The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers [Paperback]

Robert P. Miles (Author)

Book Description

ISBN-10: 0471430455 | ISBN-13: 978-0471430452 | Publication Date: April 18, 2003

"Everyone knows Warren is the greatest investor of our time. . . .This book for the first time captures his genius as a manager."
—Jack Welch

The first book to reveal the investment and management strategies of the Berkshire Hathaway all-star management team. Much has been written about Warren Buffett and his investment philosophy; little has been made public about the inside management of Berkshire Hathaway. With a market cap exceeding 100 billion , Berkshire Hathaway has a market value surpassing many icons of American business such as Dell, AT&T, Disney, Ford, Gillette, American Express, and GM. Drawing on his personal experiences as well as those of Berkshire's chief executives, officers, and directors interviewed for this book, Berkshire insider Robert P. Miles provides a unique look at the Berkshire Hathaway culture and its management principles.

Editorial Reviews

Review

"Everyone knows Warren is the greatest investor of our time ... This book for the first time captures his genius as a manager."

From the Inside Flap

The success of Warren Buffett and Berkshire Hathaway, Inc., is legendary. Yet to understand this success, you must go below the surface to see how the hands-off management style of Berkshire Hathaway allows its acquisitions to grow exponentially. The Warren Buffett CEO provides a rare up-close and personal view of nearly twenty operating managers within Berkshire Hathaway-owned companies.

Through interviews with key executives from these companies, Berkshire Hathaway expert Robert Miles offers a fascinating look at how the CEOs of Berkshire Hathaway subsidiaries are managed. Along with candid revelations about their relationships with "the best boss in the world"-these executives shed light on who Buffett might choose to succeed him and how the management structure of Berkshire Hathaway will change once he is gone.

The Warren Buffett CEO begins with the foundation of this powerhouse holding company-the insurers. Ajit Jain shares his experiences as head of the fifteen-member team that is Berkshire Hathaway Reinsurance Group and talks about the management knowledge he has gleaned from Buffett. The two presidents and CEOs of GEICO, Tony Nicely and Lou Simpson, explain how they manage 18,000 employees and the GEICO $2.5 billion equity portfolio, with no interference from Berkshire Hathaway, while setting a management model that will likely be followed after Buffett retires-one CEO manages operations, the other CEO manages investments.

This comprehensive book is as diverse as the holdings of Berkshire Hathaway. The Warren Buffett CEO includes rare interviews with Berkshire Hathaway CEOs . . .
* Al Ueltschi, founder and CEO of FlightSafety International
* Stan Lipsey, publisher and CEO of the Buffalo News
* Chuck Huggins, CEO of See's Candies, Inc.
* Richard Santulli, CEO of ExecutiveJet

. . . that reveal the secrets of Berkshire Hathaway management: a passion for the business-not the money-and a philosophy of succeeding without compromising your principles.

The Warren Buffett CEO explores the history of Berkshire Hathaway subsidiaries and how the different styles of their managers mesh with Buffett's. Miles follows the entire acquisition process and details the excitement of CEOs who see Berkshire Hathaway as being beneficial from both a financial and managerial standpoint. Examples such as Nebraska Furniture Mart, H.H. Brown Shoe Co., Scott Fetzer Companies, and Helzberg Diamonds illustrate how each Berkshire Hathaway company has the characteristics of a classic Buffett investment and how Buffett prefers a wholly owned company with a management team already in place.

To better understand his investment approach, Buffett himself has said, you should look at his operating managers and companies. The Warren Buffett CEO does this and much more. By examining the top CEOs within Berkshire Hathaway subsidiaries, you'll understand how these executives succeed inside Berkshire Hathaway and how, year after year, they produce unparalleled profits under Warren Buffett's guidance. --This text refers to the Hardcover edition.

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Product Details

• Paperback: 432 pages
• Publisher: Wiley (April 18, 2003)
• Language: English
• ISBN-10: 0471430455
• ISBN-13: 978-0471430452
• Product Dimensions: 6.1 x 0.6 x 9.6 inches
• Shipping Weight: 1.5 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (25 customer reviews)
• Amazon Best Sellers Rank: #279,627 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

5.0 out of 5 stars Learning Opportunity, November 3, 2001

By 

Richard M. Rockwood (Fishers, IN USA) - See all my reviews
(REAL NAME)   

This review is from: The Warren Buffett CEO: Secrets of the Berkshire Hathaway Managers (Hardcover)

I have always had a strong passion for reading biographies. I think what attracts me to them is the lessons that the reader can take away and apply to their own lives. With this interest in mind, combined with my strong interest in Berkshire Hathaway, I eagerly awaited the publication of The Warren Buffett CEO. I was anxious to see what lessons and insights I could learn and apply to my own path through life.

I found the book to be an extremely enjoyable read. It provides a richness of detail and previously unavailable insight on the mangers that make the subsidiaries of Berkshire Hathaway such a remarkable group of exceptional performers. It was also refreshing to see Mr. Buffett receive credit for being the outstanding manager he truly is. Almost all of the attention he receives focuses on his investment prowess and disregards completely his abilities as a manager. As this book will show you he is simply a tremendous manager who is able to inspire his mangers to continue working to produce results that will make him, and Berkshire shareholders, proud. He is able to achieve this even when the majority of the managers certainly no longer have a financial need to continue working.

Mr. Miles has grown as a writer and has given us all an excellent tool that provides many insights into what it takes to be a good manager, the dedication and drive it takes to succeed, and what to focus on when trying to create, and grow, an enduring customer centered business.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Great book about the inner workings of BRK, May 13, 2003

By 

D. J Najarian (New Jersey) - See all my reviews
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This review is from: The Warren Buffett CEO: Secrets of the Berkshire Hathaway Managers (Hardcover)

Skim through the back of the 2002 annual report, and you'll see a list of the dozens of operating subsidiary companies within Berkshire. To my knowledge, this book covers the managers of these companies in more depth than any other book. It is essential to learn about these managers because among them will be chosen the successors of Mr. Buffett. Personally, reading this book gives me confidence in the future of Berkshire in the post-Buffett/Munger era. I especially liked the chapter on Ajit Jain, who has not been covered by other books. This book is an absolute must read for those planning on holding their Berkshire shares forever.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Highly Recommended!, June 7, 2004

By 

Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
(HALL OF FAME REVIEWER)    (TOP 500 REVIEWER)    (REAL NAME)   

This review is from: The Warren Buffett CEO: Secrets of the Berkshire Hathaway Managers (Hardcover)

Robert Miles knows Warren Buffett, and it's clear that he also knows a thing or two about the people who run the companies in Buffett's Berkshire Hathaway. Armed with information gleaned from eight months of intensive interviews, Miles uncovers what makes a Berkshire manager tick, and covers the workings of Berkshire, itself, as well. Writing through the voices of the CEOs he portrays, Miles skillfully weaves the colorful histories of 18 firms into a revealing set of success stories. Many tales are similar - the CEOs love their companies; they worked hard to build solid businesses and no one regrets selling his firm to Berkshire. They all sound genuinely happier than you might possibly believe, and each chapter has business models you shouldn't miss. We invite any executive to enter these pages for an insider's view (still, it doesn't hurt to remember, they all knew Warren was gonna read it).