Warren Buffett stands as one of the worlds richest people. Roger Lowensteins biography BUFFETT THE MAKING OF AN AMERICAN CAPITALIST chronicles Buffetts life up to 1995 when this book was published. Referred to as the Oracle of Omaha investors hang on his every word searching for the secrets that have resulted in amassing his fortune. Born and raised in Omaha Warren Buffett was raised with proverbial Midwestern values. His father was a stockbroker and served in congress. Buffett himself was obsessed with earning money from an early age and possessed a brain capable of performing complex computations and memorizing companies financial statements. His investment strategy was and is not so complex. It became an extension of value investing first espoused by Ben Graham, buy undervalued companies and hold them for long periods (some forever).This strategy has been adhered to regardless of whatever was in favor on Wall Street. Buffetts fortune truly advanced when he evolved from a stock picker to an investor. This began with the purchase of Berkshire Hathaway, a textile manufacturer whose profits were then directed to purchase significant stakes in other companies. While he is considered an enormous success in financial terms, I found Buffett less so on a personal level. While he could be charming with self deprecating wit that aided in dealing with boards of directors and regulators his relationship with his children was distant. In addition, while he is now calling for greater philanthropy by the rich, at the time of this book he did have a charitable trust but like his business it seemed more intent on amassing assets than in distributing funds.
Posted on: Thu, 04 Dec 2014 14:41:22 +0000
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