable lesson Buffett learnt from Graham was how to successfully make investment with companies that are less likely to fail him. This was done by following Graham's investment philosophy which is investment must be made after analyzing the intrinsic value of a company and comparing it with the market value. This approach of analyzing stocks has helped Buffett to often have successful investment as such analysis requires diligent research that involves adding up all of a company's assets, including its revenue streams and future prospects.

So, how is it to know whether to buy stock by this analysis; if the analysis shows that the intrinsic value of a company is greater than the market value, then it is a safe bet to buy. Buffett, as he is having an entrepreneurial mindset since a young age, started his own business at the age of 26. Withinone year he managed to raise $500,000 and formed Buffett Associates, Ltd. The raised money was invested in buying stocks of undervalued companies' stocks. The theories of Buffett's professor, Graham, helped him to successfully invest the raised money and gain him profits. Within three years, Buffett doubled the money he raised for his company.

Then Buffett took a brave step by buying a full control shares in Dempster Mill Manufacturing which was suffering at the time Buffett purchased the shares. The reason why Buffett did buy the shares is because I found by applying the intrinsic value analysis that the company had a solid intrinsic value; three years later, Buffett sold the company with $2.5 million in profit. Buffett's net worth increased dramatically during the 1980s as a result of the cut in interest which made stocks so attractive. By 1979, the Berkshire, Buffett's company, was selling a share for $270.

However, when interest rate was reduced, the price jumped to $1310 per share making Buffett hit the Forbes magazine of being one of the richest businessmen with net worth of $620 million. Despite Buffett considered one of the wealthiest people on the earth, he is humble and one of the greatest philanthropist. After his wife death, he made decision of donate most of it to charity. So far, one sixth of his fortune has been divided among different Buffett family foundations, and the rest will be allocated over time to the Bill and Melinda Gates Foundation. All in all, Buffett had a very humble and tough childhood, and his hard work has led him to be successful, along with his professor and mentor Graham who tuaght Buffett valuable lessons on how to be smart when investing. Warren Buffett is an accomplished enough guy that a full account of his career probably deserves several volumes of rather larger size, but this is a good introduction to his life, career, and general investment philosophy.

While it suffers from having been published in 1995, meaning that it includes nothing on the last third of his career (though the 2008 edition contains an updated Afterword), it's useful enough to be worth picking up for anyone who's interested in his investment history, a br Warren Buffett is an accomplished enough guy that a full account of his career probably deserves several volumes of rather larger size, but this is a good introduction to his life, career, and general investment philosophy. While it suffers from having been published in 1995, meaning that it includes nothing on the last third of his career (though the 2008 edition contains an updated Afterword), it's useful enough to be worth picking up for anyone who's interested in his investment history, a broad overview of his strategies, or simply curious about his personal life. What should an investor, or anyone interested in finance, make of Buffett's career? He didn't invent value investing, which was pioneered by his mentor Ben Graham, but he's been its most famous and successful practitioner so consistently over the decades that it seems like there must be some trick beyond simply looking at P/E ratios and book values. It seems implausible that Buffett has simply been lucky - he's just way too rich - and yet it's hard to explain his run of success using common views of how finance works. The history of finance is replete with the corpses of investors who tried to beat the market too consistently and by too much (keep an eye out for Salomon Brothers executive John Meriwether, whose spectacularly doomed hedge fund Long-Term Capital Management would be the subject of Lowenstein's next book, When Genius Failed), and yet despite a recent spate of poor performance, Buffett has been beating the market regularly for 63 years, longer than a majority of investors have been alive. Has he been exploiting some kind of glitch in the Efficient Markets Hypothesis?

Does his particular variant of buy-and-hold have a hidden advantage over index funds? Is value investing exempt from law of large numbers/diminishing returns issues? Will a strict avoidance of conflict and hostility be a superior strategy in an environment of leveraged buyouts and junk bonds? Lowenstein can't completely settle these questions (if it were that easy to replicate Buffett's success, surely there would be more than one Buffett by now), but his accounts of how Buffett viewed his strategic issues offers a lot of insight into what motivated each particular investment decision. And there are plenty of decisions. Going into the book, I knew that Berkshire Hathaway was his investment vehicle, but I had no idea of its history as a gradually declining textile conglomerate before Buffett transformed it beyond all recognition. As he was gradually nudging the company away from its roots in the New England cotton mills that had been its livelihood, I was reminded of Danny DeVito's speech in Other People's Money about not letting sentimentality about old business models holding back future growth, though Buffett's later adventures like getting into a circulation war as owner of the Buffalo News showed his emotional side.

Buffett himself considers his purchase of Berkshire Hathaway a mistake, given that his initial large share purchase was motivated in large part by spite after a counterparty at the firm tried to chisel him out of 1/8 of a point on the share price; if he had simply invested directly in the insurance businesses rather than buy them through Berkshire, he would have made about twice as much money. Lowenstein quotes from 'The Joys of Compounding', where Buffett makes the same point in a different way: 'I have it from unreliable sources that the cost of the voyage Isabella originally underwrote for Columbus was approximately $30,000. This has been considered at least a moderately successful utilization of venture capital. Without attempting to evaluate the psychic income derived from finding a new hemisphere, it must be pointed out that even had squatter's rights prevailed, the whole deal was not exactly another IBM. Figured very roughly, the $30,000 invested at 4% compounded annually would have amounted to something like $2,000,000,000,000 (that’s $2 trillion for those of you who are not government statisticians) by 1962.'

In other words, always pay attention to the opportunity cost of money, and realize that even seemingly very successful purchases might have foreclosed even more profitable, if more subtle, options. Of course, Buffett's actual record doesn't look so bad - GEICO, Coca-Cola, American Express, Wells Fargo, Salomon Brothers, etc. - yet it seems like there's a consistent theme, that being bearish when everyone else is bullish, and vice versa, is a consistently safe strategy, particularly when investing in large brands with stable fundamentals. For lack of a better way to put it, other investors who tried to be as cautious as Buffett were never as bold when the situation called for it, and investors who tried to match him in boldness usually lacked sufficient caution at key moments.

Whether that's a philosophy that can be sufficiently mathematically rigorized is beyond me, and Lowenstein doesn't attempt to quantify Buffett's strategies. That's fine for a short volume, because it leaves room for the biographical information that most readers will want. The book covers his childhood in Omaha, his college years, his study under value investor Ben Graham, his partnership with like-minded investor Charlie Munger, his marriage and mistress, and his often-strained relationships with his children.

Buffett has been famously miserly and uninclined towards charity, which the book explores. Whether you agree with Milton Friedman's infamous paper that 'The Social Responsibility of Business Is to Increase Its Profits' or not, the contrast between Buffett's repeated statements that he plans to give all his money away and his actual record of relatively minor philanthropic activity is striking, especially also given his refusal to establish a Rockefeller-type dynasty and his advocacy for higher taxation of the rich. Yet even if there's a philosophical contradiction in there somewhere, Buffett's integrity is unquestionable, particularly when he's sharing the stage with characters like Ivan Boesky or Michael Milken. Overall Lowenstein does a great job of condensing Buffett's life, ideas, and career into a single manageable book, and though I often wished he would expand more on topics, doing so would have made the book less accessible.

He's a more sensible and less sensationalist writer than someone like Michael Lewis (whose misrepresentations of Buffett's record come in for some criticism), and while this book probably won't be the last stop for anyone curious about one of the greatest investors in history, it's an excellent first one. As an employee just going over five years at a company in the Berkshire Hathaway portfolio, I was interested to see this come across my Audible feed and picked it up. I've noticed several interesting things in my tenure with my employer: that employee retention is ridiculously long, even the information technology staff has MOSTLY been there five, ten, or more years. That Berkshire Hathaway seems to keep its hands completely off the wheels of our organization. And that we don't get employee disc As an employee just going over five years at a company in the Berkshire Hathaway portfolio, I was interested to see this come across my Audible feed and picked it up. I've noticed several interesting things in my tenure with my employer: that employee retention is ridiculously long, even the information technology staff has MOSTLY been there five, ten, or more years. That Berkshire Hathaway seems to keep its hands completely off the wheels of our organization.

And that we don't get employee discounts at Sees Candy and DQ and Geico, nor do they let us drive the BNSF railroad engines. Tongue-in-cheek, mostly, but it seems that Mr. Buffett and Mr. Munger really just buy companies and leave hands off. I listened to the audiobook and it really helped understand how Buffett came into his thinking and business ethic, as well as chronicled the growth from a decaying end-of-life textile mill to one of the largest and most-admired companies in the world. It was interesting to see how time and again, Buffett played against the prevailing wisdom and wisely chose his plays despite what The Street was saying. I was a bit disappointed that the book was published in 2008 and so is now a decade out of date.

In that ten years the stock price has gone from 140,000 per share to $263,000. Acquisitions during that time include BNSF, Oriental Trading, Duracell, and other concerns as well as continued investments in other businesses. It may be 'Warren did more of the same' but it would be interesting to have an update. I read this book thanks to Blinkist. The key message in this book: With the help of his mentor, Benjamin Graham, Warren Buffett learned the important difference between how much a company is really worth and how much it’s selling for.

An aptitude for discerning this difference, combined with a steadfast refusal to succumb to trends and a keen understanding of numbers, is what allowed Buffett to accrue a fortune exceeding $66 billion. Suggested further reading: The Snowball by Alice Schroeder The Sno I read this book thanks to Blinkist. The key message in this book: With the help of his mentor, Benjamin Graham, Warren Buffett learned the important difference between how much a company is really worth and how much it’s selling for. An aptitude for discerning this difference, combined with a steadfast refusal to succumb to trends and a keen understanding of numbers, is what allowed Buffett to accrue a fortune exceeding $66 billion. Suggested further reading: The Snowball by Alice Schroeder The Snowball (2008) offers a revealing look at the life and times of one of modern America’s most fascinating men: Warren Buffett. Find out how this shy and awkward man earned his first million dollars and how following a few fundamental rules enabled him to become the world’s wealthiest man.

Buffet's is the story of benevolent capitalism. His passion for the money game is not greedy, rather childish. He didn't collect money for the money itself nor for the life pleasures it could bring. He did it for fun!!

It's like playing a real life board game. He championed value investing and created his own investment school. Quotes that stuck with me are: 1- it's not worth doing well what's not worth doing altogether. 2- Rule 1: dont lose money, Rule 2: don't forget rule #1 3- you don't create v Buffet's is the story of benevolent capitalism. His passion for the money game is not greedy, rather childish. He didn't collect money for the money itself nor for the life pleasures it could bring. He did it for fun!!

It's like playing a real life board game. He championed value investing and created his own investment school. Quotes that stuck with me are: 1- it's not worth doing well what's not worth doing altogether. 2- Rule 1: dont lose money, Rule 2: don't forget rule #1 3- you don't create value by cutting the pie into more slices 4- stocks are not gambling chips, they are a piece of a company's intrinsic value This is a must read!!! Really enjoyed learning about Warren Buffett through this book.

Went into this not really knowing anything about him. The author did a great job conveying who the man is and what he's all about. I enjoyed starting at his childhood and going all the way to today. Learning about his childhood really helped me to see part of why and how he turned out to be the man he is. I know very little about the stock market, investing and the like.

But I really enjoyed the stories of companies struggling to ho Really enjoyed learning about Warren Buffett through this book. Went into this not really knowing anything about him. The author did a great job conveying who the man is and what he's all about. I enjoyed starting at his childhood and going all the way to today. Learning about his childhood really helped me to see part of why and how he turned out to be the man he is. I know very little about the stock market, investing and the like.

But I really enjoyed the stories of companies struggling to hold on and the comparisons of Warren Buffet's Berkshire stocks vs the overall market for the year. The book overall was a great mix of Warren's personal life and his life as an investor.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century–an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.

By picking the right stocks and businesses to invest in, plainspoken Nebraskan Warren Buffett became the richest man in the U.S. In this excellent biography, Wall Street Journal reporter Lowenstein details the billionaire stock market wizard’s strategy of betting on the long-term growth of a handful of successful companies such as American Express and Berkshire Hathaway. Providing personal glimpses of a very private man, Lowenstein unearths childhood traumas such as the tormenting rages of Buffett’s mother and his forced relocation to Washington, D.C., in 1943, where, at 13, he ran away from home (he was found by the police the next day). Buffett’s wife, Susan Thompson, a nightclub singer, walked out on him in 1977 and was quickly replaced by his mistress, Latvian-born Astrid Menks. Lowenstein profiles an emotionally guarded, “strangely stunted” Midas obsessed with work and secrecy, who seemingly derives little pleasure from his fabulous wealth.

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