Customer Reviews

Of Permanent Value: The Story of Warren Buffett/2008 Cosmic Edition/2 volumes

5 star:		(14)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

In my opinion, Of Permanent Value 2008 Cosmic Edition by Andy Kilpatrick is the best book about Warren Buffett and Berkshire Hathaway (which I also believe it is the thickest book about Warren/Berkhire, and for the better). It also covers important people around/related to Warren Buffett. Simply, this book is a must read for all Warren Buffett fans and all value investor.

First, eventhough this book is very abundant in information (i.e. thick), it is not boring to read. One of the reason is that the chapters are mostly short (and getting directly to the point). If you don't feel like reading the whole book, you can always pick the chapters that interest you. Kudos to Andy Kilpatrick for putting this book together and continue to update the story about the greatest value investor of our time. I also appreciate Andy Kilpatrick's (and Warren Buffett's) sense of humor.

Secondly, this 2008 Cosmic Edition contains several important improvements/updates. Some of the example:
1. Lots of awesome color photos (page 1117-1190, etc)
2. Updates on Warren Buffett/Berkshire Hathaway activity during the year 2007 and early 2008 (Business update, 2007 Annual Shareholder Meeting, Berkshire 60% purchase of $7B business/Marmon Holdings, Warren business trip to Canada, China, South Korea, etc)
3. A photo index on page 1813 (with 1,400+ photos, it is really nice to have an index for the photos)

I hope you enjoy this book as much as I do. I have read this book more than once (including the previous versions). I learn so much from Of Permanent Value, and I learn something new everytime I read it.

Below I added more detail review about the content of the book.

Sincerely,

Sidarta Tanu

=============================================================
Now about the content of the book. You will learn a lot about Warren Buffett and his life, and not only investing topic (investing decisions that he made throughout his career) but his life principles, family, and business in general as well. You will learn about his first job delivering papers when he was 13 (he filed income tax and deducted the bike as business cost), and how he build his first business (pinball machine business), created Buffett partnership, break it up (liquidate), acquire berkshire mills, creating Berkshire Hathaway as investment vehicle, and many other great investment decision/story that he made (Geico, See's Candies, Dairy Queen, General Re, Coca Cola, Salomon, Washington Post, Gillette etc)

Buffett concrete rules for investing are:
1. Never lose money
2. Never forget rule #1

I know it's easier said (what he say above about to never lose money) than done based on my 10 years of invesitng experience , but then again I'm no Warren Buffett.

In my opinion, here are the 5 strategy/skills that Warren Buffett uses (Mr. Buffett, please correct me if I'm wrong):
1. Intrinsic Value
2. Margin of Safety
3. Temperament (discipline and understanding Mr.Market)
4. Circle of Competence (knowing what your circle of competence)
5. Common Sense (which I think is the most important factor and encapsulate everything about Warren Buffett.)

You will learn that Warren is very good with numbers (calculating in his head) and memorizing so many facts and numbers. You will also learn that Warren is a man with a very good sense of humor.

There are so many things/chapters that I like on this book. Let me try to mention three of my favorite sections.

One is when Warren need to make a decision who would run Salomon ($150B institution with 8000 employees) within 2 days during their first crisis. There are 12 top-level managers that he interviewed. "This was the most important hire of my life", said Warren to the Columbia business students. The chapter explain his thought process of this candidate selection in detail. Warren mentioned that the good news (for the students and the candidate) is that he didn't ask what their grades were (laughter). Warren also said, "Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence and energy. and if they don't have the first, the other two will kill you. if you think about it, it's true, if you hire somebody without integrity, you want them to be dumb and lazy" (laughter). And he conclude the topic with this statement which I think is very powerful: "Pick the kind of person to work for you that you want to marry your son or daughter. You won't go wrong". By the way, he picked Deryck Maughan by the way for his integrity.

Another chapter that I really like is how Warren put the audience (of more than 2000 people) through Business School in an electrifying two minutes (The chapter about "Generics"). See how Warren answer the question of "Will developments in the generic brand area hurt coca-cola?" which is a very important questions. I'll try not to spill too much and take the joy of reading this chapter yourself but he basically explains in a nutshell (with all the details and numbers) how business and competition works (and using several other example like Gilette, Marlboro, Sam Cola etc) and how he convinced the audience (and me as a reader) that coca cola is considered immune to generics. He explains how one can save $500 for smoking generic brand (vs Marlboro) which is a lot of money. While a man will probably will only save $11 per year by not using Gilette Sensor and probably leave band-aids on his face and an uncomfotable experience for opting for generics/lower quality blades. And for coca cola, the net profit margin is only 1 cents per serving (can) while a lot of the ingredients cost (such as the aluminium close to 6 cents a can, sugar 1.3 ounce per can or 1.75 cents etc) the same regardless for coke or other cola company.

The third chapter that I like is when Warren is being questioned by CEOs about what is his best advice for CEOs/leaders.. expecting to get some standard answers like honesty and loyalty.. Warren actually didn't even touch those areas (which I'm sure Warren do think those are also important).. but what Warren actually said is, "Set your expectation low, and you will rarely get dissapointed".

I'll stop here before it's getting too long. In summary, If you are a Warren Buffett fans, then this book is for you. If you are uncertain, you can get other books first (potentially less thick book), like "Warren Buffet Way" or maybe "Buffettology", and if you like them (Warren) or want to know more about Warren then get this book. I personally don't like it at the beginning but as time goes by (and after I re-read the book/chapters), I changed my mind, this book is a masterpiece.

As a Berkshire shareholder, I want to encourage all berkshire shareholders (and potential/future shareholders) to read this book to know more about the person in charge of your berkshire investment. I also want to encourage all shareholders to go to the annual shareholder meeting while Mr. Buffett is still in charge.

Last but not least, if I have to sum this book up in a word or two, I would use the word "WISDOM" to describe this book, though I have a strong feeling that Warren will disagree with me and think that the more suitable phrase is "COMMON SENSE"
=================================================================

During Charlie Munger's 2007 WESCO annual meeting in Pasadena , Mr. Munger was asked who was the number one Warren Buffett fan in the world. Out of the unlimited number of possibilities, Mr. Munger (Buffett's long time partner who runs Berkshire with Buffett) responded quickly "Andy Kilpatrick without a doubt".

Andy's latest two volume Buffett biography/Berkshire chronology is a work of absolute genius. A master of details and amusing anecdotes, Kilpatrick keeps the reader entertained over the entire odyssey of Buffett's life and unparalled success in the investment world.

Unlike other Buffett writers like Roger Lowenstein whose books have now become dated and stale, Andy Kilpatrick keeps us up to date on all that is important in the life of Berkshire Hathaway and Warren Buffett.

The 2008 Cosmic Edition is a "must have" for all serious Buffett fans and students. Readers will love the color photos in this latest edition. Like "The Oracle of Omaha" himself, Andy Kilpatrick gets better writing about this American icon with every new edition. Kudos to "The Sage of Birmingham", Andy Kilpatrick !!!!

Do not miss this 2-volume compendium. Readers are treated to insight and information about Warren Buffett and Berkshire Hathaway from `roots to roost` in a thoroughly enjoyable light read of this pair of 5-pound books.

The Cosmic Edition is a terrific capsule of the Berkshire Hathaway experience, Buffett's focused value investing, and his sparkling sense of humor. The 333 very brief chapters (of which I am still engrossed) and 1,400 photos cover everything imaginable related to Buffett, the BRK companies, managers, directors, shareholders, mentors, and friends that make up the world of Berkshire Hathaway.

At nearly 10-lbs, the 2-volume set was a great value. I am delighted to add this copy to my library.

(This 2-volume set could be a nice addition to any office reception area or medical waiting room. It is entertaining and informative, so perhaps your clients will not mind the wait in the future.)

This is the most comprehensive book about Warren Buffett I have ever read. I read The Snowball by Alice Schroeder and I liked it, but I found this book easier to read. This book has it all from Salomon Brothers, the Buffett Partnership, his children, Berkshire Hathaway, and much more. This is a long book and it may seem a little daunting to finish it, but it is divided into short chapters. Readers can turn to any chapter and not feel lost at all. I read this book after reading all the other books about Warren Buffett, and I was surprised how much more I still learned about him.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

The 2008 Cosmic Edition Of Permanent Value, The Story of Warren Buffett is a book for Buffett devotees and those who want to learn about the experiences that other devotees from different walks of life have shared for years. Imagine that you could spend as much time as you wanted to get to know almost infinite and interesting tidbits about Warren Buffett's personal and business life from quotes from Buffett himself, his relatives, his friends and his admiring public. Andy Kilpatrick presents a cast of thousands in pictures and text with a few individuals taking part in any given chapter. The pages peal away to divulge Buffett's wit, wisdom, and life philosophy as well as his investment genius.

Andy's writing path is full of his own idiosyncrasies as he follows his hero from birth to his current pinnacle as the most famous investor in the world, having surpassed the local title, Oracle of Omaha. This book is the longest in a series that began in 1992 and culminates in two massive volumes, 1874 pages. You WILL get your money's worth. Andy is as compulsive and meticulous about updating the book as Buffett is with adding appropriate investments to Berkshire's portfolio.

The anecdotes from people in high and low places who have crossed paths with Buffett are unique to Andy's style of reporting. Andy takes you into the details of Berkshire's hundreds of business acquisitions and his partnership with the equally brilliant and witty Charlie Munger. He shares gossipy tales of countless celebrities such as Jimmy Buffett, the balladeer, Bill and Melinda Gates, Ann Landers, Katherine Graham, Arnold Swartzenegger, Bill Clinton, and countless others, always including the jokes and optimism that endears Buffett to his fans. Unselfishly, he highlights the writing of other Buffet chroniclers among whom we see Roger Lowenstein, Janet Lowe, and Robert Hagstrom. Teasingly he titillates with chapter titles such as Appassionatta Von Climax, A Who's Who Shareholder List, Wit, Wisdom, and Clinton, Obama, and Stock and Awe sprinkled among the 332 chapters. The book is a contemporaneous history of a world that revolves around Buffett. We long-time groupies are eager to revel again in Capitalist Woodstock in early May, sharing Andy Kilpatrick's obsession with our most admired financial guru.

LaVerne Ramsey
Indian Springs, AL USA
March 21,2008

"Most respected company in the world"-Barron's. "Needs fleshing out"-Warren Buffett. "A surprisingly lively read"-Midwest Book Review. "A heavy read . Literally."-The Wall Street Journal. "The definitive story"-London Daily Telegraph.

A hierarchy of who needs this book?

First tier. Anyone who desires to learn of Buffet, the 2008 richest man in the world, and did not realize his name was just misspelled.

Second tier. Anyone who knows Warren Buffett is the 2008 richest man in the world and wants to know more about how he lives and spends his time.

Third tier. Anyone who has been to an annual meeting of Berkshire Hathaway and leaves Omaha still wanting to learn more about Buffett, his life, and the company he runs.

Fourth tier. Anyone who enjoyed the earlier editions of "Of Permanent Value" and now wants the convenience of an easier to read or hold two-volume set. It is time to buy this newer edition.

Fifth tier. Anyone who wants to read the new stories and to see the new photos in this edition "Of Permanent Value."


Andy has catalogued, with love and care, the many stories that make the life of Warren Buffett so interesting. His book is a labor or love; it is thorough, well indexed, and an invaluable reference for understanding the man that is Warren Buffett. I highly recommend this book and thank Andy for revising it once again.

Warren Buffett is considered the World's Greatest Investor. If you enjoy reading about Warren Buffett and his investment vehicle Berkshire Hathaway this book is the "bible". Andrew Kilpatrick is truly a dedicated Buffett researcher who provides a valuable service for all fans. This is a classic book that will be loved and enjoyed by all individuals.

In his latest two-volume work, "Of Permanent Value The Story of Warren Buffett", Andrew Kilpatrick has proven his genius as a biographical historian equals the genius of Warren Buffett as an Entrepeneur.

During all of my years of reading everything available about and following the many activities of Warren Buffett, nowhere have I encountered as complete a compilation of pictures, personal memorabilia, and historic data as those condtained in Mr. Kilpatrick's work. The ingenuity and inventiveness of the book's presentation and the obvious effort required to amass and so careingly organize such an abundance of material leaves little doubt as to the author's personal admiration for his subject.

Overall, the format of the book is well organized, interesting, and very readable. However, one of my greatest pleasures emerged gradually as I discovered the value of the book's content from an historical perfspective. Because the author has so successfully endeavored to arrange all of his material chronologically, the work subtly conveys to the reader some insight into the variety of historical events our coutry hosted, commencing with Warren's very early years as a child in the 1930's and on up to the present day.

This Anthology of the young boy from Omaha, Nebraska who became the world's greatest financial entrepeneur, and wealthiest man, compiled by Andrew Kilpatrick, is destined to remain one of the most thorough, well-organized, and historic portrayals of Warren Buffett's personal life, methods, and business ventures ever assembled into a single source.

Whether for their informative value or merely pure pleasure, everyone interested in its subject should own this work by Andrew Kilpatrick. Nowhere else are the life, times, acquaintances, and entrepenurial genius of Warren Buffett so skillfully bundled into a single work.

These two very attractively bound volumes leave the reader thoroughly convinced that although Warren Buffett, in the realm of finance, has achieved the status of a Babe Ruth, it is Andy Kilpatrick, the author, who has just hit the home run!

Andy Kilpatrick's ability to find nuggets of valuable information on Warren Buffett is amazing. No other book provides such an expansive view of Mr. Buffett's life, his work and the history of Berkshire Hathaway.

For Buffett afficionado's, the "Cosmic" edition has hundreds of stories, over 1400 pictures and is an absolute pleasure to read. A book that belongs on the night table of every Berkshire Hathaway shareholder!